Business unit 2 keys terms

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173 Terms

1

Aging population

A higher average age of the population.

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2

Demography

The statistical study of population trends, such as birth rates, death rates, age distribution, and net migration rates.

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3

Dismissal

The employer’s decision to terminate a worker’s employment contract, usually due to the worker’s incompetence and/or a breach of their employment contract.

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4

External factors

The issues or factors that are beyond the control of the organization, e.g., national minimum wage legislation.

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5

Flexitime

A form of flexible work practice that enables employees to work a set number of core hours each week, often at the office during peak periods of the day and/or week.

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6

Geographical mobility

\n The ability and willingness of employees to relocate to another location or country for work reasons.

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7

Gig economy

\n Labour markets in which people are on short-term, impromptu, temporary contracts. This includes freelance worker and independent contractors.

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8

Homeworking

Also referred to as work from home (WFH), this is an aspect of flexitime that involves people using their homes to conduct their jobs.

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9

Human resource management

HRM is a broad term used to describe the overall management of an organization's workforce, e.g. attracting, selecting, training, assessing, rewarding and retaining workers.

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10

Human resource planning

Also known as workforce planning, this is the management process of anticipating the organization’s current and future human resource needs.

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11

Internal factors

The issues or features that are within the control of the organization, e.g., staff remuneration and approaches to training.

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12

Labour mobility

Measures the extent to which workers have the ability and willingness to move between geographical locations and/or occupations for their employment.

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13

Migrant workers

People who move to other countries in search of better job opportunities.

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14

Net migration

This measures the difference between the number of people from abroad who enter a country (immigration) and the number of people who leave (emigration), usually for employment purposes.

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15

Occupational mobility

The ability and willingness of employees to do another job or pursue a different career.

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16

Portfolio workers

People who carry out several different jobs, often for different contractors, at the same time and usually on a temporary basis.

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17

Redundancy

Occurs when an organization no longer has a job for the employee or when the employer can no longer afford to hire the employee, i.e., the job ceases to exist.

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18

Teleworking

Flexible working practice that involves employees being away from the office as they rely on the use of telecommunications technologies, e.g. Internet and mobile technologies.

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19

Training

This is the provision of work-related education, either on-the-job or off-the-job, such as instructing and teaching (or mentoring) employees how to perform certain tasks in their job.

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20

Workforce

The total number of employees in a business organization at any particular point in time.

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21

Workforce planning

Also known as human resource planning, this refers to the ongoing process through which the current and future human resource needs of a business are identified and anticipated.

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22

Accountability

The extent to which a person is held responsible for the success or failure of a task, job, or project. It allows senior managers to have better control over the running of their organizations.

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23

Bureaucracy

The administrative systems within an organization, such as the formal policies and procedures of the business. It includes the formal rules, regulations, and procedures of the organization.

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24

Centralization

The situation where decision-making is predominantly made by a very small group of senior managers at the top of the organizational hierarchy.

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25

Chain of command

The formal lines of authority in an organization. It can be seen via an organizational chart, which shows the formal path through which commands and decisions are communicated from senior managers to subordinates.

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Communication

The transfer of information from one entity to another. It is vital to how a business operates.

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27

Decentralization

The situation in an organization where decision-making authority is delegated throughout, rather from a central authoritative group.

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28

Delayering

This occurs when an organization removes one or more layers in its hierarchical structure, i.e., the number of layers of management is reduced, or made flatter.

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29

Delegation

The act of line managers entrusting and empowering employees with authority to successfully complete a particular task, project, or job role.

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30

Flat organization

Also known as a horizontal structure, this type of organizational structure has only a few layers of management.

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31

Flat structure

Type of organizational structure that has few levels in the organizational hierarchy.

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32

Hierarchical (hierarchy)

A type of organizational structure that is tall/vertical, with many levels in terms of ranks.

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33

Levels of hierarchy

The number of layers of formal authority in an organization. It is represented in an organizational chart.

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34

Line manager

The person directly above an employee in the organizational structure of a business.

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35

Managers

People responsible for the day-to-day running of the business or a department within the business.

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36

Matrix structure

A form of flexible organizational structure that uses teams of employees with suitable skills and qualifications drawn from different departments or divisions of the business.

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37

Organization by function

Structuring a workforce according to business functions, i.e., specialised roles or tasks.

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38

Organization by product

Structuring a workforce according to the goods or services sold. Each department focuses on a different product within the organization’s overall product portfolio.

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39

Organization by region

Structuring a workforce according to different geographical areas based on where the firm’s operations are.

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40

Organizational chart

A diagrammatic representation of an organization’s formal organizational structure.

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41

Organizational structure

The formal interrelationships and hierarchical arrangements within a firm.

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42

Outsourced workers (HL only)

Also known as outsourced vendors or the contractual fringe, these are the individuals or other organizations hired on a contract basis to carry out a specific but non-core role in Charles Handy’s Shamrock organization.

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43

Peripheral workers (HL only)

According to Charles Handy, these are the contingent workers, consisting of part-time and temporary staff hired by the organization.

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44

Professional core (HL only)

According to Charles Handy, these are the core workers consisting of full-time specialists who are vital for the organization’s operations and survival.

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45

Project-based organization (HL only)

This flexible organizational structure is based on the specific needs of a particular short-term or temporary project.

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46

Responsibility

Refers to a line manager’s level of concern in term of the people they are in charge of. An organization chart shows the breadth and depth of a person’s roles and responsibilities in the business.

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47

Shamrock organization (HL only)

Type of flexible organizational structure, coined by Charles Handy, advocating that organizations must adapt to changes in the business environment by having a core workforce, contingent workforce, and outsourced vendors.

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48

Span of control

Refers to how many workers are directly accountable to (or under the authority of) a particular line manager.

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49

Tall organization

Also known as a vertical structure, this type of organizational structure has many layers in the organizational hierarchy.

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50

Tall structure

Type of organizational structure that has many levels of hierarchy, so the span of control is likely to be narrow.

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51

Autocratic management (leadership)

Management style that involves centralised and autonomous decision-making, without input from others in the organization.

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52

Democratic management (leadership)

Management style that actively involves the participation of employees in the decision-making process.

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53

Functions of management

The various roles and responsibilities of managers, i.e., coordinating, commanding, and controlling business operations.

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54

Intuitive thinking (management) (HL only)

A quick approach to management based on the manager’s own values, views, and/or gut feelings that are not always quantifiable.

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55

Laissez-faire leadership (management)

A hands-off approach to leadership by devolving decision-making power to the workforce.

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56

Leadership

The art of inspiring and motivating other people towards achieving a common organizational aim or vision.

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57

Leadership style

Refers to the way in which managers and leaders provide direction for others.

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58

Management

The art of getting things done through others by setting clear objectives and organising organizational resources.

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59

Manager

Someone with decision-making authority in an organization and has responsibility for problem-solving in order to achieve specific organizational goals.

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60

Paternalistic management (leadership)

Management style that involves treating workers as family members, so managers make decisions believed to be in the best interest of the workforce

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61

Scientific thinking (management)

A relatively long approach to management based on objectivity, facts, and empirical evidence. This approach to management and leadership follows a formal and prescribed procedure.

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62

Situational leadership

Leadership style that requires leaders to change and adapt their approach in response to different situations and circumstances.

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63

SMART objectives

Peter Drucker’s framework for setting organizational objectives, which must be specific, measurable, achievable, realistic, and timely.

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64

360-degree appraisal \n (HL only)

A type of appraisal system that provides feedback from a range of people who work with or interact with the appraisee, such as their line manager, co-workers, subordinates and even customers.

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65

Acquired needs theory

D. McClelland’s theory of motivation, based on three types of needs that must be satisfied in order to improve motivation: the need for achievement, power, and affiliation.

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66

Appraisal

Also known as a performance review, this is the formal procedure of assessing the performance and effectiveness of an employee, in relation to his/her job description.

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67

Commission

Type of financial payment system that rewards workers a certain percentage of the sales of each good or service that they are responsible for completing.

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68

Differentiated piece rate

Financial payment system advocated by F.W. Taylor to reward workers based on the level of their output or productivity.

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69

Division of labour

The process of splitting up different parts of a job or task and assigning different employees or teams to each particular part of the work. This helps to improve operational efficiency and output.

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70

Employee share ownership scheme

Type of financial payment system that involves giving workers shares in the company they work for, either free of charge or at a discounted price.

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71

Empowerment

The delegation of decision-making power to workers, granting them the autonomy and authority to be in charge of their own jobs and to execute their own ideas.

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72

Equity theory

J.S. Adams’ theory of motivation suggests that people make social comparisons of fairness in the workplace (based on the ratio of their input (effort) to output (rewards).

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73

Esteem needs

In Maslow’s hierarchy of needs, this refers to the desire of people to feel respected, having value and having self-respect.

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74

Expectancy theory (HL only)

V. Vroom’s theory of motivation suggests people only put in the amount of effort to do a job or task if they expect their performance to be recognized and rewarded.

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75

External recruitment

The approach or process of hiring people from outside the organization to fill job vacancies.

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76

Formative appraisals

Type of appraisal that takes place on a continual basis in order to allow workers to improve their performance and effectiveness.

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77

Fringe benefits

Also known as perks, these are financial benefits of a job in excess of the basic pay (wage or salary).

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78

Gratuity pay

Financial reward for long-term service or for the completion of a fixed-term contract.

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79

Hierarchy of needs

A. Maslow’s theory of motivation that people are motivated by different levels of needs: physiological, safety, social (love and beginning), esteem and self-actualization.

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80

Hygiene factors

Also known as maintenance factors, these are the factors that F. Herzberg argued cause dissatisfaction in the workplace (rather than motivation), so must be addressed.

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81

Induction training

Type of training intended for new employees in order to help them acclimatise with the people, policies, and processes of the organization.

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82

Internal recruitment

The approach or process of hiring people who already work for the organization to fill a vacant post, e.g., internal promotion to a managerial post.

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83

Job analysis

The process of examining what a particular job involves, thereby enabling the HR department to determine the roles, tasks, duties, responsibilities, and skills required to do the job.

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84

Job description (HL only)

Document containing the particulars of a job, e.g., the job title, roles and responsibilities, and other duties.

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85

Job enlargement

A type of non-financial motivation that takes place when more tasks or activities are added to a worker’s job description.

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86

Job enrichment

Type of non-financial reward, involving enhancing the experiences of workers, giving workers a wide range of challenging tasks and more responsibility at work.

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87

Job evaluation

An assessment of the value of a job in relation to other jobs in the organization, so that the remuneration and other rewards can be determined in an objective, transparent and fair manner.

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88

Job rotation

Type of non-financial motivation that involves workers switching between jobs (tasks) for a period of time.

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89

Job security

The assurance given to employees that they will keep their current job for the foreseeable future, usually stated in an employment contract.

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90

Labour turnover (HL only)

The amount of people who leave an organization, expressed as a percentage of the workforce, per time period (usually one year).

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91

Mentoring

The training process of pairing, or attaching, an employee (the trainee or mentee) with a more experienced colleague (the mentor) who acts as a coach, trainer, or advisor.

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92

Motivation

The intrinsic desire to do something, which exists when workers do something because they actually want to, rather than because they have to.

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93

Motivators

Also known as growth factors, these factors address the higher-level needs in Herzberg’s motivation theory and are based around the job itself, e.g., achievement, purpose, and responsibility.

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94

Off the job training

Type of training led by external specialists and takes place away from the place of work.

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95

On the job training

Type of training that takes place within the organization, so employees are performing tasks at the place of work.

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96

Performance-related pay (PRP)

Type of financial payment system used to pay people a bonus for reaching or exceeding a set target.

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97

Person specification

Document containing details of the attributes and qualities of the ideal person for a particular job, such as preferred qualifications, experiences, knowledge, skills, and personality.

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98

Physiological needs

Also known as basic needs, these are the requirements for human survival in Maslow’s hierarchy of needs.

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99

Piece rate payment

Financial reward system that pays workers based on their output or productivity, e.g., $8 per unit of output.

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100

Productivity

Refers to the operational efficiency of employees by calculating levels of output per worker. The more motivated employees are, the more productive they will be.

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