Business unit 2 keys terms

studied byStudied by 0 people
0.0(0)
Get a hint
Hint

Aging population

1 / 172

encourage image

There's no tags or description

Looks like no one added any tags here yet for you.

173 Terms

1

Aging population

A higher average age of the population.

New cards
2

Demography

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

New cards
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.

New cards
4

External factors

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

New cards
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.

New cards
6

Geographical mobility

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

New cards
7

Gig economy

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

New cards
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.

New cards
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.

New cards
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.

New cards
11

Internal factors

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

New cards
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.

New cards
13

Migrant workers

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

New cards
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.

New cards
15

Occupational mobility

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

New cards
16

Portfolio workers

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

New cards
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.

New cards
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.

New cards
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.

New cards
20

Workforce

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

New cards
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.

New cards
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.

New cards
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.

New cards
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.

New cards
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.

New cards
26

Communication

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

New cards
27

Decentralization

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

New cards
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.

New cards
29

Delegation

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

New cards
30

Flat organization

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

New cards
31

Flat structure

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

New cards
32

Hierarchical (hierarchy)

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

New cards
33

Levels of hierarchy

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

New cards
34

Line manager

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

New cards
35

Managers

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

New cards
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.

New cards
37

Organization by function

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

New cards
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.

New cards
39

Organization by region

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

New cards
40

Organizational chart

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

New cards
41

Organizational structure

The formal interrelationships and hierarchical arrangements within a firm.

New cards
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.

New cards
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.

New cards
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.

New cards
45

Project-based organization (HL only)

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

New cards
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.

New cards
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.

New cards
48

Span of control

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

New cards
49

Tall organization

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

New cards
50

Tall structure

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

New cards
51

Autocratic management (leadership)

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

New cards
52

Democratic management (leadership)

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

New cards
53

Functions of management

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

New cards
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.

New cards
55

Laissez-faire leadership (management)

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

New cards
56

Leadership

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

New cards
57

Leadership style

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

New cards
58

Management

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

New cards
59

Manager

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

New cards
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

New cards
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.

New cards
62

Situational leadership

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

New cards
63

SMART objectives

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

New cards
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.

New cards
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.

New cards
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.

New cards
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.

New cards
68

Differentiated piece rate

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

New cards
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.

New cards
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.

New cards
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.

New cards
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).

New cards
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.

New cards
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.

New cards
75

External recruitment

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

New cards
76

Formative appraisals

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

New cards
77

Fringe benefits

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

New cards
78

Gratuity pay

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

New cards
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.

New cards
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.

New cards
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.

New cards
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.

New cards
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.

New cards
84

Job description (HL only)

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

New cards
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.

New cards
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.

New cards
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.

New cards
88

Job rotation

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

New cards
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.

New cards
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).

New cards
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.

New cards
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.

New cards
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.

New cards
94

Off the job training

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

New cards
95

On the job training

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

New cards
96

Performance-related pay (PRP)

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

New cards
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.

New cards
98

Physiological needs

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

New cards
99

Piece rate payment

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

New cards
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.

New cards

Explore top notes

note Note
studied byStudied by 56 people
... ago
5.0(1)
note Note
studied byStudied by 2 people
... ago
5.0(1)
note Note
studied byStudied by 230 people
... ago
4.7(6)
note Note
studied byStudied by 44 people
... ago
4.7(3)
note Note
studied byStudied by 9752 people
... ago
4.7(63)
note Note
studied byStudied by 40 people
... ago
5.0(1)
note Note
studied byStudied by 16 people
... ago
5.0(1)
note Note
studied byStudied by 11 people
... ago
5.0(1)

Explore top flashcards

flashcards Flashcard (46)
studied byStudied by 10 people
... ago
5.0(1)
flashcards Flashcard (66)
studied byStudied by 24 people
... ago
5.0(1)
flashcards Flashcard (40)
studied byStudied by 7 people
... ago
5.0(1)
flashcards Flashcard (117)
studied byStudied by 49 people
... ago
5.0(1)
flashcards Flashcard (122)
studied byStudied by 8 people
... ago
4.8(4)
flashcards Flashcard (24)
studied byStudied by 9 people
... ago
5.0(1)
flashcards Flashcard (46)
studied byStudied by 82 people
... ago
5.0(1)
flashcards Flashcard (48)
studied byStudied by 47 people
... ago
5.0(1)
robot