Chapter 9 Flashcards
(42 cards)
Time-rate pay
Employees are paid a set amount for each hour they work. Overtime is usually paid at a higher rate
Bonus payments
Employees get a share of the profits resulting from their increased effort or efficiency
Piece-rate pay
Employees are paid for each item to produce that meets the desired quality standard
Non-financial rewards
Shorter working hours
Safe and pleasant surroundings: company library, yoga room
Employee empowerment
Provides staff with more power to make their own decisions about how to do their jobs
Managers provide employees with a goal, deadlines, sufficient measures and freedom to decide how to achieve the goal
Benefits of employee empowerment
Unlocks hidden talents of the workforce
Increases staff loyalty
Risks of employee empowerment
Serious mistakes can be made by staff
Unhappy and demotivated staff without someone to guide them through
Team
A group of people working in harmony towards a common goal e.g. Toyota uses self-managing teams who are responsible for making their own affairs with as little outside input as possible
Benefits of teamwork
Improve communication and relationships between staff
Increases employee motivation-employees are happier working in a team
Encourages intrapreneurship and problem-solving
TQM
An approach to management that aims to maximize quality by getting all staff involved in continuously looking for ways to improve the quality of a firms products and services.
The goal is to improve customer satisfaction
Benefits of TQM
High prices can be charged
Enhances the business’ reputation
Increases customer loyalty and satisfaction
Better quality goods and services for the business
Performance appraisal
Process of setting performance standards for each employee and then assessing the performance based on these standards
Benefits of performance appraisal for employees
Motivation/job satisfaction
Training and development
Promotional path/recognition
Motivation/job satisfaction
Open communication between management and the employee
Foster a positive relationship
High performance standards
Training and development
Identify training and career development needs
Provides appropriate training
Reviews and evaluates training methods
Promotional path/recognition
Identifies hidden strengths of employees
Recognizes achievements
Easier to make promotion decisions
benefits of performance appraisal for a business
Increases productivity
retain the right staff/identify poorly performing staff
Selection and training: if too much or too little training methods if being provided
HRM
Involves managing the employees in a business
Its main purpose is to ensure that the business finds, keeps and makes the best use of its employees
Steps of HRM
Audit The human resource levels
Forecast future human resource needs of the business
Monitor the level of labour turn over
Prepare a HR plan
Storming
The conflict in a business in relation to how work should be done
Norming
Establishes ground rules for working together
Strategies to help employees adapt to change
Provide leadership by example. Employees will emulate the manager they see them setting an example
Negotiating deals when necessary that provides fair rewards to employees for any sacrifices they will have to make to adapt to change
Financial rewards
Time-rate pay
Bonus payments
Piece-rate pay
Job description
Sets out the purpose of a job, how the job fits into the organizational structure and the responsibilities of the
