human resources key words Flashcards
HR management
the process of organising the labour employed within an organisation.
hard HRM
treats employees simply as resources of the business
soft HRM
treats employees as the most important resource in the business and a source of competitive advantage
labour turnover
the percentage of the work force (employees) that leave a business within a given period (usually a year)
labour turnover formula
number of employees leaving during a period / average number employed during period x100
employee retention
the ability of an employer to convince its employees to remain with the business
retention rate formula
number of staff remaining / average number of staff x100
labour productivity
is concerned with the amount (volume) of output that is obtained from each employee
labour productivity formula
output per period (units) / number of employees at work
labour cost per unit
total labour costs / total output
low number = good / good profit margin
employee costs as a percentage of turnover
employee costs / sales revenue x100
job design
is the way in which individuals roles are arranged in the workplace, deciding on the content of the job
authority
the right of power assigned to a particular role in an organisation in order to achieve its organisational objectives
delegation
the process of passing authority down the hierarchy from a manager to a subordinate
matrix organisational structure
is a company structure in which the reporting relationships are set up as a grid, or matrix, rather than in the traditional hierarchy. In other words, employees have dual reporting relationships