SHRM - HR Terms Explained - SHRM CP & SCP 1-5

[00:00:00.24 --> 00:00:06.54] hi there and welcome back if you're planning

to take the shrimp or hrci exam then you will

[00:00:06.54 --> 00:00:11.46] need to be familiar with certain Edge Art

terms and definitions like Cliff vesting

[00:00:11.46 --> 00:00:18.84] diversity of thought Point method organic

organization Workforce analysis offshoring

[00:00:18.84 --> 00:00:25.14] and more in this video we will be reviewing these

important HR terms and definitions so let's begin

[00:00:25.68 --> 00:00:31.68] what is Cliff Westing Cliff vesting is a process

where employees receive ownership of all shares

[00:00:31.68 --> 00:00:38.10] of an equity award granted by their company on

a specific date known as Western date rather

[00:00:38.10 --> 00:00:44.46] than receiving a portion of them gradually over

time so before we understand Cliff vesting let's

[00:00:44.46 --> 00:00:50.28] understand what is vesting a vesting schedule

is an incentive program for employees that gives

[00:00:50.28 --> 00:00:55.74] them benefits usually stock options within the

company when they have contractually fulfilled

[00:00:55.74 --> 00:01:01.62] a specified term of employment with the company

now Cliff vesting works by setting up conditions

[00:01:01.62 --> 00:01:08.16] which are either time-based Milestone based or a

combination of both if it's a time-based condition

[00:01:08.16 --> 00:01:15.00] such as staying with a company for a minimum of

three years then your award will be vested after

[00:01:15.00 --> 00:01:21.18] your third year work anniversary if you decide

to leave the company prior to three years or

[00:01:21.18 --> 00:01:26.16] you are terminated prior to three years by the

company then you will not receive your incentive

[00:01:26.76 --> 00:01:33.54] moving along what is an organic organization job

boundaries are less distinct and fewer levels of

[00:01:33.54 --> 00:01:38.04] decision makers a more flexible

approach to structure and rules

[00:01:38.58 --> 00:01:44.40] the organic organization is considered flexible

and adaptable the organic organization is all

[00:01:44.40 --> 00:01:51.42] about teamwork as the organization encourages

group leadership it means that now several people

[00:01:51.42 --> 00:01:57.66] are entrusted with leadership qualities it is now

the responsibility of the group and not a single

[00:01:57.66 --> 00:02:04.62] individual to handle and manage the rest of the

employees next what is enterprise risk management

[00:02:05.58 --> 00:02:11.46] the practice of forecasting possible risks to

the organization and taking steps to mitigate

[00:02:11.46 --> 00:02:17.76] their impacts on the operations Enterprise risk

management also known as ERM is a methodology

[00:02:17.76 --> 00:02:24.18] that looks at risk management strategically from

the perspective of the entire firm or organization

[00:02:24.84 --> 00:02:32.40] it is a top-down strategy that aims to identify

assess and prepare for potential losses dangers

[00:02:32.40 --> 00:02:38.88] hazards and other potentials that may interfere

with an organization's operations and objectives

[00:02:39.60 --> 00:02:45.96] next what is Workforce analysis systematic

approach to anticipate human capital needs

[00:02:45.96 --> 00:02:53.76] and data HR professionals can use this analysis

to ensure that appropriate knowledge skills and

[00:02:53.76 --> 00:03:00.30] or abilities will be available when needed to

accomplish organizational goals and objectives

[00:03:01.14 --> 00:03:07.62] Workforce analysis also known as workforce

planning is a method of informing decisions

[00:03:07.62 --> 00:03:15.00] about recruiting retention and staff management by

combining employee and return on investment data

[00:03:15.90 --> 00:03:21.84] the goal of a Workforce review is to keep

adequate Staffing levels in place such that

[00:03:21.84 --> 00:03:29.40] vital competencies are met succession is well

managed costs are reduced agility is accomplished

[00:03:29.40 --> 00:03:36.96] and resiliency is maintained these goals will

be met if the supply and demand for workers or

[00:03:36.96 --> 00:03:44.46] experts are correctly identified and forecasted

promptly what is offshoring a situation in which

[00:03:44.46 --> 00:03:51.12] a company relocated processes or production to an

International location by means of subsidiaries

[00:03:51.12 --> 00:03:57.72] or third-party affiliates offshoring is the

transferring activities or ownership of a

[00:03:57.72 --> 00:04:03.48] complete business process to a different country

from the country where the company receiving the

[00:04:03.48 --> 00:04:10.26] services is located companies offshore either

through an Outsourcing arrangement with a third

[00:04:10.26 --> 00:04:17.94] party or by establishing their own Global in-house

Center moving along what is conflict of interest a

[00:04:17.94 --> 00:04:23.22] situation in which a person organization has

the potential to be influenced by opposing

[00:04:23.22 --> 00:04:29.52] sets of incentives some examples of a conflict of

interest could be representing a family member in

[00:04:29.52 --> 00:04:36.00] court starting a business that competes with

your full-time employer advising a client to

[00:04:36.00 --> 00:04:41.76] invest in a company owned by your spouse

firing an unqualified relative or friend

[00:04:42.48 --> 00:04:49.32] a relative of mine leaving a positive comment on

this video on that note before we move along just

[00:04:49.32 --> 00:04:54.60] a quick reminder if you have not yet subscribed

to my channel then go ahead and do that now like

[00:04:54.60 --> 00:04:59.82] the video if it is adding value to your test

preparation also leave a comment and let me know

[00:04:59.82 --> 00:05:05.46] if you would like me to continue producing videos

like this explaining HR terms and definitions

[00:05:06.24 --> 00:05:12.12] let's move along what is diversity of thought

a concept describing the presence of different

[00:05:12.12 --> 00:05:18.24] types of cognitive processes in a workplace

it is not merely a part of an effective dni

[00:05:18.24 --> 00:05:24.42] strategy it is in many ways the direct result

of an effective diversity and inclusion strategy

[00:05:25.14 --> 00:05:30.66] this often directly benefits commercial

performance by involving individuals with

[00:05:30.66 --> 00:05:37.44] varied skill sets and backgrounds in decision

making it also increases the likelihood that an

[00:05:37.44 --> 00:05:43.74] organization will have staff capable of meeting

unexpected challenges what is point method

[00:05:44.34 --> 00:05:51.12] a method of job evaluation that places weight or

points on each of the compensable factors in a

[00:05:51.12 --> 00:05:57.42] job whereby the total points associated with

a job establish its relative worth and jobs

[00:05:57.42 --> 00:06:04.14] that fall within a specific range of points

fall into a pay grade with an Associated wage

[00:06:04.80 --> 00:06:11.58] so in an organization for example you will have

the SVP of finance and the SVP of marketing on

[00:06:11.58 --> 00:06:16.56] the same grid which would mean they will both

be getting the same Total Rewards package

[00:06:17.82 --> 00:06:24.78] next what is Blake Mouton managerial grid it is

a two-dimensional grid showing leaders different

[00:06:24.78 --> 00:06:30.78] levels of task oriented and relation-oriented

behavior which result in particular styles of

[00:06:30.78 --> 00:06:36.66] leadership the styles of leadership classified

under the Blake Mouton managerial grid are

[00:06:36.66 --> 00:06:43.20] impoverished management task management middle

of the road country club team management

[00:06:44.16 --> 00:06:50.46] to learn more about this watch this video on

my channel let's move along what is Fair Credit

[00:06:50.46 --> 00:06:58.26] Reporting Act or fcra the U.S act that protects

privacy of background information and ensure that

[00:06:58.26 --> 00:07:04.98] information supplied is accurate a Fair Credit

Reporting Act is the primary federal law that

[00:07:04.98 --> 00:07:11.52] governs the collection and reporting of credit

information about consumers its rules cover how

[00:07:11.52 --> 00:07:17.34] are consumer's credit information is obtained how

long it is kept and how it is shared with others

[00:07:18.06 --> 00:07:23.70] for example let's say that somebody is looking

to rent an apartment and the landlord denies

[00:07:23.70 --> 00:07:29.10] the application claiming it is because of

their credit score the potential tenant

[00:07:29.10 --> 00:07:35.04] believes this to be a lie suspecting that it is

because of their skin color or religion instead

[00:07:35.70 --> 00:07:42.72] which is an unlawful reason to deny the lease

under the fcra you can request a credit report

[00:07:42.72 --> 00:07:48.24] and see if the information you receive is

in line with what the landlord has claimed

[00:07:48.90 --> 00:07:55.32] you can also see if the landlord actually

pull your credit or simply lied about it if

[00:07:55.32 --> 00:08:03.60] a violation did occur the landlord could be fined

moving along what is in basket exercise a paper

[00:08:03.60 --> 00:08:09.66] and pencil test in which an applicant is given a

managers in basket containing memos phone messages

[00:08:09.66 --> 00:08:16.98] organizational policies and other Communications

normally received by and available to managers

[00:08:18.00 --> 00:08:25.98] Dean basket is a standardized behaviorally based

exercise multiple trained Raiders assess and score

[00:08:25.98 --> 00:08:32.16] candidates according to Define competencies of

performance specified to the in-basket exercise

[00:08:33.00 --> 00:08:38.94] after each candidate completes the in-basket

exercise a group of trained Raiders conduct a

[00:08:38.94 --> 00:08:45.24] question and answer session with the candidate to

assess performance on the exercise using a set of

[00:08:45.24 --> 00:08:53.82] predefined rating skills based on job related

competencies great let's move along next what

[00:08:53.82 --> 00:09:01.32] is risk risk implies future uncertainty about

deviation from expected outcomes risk measures

[00:09:01.32 --> 00:09:06.78] the uncertainty that a business is willing

to take to realize again from an investment

[00:09:07.44 --> 00:09:14.76] every organization faces the risk of unexpected

harmful events that can cost it money or cause

[00:09:14.76 --> 00:09:20.64] it to lose risks not taken can also spell

trouble as this would result in companies

[00:09:20.64 --> 00:09:28.86] failing to innovate and move to the times what is

minimum qualification the statement must possess

[00:09:28.86 --> 00:09:33.84] a working knowledge of customer security

requirements and incident investigation

[00:09:34.86 --> 00:09:41.04] this statement included in a job description for

a security specialist position best exemplifies

[00:09:41.04 --> 00:09:49.08] a minimum qualification or must be shrimp or

hrci certified professional let's move along

[00:09:49.08 --> 00:09:54.24] what is a protected class people who are

covered under a particular federal or state

[00:09:54.24 --> 00:10:00.96] anti-discrimination law a protected class is a

group of people sharing a common trait who are

[00:10:00.96 --> 00:10:07.02] legally protected from being discriminated against

on the basis of that trade examples of protected

[00:10:07.02 --> 00:10:15.36] traits include race gender visibility and Veteran

status what is a balanced scorecard a measurement

[00:10:15.36 --> 00:10:20.22] approach that provides an overall picture

of an organization's performance as measured

[00:10:20.22 --> 00:10:26.88] against goals in finance customers internal

business processes and learning and growth

[00:10:26.88 --> 00:10:33.66] it refers to a strategic management performance

metric used to identify and improve various

[00:10:33.66 --> 00:10:39.66] internal business functions and the resulting

external outcomes if you want to learn more about

[00:10:39.66 --> 00:10:46.38] a balanced scorecard and how to use one check this

video out next where I go into detail if you have

[00:10:46.38 --> 00:10:51.96] not yet subscribed then subscribe now like the

video and if it added value leave a comment and

[00:10:51.96 --> 00:10:58.66] let me know I post HR and really circulated videos

every day I will see you in the next video [Music]

[00:00:00.06 --> 00:00:05.82] hi there and welcome back if you are planning

to take the shrimp or hrci exam then you will

[00:00:05.82 --> 00:00:12.36] need to be familiar with certain HR terms and

definitions like OSHA 6 Sigma differential pay

[00:00:12.36 --> 00:00:19.02] Workforce expansion needs assessment eqm

or total quality management and much more

[00:00:19.56 --> 00:00:25.50] in this video we will be reviewing these important

HR terms and definitions you need to know to Ace

[00:00:25.50 --> 00:00:35.28] the stream or hrci exam so let's begin what is

OSHA OSHA is defined as a U.S act that established

[00:00:35.28 --> 00:00:41.28] the first national policy for safety and health

and continues to deliver standards that employers

[00:00:41.28 --> 00:00:47.76] must meet to guarantee the health and safety of

their employees the act's purpose is to ensure

[00:00:47.76 --> 00:00:54.42] safe and healthy working conditions for employees

by authorizing the agency to develop and enforce

[00:00:54.42 --> 00:01:03.06] safety standards and to provide research and

education on workplace safety great next what is

[00:01:03.06 --> 00:01:09.36] Six Sigma Six Sigma is a set of management tools

and techniques designed to improve the capability

[00:01:09.36 --> 00:01:17.22] of the business process by reducing the likelihood

of error Six Sigma is a data driven approach that

[00:01:17.22 --> 00:01:24.30] uses a statistical methodology for eliminating

defects defect reduction and profits Improvement

[00:01:24.96 --> 00:01:31.02] the purpose is to improve cycle times while

reducing manufacturing defects to know more

[00:01:31.02 --> 00:01:38.22] than 3.4 defects per million units or events this

is a number you may want to remember for the exam

[00:01:38.82 --> 00:01:46.74] the main Six Sigma methodology is dmaic which

is a data driven method used to improve existing

[00:01:46.74 --> 00:01:52.74] products or services for better customer

satisfaction it is the acronym for the five

[00:01:52.74 --> 00:02:01.98] phases d stands for Define m for measure a for

analyze I for improve and C for control dmaic

[00:02:01.98 --> 00:02:08.76] is applied in the manufacturing of a product or

delivery of a service again an acronym which you

[00:02:08.76 --> 00:02:16.32] might want to remember for the exam moving along

what is differential pain simply put differential

[00:02:16.32 --> 00:02:22.08] payout conditions for which an employer is willing

to compensate an employee with additional pay to

[00:02:22.08 --> 00:02:29.04] get them to take certain assignments an example

of this is Hazard pay which is a premium pay

[00:02:29.04 --> 00:02:34.32] to employees in recognition of difficult and

hazardous working conditions it can encourage

[00:02:34.32 --> 00:02:39.78] employees to work in hazardous occupations

to determine the proper amount of Hazard

[00:02:39.78 --> 00:02:46.32] pay employees will Benchmark the position against

other organizations to understand the market Norm

[00:02:46.98 --> 00:02:54.96] so basically an employee is paid more to take on

more risk in addition to Hazard pay employees may

[00:02:54.96 --> 00:03:02.22] also receive shift premiums and geographical

differentials next what is Workforce expansion

[00:03:03.12 --> 00:03:08.94] many new startups begin with one person who

decides to then convert their previously

[00:03:08.94 --> 00:03:14.76] employed skills into a business similar to what

I am doing with my brand the gray gym right now

[00:03:15.42 --> 00:03:22.02] I am operating alone over time though maybe this

will grow to a point where I can no longer meet

[00:03:22.02 --> 00:03:28.86] Market demands working on this project alone this

is when most startups decide they can't do it all

[00:03:28.86 --> 00:03:34.56] on their own and they need to expand their

Workforce so plainly put Workforce expansion

[00:03:34.56 --> 00:03:39.66] is when a large amount of employees enter an

organization within a short amount of time

[00:03:40.38 --> 00:03:47.58] next what is needs assessment A needs assessment

is a process for determining the needs or gaps

[00:03:47.58 --> 00:03:54.60] between a current and desired outcome it's

a part of strategic planning essentially A

[00:03:54.60 --> 00:03:59.28] needs assessment helps you pinpoint how

you'll accomplish your strategic goals

[00:04:00.24 --> 00:04:04.68] when you're faced with multiple areas of

opportunity a needs analysis can help you

[00:04:04.68 --> 00:04:11.76] identify the best areas of improvement there are

mainly three ways most organizations carry out

[00:04:11.76 --> 00:04:17.76] A needs assessment which is or rather which

are questionnaires surveys and focus groups

[00:04:18.66 --> 00:04:23.16] questionnaires and interviews are the

most popular methods for collecting data

[00:04:23.88 --> 00:04:30.30] a questionnaire is a surface level form will

General yes or no questions this is a great

[00:04:30.30 --> 00:04:37.68] way to get quick information from respondents many

teams use surveys to collect external information

[00:04:37.68 --> 00:04:44.94] around customer experience surveys often include

open-ended questions so they provide more in-depth

[00:04:44.94 --> 00:04:51.18] information than questionnaires this is a great

way to find accurate but quick information

[00:04:52.14 --> 00:04:57.48] a focus group on the other hand is an interview

involving a small number of participants who

[00:04:57.48 --> 00:05:04.08] share common traits or experiences while they

require more time than the other two methods

[00:05:04.08 --> 00:05:11.22] focus groups provide extensive information around

needs and customer experience this is a great way

[00:05:11.22 --> 00:05:17.04] to gather in-depth information before moving

along just a quick reminder if you have not

[00:05:17.04 --> 00:05:22.50] yet subscribed to my channel then go ahead and do

that now like the video if it is adding value to

[00:05:22.50 --> 00:05:27.30] your test preparation and leave a comment let me

know if you would like me to continue producing

[00:05:27.30 --> 00:05:36.54] videos like this explaining HR terms right moving

along what is tqm or Total Quality Management

[00:05:37.26 --> 00:05:42.12] total quality management is a management

approach that seeks to provide long-term success

[00:05:42.12 --> 00:05:48.54] by providing unparalleled customer satisfaction

through the constant delivery of quality services

[00:05:49.62 --> 00:05:57.48] following are some principles of a tqm number

one customer first tqm's first and foremost

[00:05:57.48 --> 00:06:03.96] pillar of success is an unveiling focus on the

customer experience in all interactions with the

[00:06:03.96 --> 00:06:10.98] organization from first Contact through purchase

and continued support the customer should always

[00:06:10.98 --> 00:06:18.90] be the main priority next is employee ownership

tqm requires the involvement of every team member

[00:06:18.90 --> 00:06:26.58] to ensure that complete quality control is

offered at every level tqm doesn't focus on

[00:06:26.58 --> 00:06:32.28] a single Department because the goal is to provide

customers with a great experience from every level

[00:06:32.28 --> 00:06:39.66] of the organization next it is process based

the creation and implementation of processes

[00:06:39.66 --> 00:06:46.74] that provide organizations with the ability to

find success and repeat it quantifying success

[00:06:46.74 --> 00:06:53.52] and defining the steps taken to get there are

essential for successful implementation of dqm

[00:06:53.52 --> 00:07:00.24] system integration tqm strategies revolve around

leveraging every asset available to the company

[00:07:01.02 --> 00:07:07.26] this is best achieved through system Integrations

that combine desperate Paths of the organization

[00:07:07.26 --> 00:07:13.80] into a single well-oiled machine working

in complete Synergy next is communication

[00:07:14.34 --> 00:07:20.94] dqm requires every team member to be at their best

and to function as a value-adding member of that

[00:07:20.94 --> 00:07:28.02] team this means communication and transparency

is a core tenet of successful tqm practices

[00:07:29.34 --> 00:07:36.90] data driven tqm doesn't employ guesswork instead

data is leveraged for the Improvement of the

[00:07:36.90 --> 00:07:44.34] organization and decisions are made based on

quantifiable facts constant Improvement tqm isn't

[00:07:44.34 --> 00:07:51.30] a one and done process affection is impossible so

it must always be pursued to get the organization

[00:07:51.30 --> 00:07:58.44] as close to it as possible moving along what

is situational leadership leadership styles

[00:07:58.44 --> 00:08:05.22] which include telling selling participating and

delegating by hursey Blanchard if you would like

[00:08:05.22 --> 00:08:10.02] to learn more about situation leadership then

I recommend you watch this video next where I

[00:08:10.02 --> 00:08:15.54] explain this model in detail if you have not yet

subscribed to the channel then consider doing

[00:08:15.54 --> 00:08:20.76] that right now like the video leave a comment and

let me know if you are finding value in my videos

[00:08:20.76 --> 00:08:27.10] I post HR and Leadership related videos every

week I will see you in the next video [Music]

[00:00:00.00 --> 00:00:05.16] hi there and welcome back if you have

[00:00:02.64 --> 00:00:07.44] planned to take the shrimp or hrca exam

[00:00:05.16 --> 00:00:09.84] then you will need to be familiar with

[00:00:07.44 --> 00:00:12.00] certain Azure terms and definitions like

[00:00:09.84 --> 00:00:14.64] the three pillars of sustainable

[00:00:12.00 --> 00:00:17.34] development value drivers what are

[00:00:14.64 --> 00:00:20.76] exempt and non-exempt employees critical

[00:00:17.34 --> 00:00:23.04] path what is divestiture different HR

[00:00:20.76 --> 00:00:26.28] structures phases of a project

[00:00:23.04 --> 00:00:28.50] management life cycle and more in this

[00:00:26.28 --> 00:00:30.90] video today we will be reviewing these

[00:00:28.50 --> 00:00:33.66] important HR terms and definitions you

[00:00:30.90 --> 00:00:35.88] need to know to Ace the shrimp or hrci

[00:00:33.66 --> 00:00:37.62] exam so let's begin

[00:00:35.88 --> 00:00:39.30] what are the three pillars of

[00:00:37.62 --> 00:00:42.24] sustainable development

[00:00:39.30 --> 00:00:45.48] they are environmental pillar social

[00:00:42.24 --> 00:00:47.82] pillar and economic pillar

[00:00:45.48 --> 00:00:49.98] the environmental pillar is founded on a

[00:00:47.82 --> 00:00:52.68] commitment to protect the environment by

[00:00:49.98 --> 00:00:54.54] reducing risks and measuring the

[00:00:52.68 --> 00:00:55.92] environmental impacts of a company's

[00:00:54.54 --> 00:00:58.92] activities

[00:00:55.92 --> 00:01:01.20] social pillar social values is conducive

[00:00:58.92 --> 00:01:04.32] to the well-being of your employees and

[00:01:01.20 --> 00:01:06.84] Associates a company is more likely to

[00:01:04.32 --> 00:01:09.60] prosper if its employees feel happy in

[00:01:06.84 --> 00:01:11.94] their work they will certainly stay with

[00:01:09.60 --> 00:01:13.26] the team longer and the work Dynamic

[00:01:11.94 --> 00:01:15.36] will be better

[00:01:13.26 --> 00:01:17.16] therefore the social pillar plays a

[00:01:15.36 --> 00:01:18.42] critical role in achieving sustainable

[00:01:17.16 --> 00:01:21.96] development

[00:01:18.42 --> 00:01:23.88] third is the economical pillar adopting

[00:01:21.96 --> 00:01:25.88] a more responsible approach to

[00:01:23.88 --> 00:01:29.04] production by encouraging recycling

[00:01:25.88 --> 00:01:31.80] limiting waste and using renewable raw

[00:01:29.04 --> 00:01:33.78] materials can considerably reduce your

[00:01:31.80 --> 00:01:36.30] current expenditure while still

[00:01:33.78 --> 00:01:39.06] promoting sustainable consumption

[00:01:36.30 --> 00:01:41.34] the economic pillar plays a key role in

[00:01:39.06 --> 00:01:43.74] sustainable development as it opens more

[00:01:41.34 --> 00:01:46.14] doors for success in the other pillars

[00:01:43.74 --> 00:01:49.86] of sustainable development

[00:01:46.14 --> 00:01:52.56] moving along what are value drivers

[00:01:49.86 --> 00:01:55.20] there are specific identifiers that make

[00:01:52.56 --> 00:01:56.82] your product unique and set it apart

[00:01:55.20 --> 00:01:58.80] from your competition

[00:01:56.82 --> 00:02:01.92] these aren't just differentiators

[00:01:58.80 --> 00:02:04.44] however there are qualities that provide

[00:02:01.92 --> 00:02:06.00] value for your audience to solve a key

[00:02:04.44 --> 00:02:08.82] business need

[00:02:06.00 --> 00:02:10.80] value drivers are traits that are

[00:02:08.82 --> 00:02:11.76] specific to your unique product or

[00:02:10.80 --> 00:02:14.70] service

[00:02:11.76 --> 00:02:17.40] your Brand's value drivers are essential

[00:02:14.70 --> 00:02:18.72] to gaining a Competitive Edge and

[00:02:17.40 --> 00:02:20.46] standing out

[00:02:18.72 --> 00:02:22.44] when you show the difference in your

[00:02:20.46 --> 00:02:25.32] product or service your brand will

[00:02:22.44 --> 00:02:27.06] appeal more to prospective customers

[00:02:25.32 --> 00:02:29.10] the more value drivers you have

[00:02:27.06 --> 00:02:31.80] identified the more your brand will

[00:02:29.10 --> 00:02:33.84] stand out over the competition

[00:02:31.80 --> 00:02:37.14] next what is the difference between

[00:02:33.84 --> 00:02:39.36] exempt and non-exempt employees

[00:02:37.14 --> 00:02:42.12] exempt employees are those who have paid

[00:02:39.36 --> 00:02:44.46] a regular salary a predetermined amount

[00:02:42.12 --> 00:02:46.62] of money distributed in regular

[00:02:44.46 --> 00:02:48.84] intervals throughout the year

[00:02:46.62 --> 00:02:50.88] these employees do not qualify for

[00:02:48.84 --> 00:02:52.28] minimum wage nor do they receive

[00:02:50.88 --> 00:02:55.38] overtime pay

[00:02:52.28 --> 00:02:58.38] exempt means the employee is exempt from

[00:02:55.38 --> 00:03:01.20] overtime pay the flsa regulates which

[00:02:58.38 --> 00:03:02.70] employees are exempt and which are

[00:03:01.20 --> 00:03:04.62] non-exempt

[00:03:02.70 --> 00:03:06.84] non-exempt employees on the other hand

[00:03:04.62 --> 00:03:10.08] are those who are eligible for minimum

[00:03:06.84 --> 00:03:13.14] wage and overtime pay calculated at 1.5

[00:03:10.08 --> 00:03:15.30] times the hourly rate of pay

[00:03:13.14 --> 00:03:18.18] they are often paid early for the

[00:03:15.30 --> 00:03:21.36] precise amount of time worked in a pay

[00:03:18.18 --> 00:03:23.58] period those who are non-exempt and when

[00:03:21.36 --> 00:03:27.18] they are eligible for overtime pay is

[00:03:23.58 --> 00:03:29.22] subject to federal and state standards

[00:03:27.18 --> 00:03:31.20] next apologize in advance for

[00:03:29.22 --> 00:03:33.18] interrupting the video right now just a

[00:03:31.20 --> 00:03:35.10] quick message from me if you are

[00:03:33.18 --> 00:03:37.02] preparing for the shrimp exam then

[00:03:35.10 --> 00:03:39.12] consider checking out my stream exam

[00:03:37.02 --> 00:03:41.46] study guide the one book learning system

[00:03:39.12 --> 00:03:43.32] I have left a link in the description of

[00:03:41.46 --> 00:03:45.48] this video where you can find more

[00:03:43.32 --> 00:03:47.22] details about this guide and how to use

[00:03:45.48 --> 00:03:49.62] it to Ace the exam

[00:03:47.22 --> 00:03:50.70] now back to the video what is critical

[00:03:49.62 --> 00:03:52.80] path

[00:03:50.70 --> 00:03:55.20] in project management the critical path

[00:03:52.80 --> 00:03:57.80] is the strongest sequence of tasks that

[00:03:55.20 --> 00:04:01.02] must be completed to complete a project

[00:03:57.80 --> 00:04:03.96] the tasks on the critical path are

[00:04:01.02 --> 00:04:05.70] called critical activities because if

[00:04:03.96 --> 00:04:08.46] they are delayed the whole project

[00:04:05.70 --> 00:04:10.56] completion will be delayed

[00:04:08.46 --> 00:04:12.78] finding the critical path is very

[00:04:10.56 --> 00:04:15.24] important for project managers because

[00:04:12.78 --> 00:04:18.66] it allows them to accurately estimate

[00:04:15.24 --> 00:04:21.30] the total project duration to identify

[00:04:18.66 --> 00:04:24.96] tasks dependencies resource constraints

[00:04:21.30 --> 00:04:27.24] and project risks and three prioritize

[00:04:24.96 --> 00:04:31.26] tasks and create realistic project

[00:04:27.24 --> 00:04:32.76] schedules great moving along what is

[00:04:31.26 --> 00:04:35.64] divestiture

[00:04:32.76 --> 00:04:39.42] A diversity takes place when a company

[00:04:35.64 --> 00:04:42.08] sells an asset such as a service a piece

[00:04:39.42 --> 00:04:44.46] of property or product line

[00:04:42.08 --> 00:04:47.16] diversicures allow companies to generate

[00:04:44.46 --> 00:04:50.34] cash flow eliminate a business segment

[00:04:47.16 --> 00:04:52.68] that doesn't fit their main objective

[00:04:50.34 --> 00:04:54.84] it helps lower debt and increase

[00:04:52.68 --> 00:04:58.44] shareholder value

[00:04:54.84 --> 00:05:01.04] next what are different HR structures

[00:04:58.44 --> 00:05:04.98] well there are four centralized

[00:05:01.04 --> 00:05:06.48] decentralized Matrix and Outsource let's

[00:05:04.98 --> 00:05:08.58] understand each of them if you are

[00:05:06.48 --> 00:05:10.08] finding value in this video and would

[00:05:08.58 --> 00:05:12.18] like to be reminded of similar videos

[00:05:10.08 --> 00:05:15.06] then consider subscribing to my channel

[00:05:12.18 --> 00:05:17.58] like the video leave a comment

[00:05:15.06 --> 00:05:19.98] thanks a bunch let's continue

[00:05:17.58 --> 00:05:22.44] in a centralized agile structure a

[00:05:19.98 --> 00:05:24.96] corporate office makes decisions on

[00:05:22.44 --> 00:05:26.70] behalf of the entire organization and

[00:05:24.96 --> 00:05:27.78] supports activities for the whole

[00:05:26.70 --> 00:05:30.00] company

[00:05:27.78 --> 00:05:32.76] centralized structures often operate

[00:05:30.00 --> 00:05:34.86] hierarchically with a designated HR

[00:05:32.76 --> 00:05:37.32] manager that reports to upper management

[00:05:34.86 --> 00:05:38.88] who gives them a set of goals to meet

[00:05:37.32 --> 00:05:40.68] with the agility

[00:05:38.88 --> 00:05:43.08] there are often separate managers for

[00:05:40.68 --> 00:05:45.84] Recruitment and employee development who

[00:05:43.08 --> 00:05:47.28] both report to the designated HR manager

[00:05:45.84 --> 00:05:49.08] of the company

[00:05:47.28 --> 00:05:51.96] companies that use a centralized

[00:05:49.08 --> 00:05:54.12] structure hire HR personnel with

[00:05:51.96 --> 00:05:56.46] background in training specifically in

[00:05:54.12 --> 00:05:58.92] Human Resources consolidating HR

[00:05:56.46 --> 00:06:01.44] activities into one location can also

[00:05:58.92 --> 00:06:03.84] improve operational efficiency because

[00:06:01.44 --> 00:06:06.42] all divisions and components of the

[00:06:03.84 --> 00:06:09.32] organization receive the same consistent

[00:06:06.42 --> 00:06:11.76] training and compensation next

[00:06:09.32 --> 00:06:14.40] decentralized HR structure

[00:06:11.76 --> 00:06:17.22] now is a decentralized HR structure the

[00:06:14.40 --> 00:06:20.34] company distributes HR functions across

[00:06:17.22 --> 00:06:23.16] different units of the business such as

[00:06:20.34 --> 00:06:24.18] geographical area product line or

[00:06:23.16 --> 00:06:27.00] Department

[00:06:24.18 --> 00:06:29.58] the HR team often operates independently

[00:06:27.00 --> 00:06:32.52] of other units and there are multiple

[00:06:29.58 --> 00:06:35.10] Points of Authority that make decisions

[00:06:32.52 --> 00:06:37.62] on decentralized structure can also mean

[00:06:35.10 --> 00:06:39.36] each department in a company takes an

[00:06:37.62 --> 00:06:42.30] active part in the decision-making

[00:06:39.36 --> 00:06:43.50] process before HR makes the final

[00:06:42.30 --> 00:06:46.86] decision

[00:06:43.50 --> 00:06:49.32] so for example Finance Logistics and

[00:06:46.86 --> 00:06:52.04] marketing may have their own designated

[00:06:49.32 --> 00:06:54.84] HR function within their own department

[00:06:52.04 --> 00:06:56.52] and they work with autonomy to make

[00:06:54.84 --> 00:06:59.34] their own decisions

[00:06:56.52 --> 00:07:01.98] a decentralized model can also increase

[00:06:59.34 --> 00:07:03.72] flexibility in the company because it

[00:07:01.98 --> 00:07:06.48] allows departments to address their

[00:07:03.72 --> 00:07:09.78] needs to management separately

[00:07:06.48 --> 00:07:11.34] what is Matrix HR structure well a

[00:07:09.78 --> 00:07:14.16] matrix structure combines the

[00:07:11.34 --> 00:07:16.50] centralized and decentralized structure

[00:07:14.16 --> 00:07:18.48] with a centralized department but

[00:07:16.50 --> 00:07:21.12] independent HR functions that are

[00:07:18.48 --> 00:07:23.70] specific to different business units

[00:07:21.12 --> 00:07:26.88] in this structure Personnel can report

[00:07:23.70 --> 00:07:28.80] to the designated HR manager but also

[00:07:26.88 --> 00:07:29.64] report to separate Departments of the

[00:07:28.80 --> 00:07:32.46] company

[00:07:29.64 --> 00:07:34.44] many businesses use a matrix structure

[00:07:32.46 --> 00:07:37.20] because it can make it easier to assign

[00:07:34.44 --> 00:07:39.96] a separate HR professional to handle a

[00:07:37.20 --> 00:07:42.66] certain aspect of Human Resources such

[00:07:39.96 --> 00:07:44.58] as employee benefits as the company

[00:07:42.66 --> 00:07:47.34] grows in size

[00:07:44.58 --> 00:07:49.98] a matrix structure can be advantageous

[00:07:47.34 --> 00:07:52.50] because having different levels of HR

[00:07:49.98 --> 00:07:54.48] can help ensure that important

[00:07:52.50 --> 00:07:57.90] information becomes widely shared

[00:07:54.48 --> 00:08:00.84] therefore allowing for faster response

[00:07:57.90 --> 00:08:02.76] and then we have outsourced HR structure

[00:08:00.84 --> 00:08:05.22] with the name itself we can understand

[00:08:02.76 --> 00:08:08.34] that with an Outsource structure a

[00:08:05.22 --> 00:08:10.26] company often hires an outside agency or

[00:08:08.34 --> 00:08:13.02] third party that becomes solely

[00:08:10.26 --> 00:08:14.46] responsible for the primary HR functions

[00:08:13.02 --> 00:08:16.74] in the company

[00:08:14.46 --> 00:08:19.14] this structure is common in smaller

[00:08:16.74 --> 00:08:22.14] organizations that typically don't have

[00:08:19.14 --> 00:08:23.88] the resources or budget to hire in-house

[00:08:22.14 --> 00:08:26.10] HR staff

[00:08:23.88 --> 00:08:27.96] an outsourced structure can be

[00:08:26.10 --> 00:08:31.08] beneficial for a company that wants to

[00:08:27.96 --> 00:08:33.54] control costs and save time which

[00:08:31.08 --> 00:08:37.32] enables management to focus more on

[00:08:33.54 --> 00:08:39.30] business processes within the company

[00:08:37.32 --> 00:08:41.58] what are the phases of project

[00:08:39.30 --> 00:08:44.58] management life cycle

[00:08:41.58 --> 00:08:47.22] now let me pause you and tell you it's

[00:08:44.58 --> 00:08:49.38] important to understand that we are HR

[00:08:47.22 --> 00:08:52.80] professionals and not project managers

[00:08:49.38 --> 00:08:55.74] not yet at least however we still need

[00:08:52.80 --> 00:08:59.04] to know the basics of project management

[00:08:55.74 --> 00:09:02.18] so the five phases are initiation phase

[00:08:59.04 --> 00:09:04.98] planning phase the execution phase

[00:09:02.18 --> 00:09:08.52] monitoring and performance phase and

[00:09:04.98 --> 00:09:10.88] closure fails in the initiation phase we

[00:09:08.52 --> 00:09:14.46] understand project goals deadlines

[00:09:10.88 --> 00:09:16.74] priorities and Associated risks

[00:09:14.46 --> 00:09:19.08] in the planning phase we develop an

[00:09:16.74 --> 00:09:21.48] overview of the tasks needed to be

[00:09:19.08 --> 00:09:24.18] completed and we Define the timeline

[00:09:21.48 --> 00:09:26.58] needed to complete the project in the

[00:09:24.18 --> 00:09:28.92] execution phase we execute the project

[00:09:26.58 --> 00:09:31.50] plan of course the plan which we

[00:09:28.92 --> 00:09:33.84] developed in the previous phase

[00:09:31.50 --> 00:09:35.76] we then monitor the performance of the

[00:09:33.84 --> 00:09:37.32] project in the monitoring and

[00:09:35.76 --> 00:09:40.26] performance phase

[00:09:37.32 --> 00:09:42.78] and finally in the closure phase we

[00:09:40.26 --> 00:09:46.44] analyze and summarize the results and

[00:09:42.78 --> 00:09:48.54] document Lessons Learned great next what

[00:09:46.44 --> 00:09:50.94] is situational leadership

[00:09:48.54 --> 00:09:53.52] I recommend you watch this video next

[00:09:50.94 --> 00:09:55.92] where I explain the Blake mutton and

[00:09:53.52 --> 00:09:57.84] Hershey Blanchard leadership theory in

[00:09:55.92 --> 00:09:59.82] detail if you are finding value in the

[00:09:57.84 --> 00:10:01.68] videos I am producing then consider

[00:09:59.82 --> 00:10:04.92] subscribing to my channel hit the like

[00:10:01.68 --> 00:10:07.56] button and leave a comment I post HR and

[00:10:04.92 --> 00:10:10.52] Leadership related videos every week I

[00:10:07.56 --> 00:10:13.61] will see you in the next video

[00:10:10.52 --> 00:10:13.61] [Music]

[00:00:00.00 --> 00:00:03.54] hi there and welcome back to part 4 in

[00:00:02.64 --> 00:00:05.52] this series

[00:00:03.54 --> 00:00:08.04] if you are planning to take the shrimp

[00:00:05.52 --> 00:00:09.84] or hrci exam then you will need to be

[00:00:08.04 --> 00:00:13.14] familiar with certain HR terms and

[00:00:09.84 --> 00:00:16.22] definitions like what is the Lily lead

[00:00:13.14 --> 00:00:19.92] better Fair Pay Act what is conciliation

[00:00:16.22 --> 00:00:21.90] what is geocentric approach what is the

[00:00:19.92 --> 00:00:24.30] Foreign Corrupt Practices Act

[00:00:21.90 --> 00:00:27.54] what is a golden handshake what is

[00:00:24.30 --> 00:00:29.64] vroom's expectancy Theory and more in

[00:00:27.54 --> 00:00:32.34] this video we will be reviewing these

[00:00:29.64 --> 00:00:34.56] important HR terms and definitions which

[00:00:32.34 --> 00:00:37.86] you need to know to Ace the shrimp or

[00:00:34.56 --> 00:00:40.20] hrca exam so let's begin what is the

[00:00:37.86 --> 00:00:43.14] Lily Ledbetter Fair Pay Act

[00:00:40.20 --> 00:00:45.96] the Lily Ledbetter Fair Pay Act of 2009

[00:00:43.14 --> 00:00:48.30] is a law enacted by Congress that

[00:00:45.96 --> 00:00:50.04] bolstered worker protections against pay

[00:00:48.30 --> 00:00:52.86] discrimination

[00:00:50.04 --> 00:00:55.14] the ACT allows individuals who face paid

[00:00:52.86 --> 00:00:56.78] discrimination to seek rectification

[00:00:55.14 --> 00:00:58.98] under federal

[00:00:56.78 --> 00:01:01.56] anti-discrimination laws

[00:00:58.98 --> 00:01:05.28] the law clarifies a discrimination based

[00:01:01.56 --> 00:01:08.40] on Age religion national origin race sex

[00:01:05.28 --> 00:01:11.16] and disability will accrue every time

[00:01:08.40 --> 00:01:13.20] the employee receives a paycheck that is

[00:01:11.16 --> 00:01:15.66] deemed discriminatory

[00:01:13.20 --> 00:01:19.14] it was the first bill that President

[00:01:15.66 --> 00:01:21.84] Barack Obama signed into law this act

[00:01:19.14 --> 00:01:24.48] replaced a Supreme Court ruling that

[00:01:21.84 --> 00:01:28.26] wage discrimination cases must be filed

[00:01:24.48 --> 00:01:29.76] within 180 days of the start of the

[00:01:28.26 --> 00:01:32.10] discrimination

[00:01:29.76 --> 00:01:35.04] so before this Act was passed you could

[00:01:32.10 --> 00:01:37.44] only file a wage discrimination case if

[00:01:35.04 --> 00:01:39.84] the Discrimination occurred within the

[00:01:37.44 --> 00:01:42.60] last 180 days

[00:01:39.84 --> 00:01:45.72] this Clause was amended with the release

[00:01:42.60 --> 00:01:47.76] of the Lily Ledbetter Fair Pay Act

[00:01:45.72 --> 00:01:50.94] the ACT is named in honor of Lily

[00:01:47.76 --> 00:01:54.12] Ledbetter a former manager at a Goodyear

[00:01:50.94 --> 00:01:56.58] tire and Rubber Company Plant in Alabama

[00:01:54.12 --> 00:01:58.38] after Ledbetter discovered that her male

[00:01:56.58 --> 00:02:01.74] peers were receiving substantially

[00:01:58.38 --> 00:02:03.86] higher pay for similar roles she filed a

[00:02:01.74 --> 00:02:07.50] complaint with the equal employment

[00:02:03.86 --> 00:02:10.50] opportunity commission or the EEOC

[00:02:07.50 --> 00:02:13.38] in 1998 LED better file an equal pay

[00:02:10.50 --> 00:02:17.28] lawsuit alleging pay discrimination on

[00:02:13.38 --> 00:02:20.22] the basis of sex under Title VII of the

[00:02:17.28 --> 00:02:23.22] Civil Rights Act of 1964.

[00:02:20.22 --> 00:02:26.34] the trial jury awarded her back pay and

[00:02:23.22 --> 00:02:28.74] more than 3.3 million in compensatory

[00:02:26.34 --> 00:02:30.48] and punitive damages

[00:02:28.74 --> 00:02:32.52] I apologize in advance for interrupting

[00:02:30.48 --> 00:02:34.62] the video right now just a quick message

[00:02:32.52 --> 00:02:36.96] from me if you are preparing for the

[00:02:34.62 --> 00:02:39.30] shrimp exam then consider checking out

[00:02:36.96 --> 00:02:41.76] my stream exam study guide the one book

[00:02:39.30 --> 00:02:43.68] learning system I have left a link in

[00:02:41.76 --> 00:02:45.42] the description of this video where you

[00:02:43.68 --> 00:02:48.60] can find more details about this guide

[00:02:45.42 --> 00:02:50.88] and how to use it to Ace the exam now

[00:02:48.60 --> 00:02:52.14] back to the video moving along what is

[00:02:50.88 --> 00:02:54.00] conciliation

[00:02:52.14 --> 00:02:55.98] conciliation is an alternative

[00:02:54.00 --> 00:02:59.40] out-of-port dispute resolution

[00:02:55.98 --> 00:03:02.84] instrument like mediation conciliation

[00:02:59.40 --> 00:03:05.04] is a voluntary flexible confidential and

[00:03:02.84 --> 00:03:06.96] interest-based process

[00:03:05.04 --> 00:03:09.54] the parties seek to reach an amicable

[00:03:06.96 --> 00:03:12.90] dispute settlement with the assistance

[00:03:09.54 --> 00:03:14.16] of the conciliator who acts as a neutral

[00:03:12.90 --> 00:03:16.02] third party

[00:03:14.16 --> 00:03:18.78] the main difference between conciliation

[00:03:16.02 --> 00:03:21.30] and mediation proceedings is that at

[00:03:18.78 --> 00:03:24.12] some point during the conciliation the

[00:03:21.30 --> 00:03:26.52] conciliator will be asked by the parties

[00:03:24.12 --> 00:03:28.80] to provide them with a non-binding

[00:03:26.52 --> 00:03:31.50] settlement proposal a mediator by

[00:03:28.80 --> 00:03:33.90] contrast will in most cases and as a

[00:03:31.50 --> 00:03:37.02] matter of principle refrain from making

[00:03:33.90 --> 00:03:39.18] such a proposal conciliation is a

[00:03:37.02 --> 00:03:42.00] voluntary proceeding where the party is

[00:03:39.18 --> 00:03:45.72] involved are free to agree and attempt

[00:03:42.00 --> 00:03:48.54] to resolve their dispute by conciliation

[00:03:45.72 --> 00:03:51.78] the process is flexible allowing parties

[00:03:48.54 --> 00:03:54.60] to define the time structure and content

[00:03:51.78 --> 00:03:57.42] of the conciliation proceedings

[00:03:54.60 --> 00:03:59.64] these proceedings are rarely public they

[00:03:57.42 --> 00:04:02.16] are interest based as the conciliator

[00:03:59.64 --> 00:04:04.50] when proposing a settlement not only

[00:04:02.16 --> 00:04:06.42] takes into account the party's legal

[00:04:04.50 --> 00:04:09.90] positions but also the commercial

[00:04:06.42 --> 00:04:12.30] financial and personal interests

[00:04:09.90 --> 00:04:14.52] like in mediation proceedings the

[00:04:12.30 --> 00:04:17.46] ultimate decision to agree on the

[00:04:14.52 --> 00:04:19.26] settlement remains with both parties if

[00:04:17.46 --> 00:04:21.06] you are finding value in this video and

[00:04:19.26 --> 00:04:23.16] would like to be reminded of similar

[00:04:21.06 --> 00:04:26.22] videos then consider subscribing to my

[00:04:23.16 --> 00:04:29.82] channel like the video leave a comment

[00:04:26.22 --> 00:04:32.70] thanks a bunch let's continue next what

[00:04:29.82 --> 00:04:34.98] is geocentric approach a geocentric

[00:04:32.70 --> 00:04:37.86] approach method helps organizations

[00:04:34.98 --> 00:04:40.44] recruit employees globally usually

[00:04:37.86 --> 00:04:43.26] multinational companies use this method

[00:04:40.44 --> 00:04:44.70] to employ Personnel regardless of their

[00:04:43.26 --> 00:04:48.06] nationality

[00:04:44.70 --> 00:04:50.10] the geocentric approach is used by mncs

[00:04:48.06 --> 00:04:53.82] as they have a presence in different

[00:04:50.10 --> 00:04:56.46] countries and the resources to do so

[00:04:53.82 --> 00:04:59.52] this approach helps them hire the most

[00:04:56.46 --> 00:05:01.68] suitable employee for example suppose an

[00:04:59.52 --> 00:05:04.44] organization has an employee with

[00:05:01.68 --> 00:05:06.32] special skills based in Canada and these

[00:05:04.44 --> 00:05:09.06] skills are required in the United States

[00:05:06.32 --> 00:05:11.34] in that case the organization can

[00:05:09.06 --> 00:05:12.84] quickly relocate this employee to the

[00:05:11.34 --> 00:05:15.66] United States

[00:05:12.84 --> 00:05:18.30] the geocentric approach lets businesses

[00:05:15.66 --> 00:05:19.56] use the talent whenever and wherever

[00:05:18.30 --> 00:05:21.78] they are required

[00:05:19.56 --> 00:05:24.60] now let's look at some advantages and

[00:05:21.78 --> 00:05:27.42] disadvantages of the geocentric approach

[00:05:24.60 --> 00:05:28.38] one it helps organizations hire the best

[00:05:27.42 --> 00:05:30.96] talent

[00:05:28.38 --> 00:05:33.54] it also helps them diversify the

[00:05:30.96 --> 00:05:35.64] cultural environment and it reduces

[00:05:33.54 --> 00:05:38.10] biases and racism

[00:05:35.64 --> 00:05:40.32] some of the disadvantages are training

[00:05:38.10 --> 00:05:43.20] and relocation cost is high

[00:05:40.32 --> 00:05:46.74] the hiring process is also costly

[00:05:43.20 --> 00:05:48.72] only mncs can use this approach

[00:05:46.74 --> 00:05:50.94] great moving along

[00:05:48.72 --> 00:05:52.08] what is the Foreign Corrupt Practices

[00:05:50.94 --> 00:05:53.82] Act

[00:05:52.08 --> 00:05:55.94] the Foreign Corrupt Practices Act

[00:05:53.82 --> 00:05:58.98] targets corruption and bribery

[00:05:55.94 --> 00:06:02.10] internationally paying foreign officials

[00:05:58.98 --> 00:06:04.38] for expediating legal processes or

[00:06:02.10 --> 00:06:06.90] obtaining contracts was a common

[00:06:04.38 --> 00:06:08.82] business practice around the world well

[00:06:06.90 --> 00:06:11.34] into the 1970s

[00:06:08.82 --> 00:06:13.68] in some countries in fact operations

[00:06:11.34 --> 00:06:16.44] routinely wrote off bribes as normal

[00:06:13.68 --> 00:06:17.70] business expenses when filing their tax

[00:06:16.44 --> 00:06:20.28] returns

[00:06:17.70 --> 00:06:23.16] being common however does not make this

[00:06:20.28 --> 00:06:26.22] Behavior desirable or ethical

[00:06:23.16 --> 00:06:29.46] the Foreign Corrupt Practices Act fcpa

[00:06:26.22 --> 00:06:32.22] is a United States law that prohibits

[00:06:29.46 --> 00:06:34.80] U.S firms and individuals from paying

[00:06:32.22 --> 00:06:37.62] bribes to foreign officials to further

[00:06:34.80 --> 00:06:38.82] business deals next what is a golden

[00:06:37.62 --> 00:06:41.70] handshake

[00:06:38.82 --> 00:06:43.50] a golden handshake is a stipulation in

[00:06:41.70 --> 00:06:45.84] an employment agreement which states

[00:06:43.50 --> 00:06:48.66] that the employer will provide a

[00:06:45.84 --> 00:06:50.46] significant severance package if the

[00:06:48.66 --> 00:06:53.34] employee loses their job

[00:06:50.46 --> 00:06:55.50] it is usually provided to top Executives

[00:06:53.34 --> 00:06:58.56] in the event that they lose their

[00:06:55.50 --> 00:07:00.54] employment because of retirement layoffs

[00:06:58.56 --> 00:07:03.24] or for negligence

[00:07:00.54 --> 00:07:06.90] however payment can be made in several

[00:07:03.24 --> 00:07:09.42] ways such as cash or stock options

[00:07:06.90 --> 00:07:11.82] golden handshakes are pre-negotiated

[00:07:09.42 --> 00:07:14.34] employment agreements that provide a

[00:07:11.82 --> 00:07:16.86] severance if the employee were to

[00:07:14.34 --> 00:07:19.86] involuntarily leave their position early

[00:07:16.86 --> 00:07:22.92] payment can be made in cash stock

[00:07:19.86 --> 00:07:24.12] options or anything else accepted in the

[00:07:22.92 --> 00:07:26.60] contract

[00:07:24.12 --> 00:07:29.70] golden handshakes often come with

[00:07:26.60 --> 00:07:32.28] non-compete clauses sometimes low level

[00:07:29.70 --> 00:07:35.72] employees receive a smaller version of

[00:07:32.28 --> 00:07:38.16] the golden handshake next what is rooms

[00:07:35.72 --> 00:07:39.84] expectancy Theory

[00:07:38.16 --> 00:07:42.24] broom suggested that people are

[00:07:39.84 --> 00:07:45.36] motivated by the reward They will

[00:07:42.24 --> 00:07:47.76] receive when they succeed and that they

[00:07:45.36 --> 00:07:50.76] weigh the value of the expected reward

[00:07:47.76 --> 00:07:53.58] against the effort required to achieve

[00:07:50.76 --> 00:07:56.22] it I recommend you watch this video next

[00:07:53.58 --> 00:07:58.14] where I explain broom's expectancy

[00:07:56.22 --> 00:07:59.94] theory in detail

[00:07:58.14 --> 00:08:01.92] if you're finding value in these videos

[00:07:59.94 --> 00:08:04.02] then consider subscribing to my channel

[00:08:01.92 --> 00:08:07.08] hit the like button and leave a comment

[00:08:04.02 --> 00:08:09.60] I post HR and Leadership great videos

[00:08:07.08 --> 00:08:11.84] every week I will see you in the next

[00:08:09.60 --> 00:08:11.84] video

[00:00:00.42 --> 00:00:05.46] hi there and welcome back if you are

[00:00:03.00 --> 00:00:07.68] planning to take the shrimp or hrci exam

[00:00:05.46 --> 00:00:10.32] then you will need to be familiar with

[00:00:07.68 --> 00:00:14.16] certain HR terms and definitions like

[00:00:10.32 --> 00:00:16.98] what is Executive Order 11246

[00:00:14.16 --> 00:00:19.50] what is flexible spending account

[00:00:16.98 --> 00:00:21.60] what is an economic boycott

[00:00:19.50 --> 00:00:23.76] what is a cash flow statement

[00:00:21.60 --> 00:00:26.88] what is Employment Practices liability

[00:00:23.76 --> 00:00:30.06] insurance or epli

[00:00:26.88 --> 00:00:32.76] what is wage compression what is gain

[00:00:30.06 --> 00:00:34.38] sharing and much more in this video we

[00:00:32.76 --> 00:00:36.66] will be reviewing these important HR

[00:00:34.38 --> 00:00:39.96] terms and definitions which you need to

[00:00:36.66 --> 00:00:42.06] know to Ace the shrimp or hrci exam so

[00:00:39.96 --> 00:00:44.10] let's begin what is Executive Order

[00:00:42.06 --> 00:00:46.92] 11246

[00:00:44.10 --> 00:00:49.86] the executive order is a U.S law which

[00:00:46.92 --> 00:00:51.72] prohibits Federal contractors and

[00:00:49.86 --> 00:00:54.54] construction contractors and

[00:00:51.72 --> 00:00:56.46] subcontractors who do over ten thousand

[00:00:54.54 --> 00:00:59.76] dollars in government business in a year

[00:00:56.46 --> 00:01:01.74] it prohibits them from discriminating in

[00:00:59.76 --> 00:01:05.28] employment decisions on the basis of

[00:01:01.74 --> 00:01:09.00] race color religion sex sexual

[00:01:05.28 --> 00:01:10.20] orientation gender identity or national

[00:01:09.00 --> 00:01:12.60] origin

[00:01:10.20 --> 00:01:15.18] furthermore it also requires government

[00:01:12.60 --> 00:01:18.00] contractors to take affirmative action

[00:01:15.18 --> 00:01:20.40] to ensure that equal opportunity is

[00:01:18.00 --> 00:01:23.16] provided in all aspects of the employee

[00:01:20.40 --> 00:01:25.86] so the important aspects to remember is

[00:01:23.16 --> 00:01:27.72] that this law is implied to those

[00:01:25.86 --> 00:01:29.82] construction contractors and

[00:01:27.72 --> 00:01:32.34] subcontractors who are doing business

[00:01:29.82 --> 00:01:36.66] with the government with a turnover of

[00:01:32.34 --> 00:01:39.72] over ten thousand dollars next what is a

[00:01:36.66 --> 00:01:41.70] flexible spending account or FSA

[00:01:39.72 --> 00:01:44.58] an FSA is the type of savings account

[00:01:41.70 --> 00:01:46.80] that allows employees to contribute a

[00:01:44.58 --> 00:01:49.08] portion of their regular earnings to pay

[00:01:46.80 --> 00:01:51.12] for health related costs funds

[00:01:49.08 --> 00:01:53.40] contributed to the account are deducted

[00:01:51.12 --> 00:01:56.16] from earnings and are not subject to

[00:01:53.40 --> 00:01:58.56] income and payroll taxes

[00:01:56.16 --> 00:02:00.60] funds withdrawn from an FSA to pay

[00:01:58.56 --> 00:02:02.40] qualified medical expenses are not

[00:02:00.60 --> 00:02:05.58] subject to tax

[00:02:02.40 --> 00:02:08.34] the money in an FSA account must be used

[00:02:05.58 --> 00:02:11.10] by the end of the plan year but

[00:02:08.34 --> 00:02:13.86] employers can offer a grace period of up

[00:02:11.10 --> 00:02:16.62] to two and a half months through March

[00:02:13.86 --> 00:02:19.86] 15 of the following year due to the

[00:02:16.62 --> 00:02:22.38] pandemic recently the IRS will allow or

[00:02:19.86 --> 00:02:26.28] rather had allowed employers to amend

[00:02:22.38 --> 00:02:28.98] the FSA plans for 2021 either to raise

[00:02:26.28 --> 00:02:31.68] the carryover amounts or extend the

[00:02:28.98 --> 00:02:34.20] grace period one of the key benefits of

[00:02:31.68 --> 00:02:36.36] a flexible spending account is that the

[00:02:34.20 --> 00:02:39.66] funds contributed to the account are

[00:02:36.36 --> 00:02:42.60] deducted from your earnings before taxes

[00:02:39.66 --> 00:02:45.54] lowering your taxable income as a result

[00:02:42.60 --> 00:02:48.18] regular contributions to an FSA can

[00:02:45.54 --> 00:02:49.62] reduce your annual tax liability I

[00:02:48.18 --> 00:02:51.72] apologize in advance for interrupting

[00:02:49.62 --> 00:02:53.88] the video right now just a quick message

[00:02:51.72 --> 00:02:56.16] from me if you are preparing for the

[00:02:53.88 --> 00:02:58.50] shrimp exam then consider checking out

[00:02:56.16 --> 00:03:00.90] my shrimp exam study guide the one book

[00:02:58.50 --> 00:03:02.88] learning system I have left a link in

[00:03:00.90 --> 00:03:04.62] the description of this video where you

[00:03:02.88 --> 00:03:07.38] can find more details about this guide

[00:03:04.62 --> 00:03:09.48] and how to use it to Ace the exam

[00:03:07.38 --> 00:03:10.86] now back to the video what is an

[00:03:09.48 --> 00:03:12.90] economic boycott

[00:03:10.86 --> 00:03:15.30] before understanding economic boycott

[00:03:12.90 --> 00:03:17.76] let's understand what is a boycott first

[00:03:15.30 --> 00:03:20.94] a boycott is an act of voluntarily

[00:03:17.76 --> 00:03:23.76] abstaining from using buying or dealing

[00:03:20.94 --> 00:03:27.12] with the person organization or country

[00:03:23.76 --> 00:03:29.76] as an expression of protest usually for

[00:03:27.12 --> 00:03:32.40] social or political reasons

[00:03:29.76 --> 00:03:35.28] an economic boycott can mean consumers

[00:03:32.40 --> 00:03:37.50] refusing to buy a certain product or to

[00:03:35.28 --> 00:03:39.90] do business with a certain company

[00:03:37.50 --> 00:03:41.58] perhaps the most famous and one of the

[00:03:39.90 --> 00:03:44.58] most effective boycotts in American

[00:03:41.58 --> 00:03:48.00] history falls into this category

[00:03:44.58 --> 00:03:50.22] in 1955 Rosa Parks sparked the

[00:03:48.00 --> 00:03:53.34] Montgomery Bus Boycott

[00:03:50.22 --> 00:03:55.80] the bus company lost 65 percent of their

[00:03:53.34 --> 00:03:58.86] income and the boycott was the beginning

[00:03:55.80 --> 00:04:01.38] of the civil rights movement in America

[00:03:58.86 --> 00:04:03.78] the small Act of defiance and the

[00:04:01.38 --> 00:04:05.94] boycott that followed eventually led to

[00:04:03.78 --> 00:04:08.90] the Supreme Court declaring that Alabama

[00:04:05.94 --> 00:04:12.78] and Montgomery's laws requiring

[00:04:08.90 --> 00:04:16.56] segregated buses was unconstitutional

[00:04:12.78 --> 00:04:17.76] next what is a cash flow statement a

[00:04:16.56 --> 00:04:20.64] cash flow statement is a financial

[00:04:17.76 --> 00:04:23.46] statement that provides aggregate data

[00:04:20.64 --> 00:04:26.70] regarding all cash in close a company

[00:04:23.46 --> 00:04:28.86] receives from its ongoing operations and

[00:04:26.70 --> 00:04:32.40] external investment sources

[00:04:28.86 --> 00:04:34.98] it also includes all outflows that pay

[00:04:32.40 --> 00:04:37.32] for business activities and Investments

[00:04:34.98 --> 00:04:39.96] during a giving period our company's

[00:04:37.32 --> 00:04:42.36] financial statements offer investors and

[00:04:39.96 --> 00:04:44.52] analysts a portrait of all the

[00:04:42.36 --> 00:04:46.32] transactions that go through the

[00:04:44.52 --> 00:04:49.50] business where every transaction

[00:04:46.32 --> 00:04:51.54] contributes to its success a cash flow

[00:04:49.50 --> 00:04:53.64] statement is believed to be the most

[00:04:51.54 --> 00:04:55.86] intuitive of all the financial

[00:04:53.64 --> 00:04:58.92] statements because it follows the cash

[00:04:55.86 --> 00:05:02.10] made by the business in three main ways

[00:04:58.92 --> 00:05:04.08] through operations investment and

[00:05:02.10 --> 00:05:07.26] financing the sum of these three

[00:05:04.08 --> 00:05:09.00] segments is called net cash flow great

[00:05:07.26 --> 00:05:11.34] if you are finding value in this video

[00:05:09.00 --> 00:05:13.44] and would like to be reminded of similar

[00:05:11.34 --> 00:05:16.50] videos then consider subscribing to my

[00:05:13.44 --> 00:05:19.20] channel like the video leave a comment

[00:05:16.50 --> 00:05:21.12] thanks a bunch let's continue what is

[00:05:19.20 --> 00:05:23.46] Employment Practices liability insurance

[00:05:21.12 --> 00:05:26.40] or epli

[00:05:23.46 --> 00:05:29.94] epli provides Insurance protection for

[00:05:26.40 --> 00:05:32.76] small businesses that hire manage and

[00:05:29.94 --> 00:05:35.70] terminate employees it covers expenses

[00:05:32.76 --> 00:05:38.28] related to employee lawsuits Employment

[00:05:35.70 --> 00:05:40.50] Practices liability insurance covers

[00:05:38.28 --> 00:05:43.16] your legal expenses when an employee

[00:05:40.50 --> 00:05:46.86] files a lawsuit alleging discrimination

[00:05:43.16 --> 00:05:49.86] wrongful domination harassment or other

[00:05:46.86 --> 00:05:52.20] wrongful acts in such cases your

[00:05:49.86 --> 00:05:54.78] Employment Practices insurance will

[00:05:52.20 --> 00:05:58.52] provide funds to cover your attorney's

[00:05:54.78 --> 00:06:02.10] fees settlement costs legal judgments

[00:05:58.52 --> 00:06:04.32] administrative and other quote costs

[00:06:02.10 --> 00:06:06.36] costs most small businesses are eligible

[00:06:04.32 --> 00:06:10.14] for employment practice liability

[00:06:06.36 --> 00:06:13.02] insurance however firms that lack basic

[00:06:10.14 --> 00:06:15.68] human resource policies on matters such

[00:06:13.02 --> 00:06:18.60] as employment at will discrimination

[00:06:15.68 --> 00:06:20.82] sexual or workplace harassment and

[00:06:18.60 --> 00:06:23.34] ensuring accommodations for disabled

[00:06:20.82 --> 00:06:25.56] employees may have difficulty securing

[00:06:23.34 --> 00:06:27.66] coverage also

[00:06:25.56 --> 00:06:30.18] businesses that don't use employment

[00:06:27.66 --> 00:06:33.12] applications or conduct periodic

[00:06:30.18 --> 00:06:35.52] employee appraisals and those that have

[00:06:33.12 --> 00:06:38.52] been the target of Prior Employment

[00:06:35.52 --> 00:06:40.76] Practices lawsuits may also not be good

[00:06:38.52 --> 00:06:44.34] candidates for this type of insurance

[00:06:40.76 --> 00:06:46.74] next what is wage compression

[00:06:44.34 --> 00:06:49.14] finding and retaining key Talent is

[00:06:46.74 --> 00:06:51.54] important to every business but some

[00:06:49.14 --> 00:06:54.18] employers may not be aware of a

[00:06:51.54 --> 00:06:56.10] phenomenon that can be more detrimental

[00:06:54.18 --> 00:06:57.30] to your organization than vacant

[00:06:56.10 --> 00:07:00.00] positions

[00:06:57.30 --> 00:07:02.22] wage compression refers to the situation

[00:07:00.00 --> 00:07:05.10] where there is only a small difference

[00:07:02.22 --> 00:07:08.06] in the pay between employees regardless

[00:07:05.10 --> 00:07:10.98] of their skills experience or seniority

[00:07:08.06 --> 00:07:13.80] and it most often occurs in the

[00:07:10.98 --> 00:07:16.02] following two scenarios one a new

[00:07:13.80 --> 00:07:18.78] employee is paid almost the same amount

[00:07:16.02 --> 00:07:22.56] as an experienced employee for the same

[00:07:18.78 --> 00:07:25.08] job and secondly a lower level employee

[00:07:22.56 --> 00:07:27.24] is paid almost the same amount as a

[00:07:25.08 --> 00:07:30.06] higher level employee like a manager

[00:07:27.24 --> 00:07:33.00] wage compression can lead to widespread

[00:07:30.06 --> 00:07:36.06] dissatisfaction among employees causing

[00:07:33.00 --> 00:07:38.70] salary to change from a motivating to a

[00:07:36.06 --> 00:07:41.40] demotivating force this can impact

[00:07:38.70 --> 00:07:44.58] productivity and lead to increased

[00:07:41.40 --> 00:07:47.16] turnover as well as decreased employee

[00:07:44.58 --> 00:07:51.24] morale and potential resentment among

[00:07:47.16 --> 00:07:53.34] co-workers next what is gain sharing

[00:07:51.24 --> 00:07:56.58] gain sharing is often confused with

[00:07:53.34 --> 00:07:59.40] profit sharing although the aim behind

[00:07:56.58 --> 00:08:00.42] both systems are similar their means are

[00:07:59.40 --> 00:08:02.58] not the same

[00:08:00.42 --> 00:08:05.34] in a profit sharing system workers

[00:08:02.58 --> 00:08:08.10] receive bonuses which go up or down

[00:08:05.34 --> 00:08:10.14] depending on the company's profits in

[00:08:08.10 --> 00:08:12.06] other words the bigger the profits the

[00:08:10.14 --> 00:08:15.48] bigger the bonus for each worker

[00:08:12.06 --> 00:08:18.54] employees also earn bonuses in a gains

[00:08:15.48 --> 00:08:20.94] sharing system however each worker's

[00:08:18.54 --> 00:08:23.40] performance determines the size of those

[00:08:20.94 --> 00:08:26.28] bonuses for example an employee's

[00:08:23.40 --> 00:08:28.14] productivity or sales volumes May

[00:08:26.28 --> 00:08:30.42] determine their bonuses

[00:08:28.14 --> 00:08:33.06] whether or not they manage to reduce

[00:08:30.42 --> 00:08:34.92] expenses may also be a determining

[00:08:33.06 --> 00:08:37.68] Factor

[00:08:34.92 --> 00:08:39.66] aim to give workers a share in the

[00:08:37.68 --> 00:08:42.54] success of their employer

[00:08:39.66 --> 00:08:44.76] however with gain sharing their bonuses

[00:08:42.54 --> 00:08:47.10] are more closely related to their

[00:08:44.76 --> 00:08:49.02] individual performances if you are

[00:08:47.10 --> 00:08:51.30] looking to learn more about HR terms

[00:08:49.02 --> 00:08:52.50] then I recommend you check out this

[00:08:51.30 --> 00:08:54.72] playlist next

[00:08:52.50 --> 00:08:56.70] subscribe to the channel like the video

[00:08:54.72 --> 00:08:59.34] and leave a comment if you found value

[00:08:56.70 --> 00:09:01.74] in this video I post HR and Leadership

[00:08:59.34 --> 00:09:03.69] related videos every week I will see you

[00:09:01.74 --> 00:09:06.78] in the next video

[00:09:03.69 --> 00:09:06.78] [Music]

[00:09:07.32 --> 00:09:12.89] foreign

[00:09:08.72 --> 00:09:12.89] [Music]

/