Introduction to Business - Unit 2 Chapter 6

Unit 2 Chapter 6

In business,__________________ is part of the management
team who hire workers, set up their training programs, and
arrange for payment of their salaries.

human resources (HR)

Small companies handle these duties themselves. However,
large companies have a _________________ that is
responsible for coordinating all employees’ activities, such as
reviewing applications to arranging pay.

human resources department

The ________________ is where employers (buyers of skills) meet
employees (sellers of skills).

labour market

_____________________ involve predictions about jobs that help
to inform individuals about future job conditions and wages.

Occupational forecasts

_______________ is the time when new employees tour the
workplace and meet other co-workers. At this point,
employees may also receive training on equipment
and be introduced to new technology and software.

Orientation

Some businesses offer_______________—special benefits beyond ordinary
compensation—to attract and retain them.

employees perks

During an______________, the employee may discuss their
future goals, provide some feedback about the workplace,
and ways for improvement.

exit interview

Employers in__________________ discuss
work problems with employees.

corrective interviews

________________ can occur due to financial cut backs.

Employee layoffs

Companies sometimes offer____________________________.

severance packages

If provided, ________________________ offers terminated employees ways
to find new jobs.

outplacement counselling

____________________ is the money and other benefits
received by employees in exchange for their work.

Compensation

A common compensation payment method is an _________________________.

hourly wage

The _________________ is the lowest
hourly wage an employer can legally pay an
employee.

minimum wage

________________ is a higher hourly rate for
working longer than the regular scheduled time or on
holidays.

Overtime

A_____________ is a fixed amount of money paid to an
employee on a regular schedule, usually weekly
or monthly.

salary

Pay based on the amount of sales generated is
called__________________.

commission

It is a small amount of money added to the salary or hourly
wage that acts as an_____________ to encourage
an employee to work harder.

incentive

____________________ is based solely on an employee’s sales.

Straight commission

Performance-based pay, also known as_______________ that is calculated on how much product can be made by one employee

Piecework

_________________ are piecework factories characterized
by low wages and unsafe or unhealthy conditions.

Sweatshops

A________________ is a fee paid to the owner of a patent or copyright
by someone who uses it.

royalty

A__________________ is money paid to obtain a license.

licensing fee

___________________ are a form of compensation that gives employees the opportunity to buy shares in the company at a lower-than-market price.

Stock options

__________________ are wages paid to any employee who is absent from
work due to illness.

Sick pay

To encourage this, many businesses have established__________________ that promote the physical and emotional well-being of
their employees.

wellness programs

___________________________has developed a list of employability skills including academic skills, personal management skills, and teamwork skills.

The Conference Board of Canada

Academic skills allow you to obtain, retain, and
progress on the job. These skills include the ability to:

communicate, think, and learn

Canadian employers need people who can
demonstrate the following skills, attitudes, and
behaviors:

positive attitudes and behaviors and responsibility

The __________________________________________,
adopted by the General Assembly of the United
Nations on December 10, 1948, is the source for
many of the workplace rights available to employees
and employers today.

Universal Declaration of Human Rights

Each province has human rights legislation that protects employees
against___________________________.

discrimination and harassment.

One of the functions of Human Resources department is to hire outside workers before checking to see whether there is a qualified person already within the company. Is this statement TRUE Or FALSE?

False