Chapter 7 Glossary Terms Flashcards Preview

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Flashcards in Chapter 7 Glossary Terms Deck (37)
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1

Revenue

Revenue is what the business receives in the normal course of trading or operating, including sales fees, interest dividends royalties and rent.

2

Expenses

Expenses are what it has cost the business to provide its services or sell its products.

3

Human Resource Management

Human resource management is defined as the effective management of the formal relationship between the employer and employees.

4

Employment Cycle

The employment cycle covers all stages in the process of employing staff, from initial planning through recruitment, selection, induction, performance management, and eventual termination of employment

5

Human Resource Planning

Human resource (HR) planning is the development of strategies to meet the business’s future human resource needs.

6

E-business

e-business is the use of the internet to conduct the full range of business activities.

7

Job Analysis

Job analysis is the study of an employee’s job in order to determine the duties performed, the time involved in each of those duties, the responsibilities involved and the equipment required.

8

Job Description

A job description is a summary of what the worker will be doing — the role they will have in the business in terms of duties and responsibilities

9

Job Specification

A job specification will indicate the sort of person the business is seeking in terms of personal qualities, skills, education and work experience.

10

Job design

Job design details the number, kind and variety of tasks that individual employees perform in their jobs.

11

Recruitment

Recruitment is the process of attracting qualified job applicants — by using advertisements, websites, employment agencies and word of mouth — from which to select the most appropriate person for a specific job.

12

Internal Recruitment

Internal recruitment involves filling job vacancies with present employees, rather than looking outside the business.

13

External Recruitment

External recruitment involves filling job vacancies with people from outside the business.

14

Employee selection

Employee selection involves choosing the candidate who best matches the business’s requirements.

15

Full-time Employment

Full-time permanent employees have an ongoing employment contract which includes all legally required entitlements.

16

Part-time permanent employment

Part-time permanent employment involves working fewer ordinary weekly or monthly hours compared with full-time employment.

17

Fixed-term contract

A fixed-term contract is where employment is offered for a specific period.

18

Casual employees

Casual employees are employed on an hourly basis.

19

Superannuation

Superannuation is a system by which contributions are made to a fund which will provide benefits to an employee after retirement.

20

Award

An Award is a legally binding agreement that sets out minimum wages and conditions for a group of employees.

21

Enterprise Bargaining Agreement

An enterprise bargaining agreement (EBA) is an agreement that has been directly negotiated between the employer and employees of a business or enterprise.

22

Penalty rates

Penalty rates are additional wages paid to employees who are required to work outside of normally accepted working hours.

23

Productivity

Productivity is a measure of business efficiency, and compares the output produced by the business with the quantity of inputs (equipment, labour and materials) required to produce that output.

24

Remuneration

Remuneration is monetary payment in return for the work an employee performs.

25

Wage

A wage is an hourly or weekly rate of pay.

26

Salary

Employees who earn a salary are paid a fixed amount each year, which is then divided by 26 to give a fortnightly salary, or by 12 to give a monthly salary.

27

Salary Sacrifice

Salary sacrifice is forgoing salary in order to receive another non-cash benefit of equivalent value.

28

Flexible working conditions

Flexible working conditions are conditions that allow employees to balance work and family responsibilities more effectively.

29

Work-life balance

Work-life balance is about achieving the right amount of time for work and for personal or family life.

30

Job security

Job security is the belief that the employee will not lose their job.

31

Legislation

Legislation is a law made by parliament.

32

Mediation

Mediation is a means of settling disputes in which a neutral third party assists the parties to reach a mutually acceptable agreement.

33

Conciliation

Conciliation is a process involving a third party who assists the parties to reach agreement. It differs from mediation in that a conciliator is able to suggest solutions to the parties.

34

Induction

Induction is a process of acquainting new employees with the business — its history, structures, objectives, culture, policies and practices — and the jobs they will perform.

35

Visa

A visa is an official authorisation for an overseas visitor to enter a country and remain there for a specific period.

36

Nepotism

Nepotism occurs when a family member is favoured for a position.

37

Affirmative action

Affirmative action refers to measures taken to eliminate discrimination and to implement positive steps to overcome current and historical lack of equal opportunity.