Chapters 6-8 and 10-11 Flashcards
(37 cards)
What is the purpose of Human Resources?
- Coordinating all activities involving the company’s employees
- Sets up training programs
- Administers payroll
- Creates programs that will help retain good employees
- Handles work transition
- Studies the local labour market
- Conducts interviews
what is unskilled labour
Unskilled labour is jobs where little training is required, including jobs like dishwashers
what is semi-skilled labour
Semi-skilled labour is jobs where some instruction is required, such as a cashier
what is skilled labour
Skilled labour is jobs that require training from a professional institution or through previous employment, like a cake decorator
what is professional labour
Professional labour workers are highly trained people with specific occupations, such as accountants or electricians
What is a headhunter?
A headhunter is a role where someone identifies and approaches suitable candidates employed elsewhere to fill business positions at their own establishments.
What is employee turnover?
Employee turnover is when employees leave a business firm voluntarily either for another job or to retire
What are some interview tips you’d have for someone who’s looking for a job?
- Dress appropriately for each interview, and try to look professional
- Be self-confident
- Be positive and be honest with every question you are asked
- Avoid stuttering and filler words
- Turn your cellphone off and do not chew gum
What are different forms of “Compensation” for an employee?
Compensation are different ways employees are paid for their work
• hourly wages
• salary
• salary plus commission
• straight commission
• performance based pay
what are hourly wages
Hourly wages: when a worker gets paid specifically for the amount of work hours they perform
what are salaries
Salary: a fixed amount that an employee will make on a regular schedule, such as weekly, biweekly, or monthly, and often expressed as a yearly amount
what is salary plus commission
Salary plus commission: a regular salary with an additional percentage of a worker’s sales being added to their pay
what is straight commission
Straight commission: employees only receive money from a percentage of their sales; they have to be a good sales person, because if they do not sell anything they will not make any money
what is performance based pay
Performance-based pay: a worker’s compensation is calculated on the amount of a particular product that an employee can make, so the more items a worker produces for their company, the more they get paid
What are some key employability skills?
1) Academic skills: good communication, ability to think, lifelong learning
2) Personal management skills: positive attitude and behavior and responsibility
3) Teamwork skills: working well with others, plans and makes decisions as a group while supporting the outcome, respecting other team members’ opinions, leadership skills
What are the functions of management?
• Managing employees by treating them ethically and with dignity, and providing fair pay, reasonable hours, and vacations
• Allocating the company’s resources
• Deciding what to make, who to hire, where to sell, etc.
• Responsible for distributing profits, such as dividing it, paying debt, investing, expanding, and/or providing additional employee benefits
• Planning and setting goals for the business
• Organizing and leading by arranging people and tasks to carry out the business’ plans
Laissez-Faire Leadership
A laissez-faire leader is someone who leaves their employees alone to do their jobs and can lead to employees feeling lost without proper guidance
The laissez-faire leadership style is suitable when employees are comfortable with their jobs and have years of experience
Democratic Leadership
A leader who provides opportunities for employees to contribute to the decision-making process is classified as a democratic leader, and this style of leadership produces employees who feel appreciated and uplifted
A democratic leadership style works in most situations
Autocratic Leadership
An autocratic leader is someone who takes control of situations, does not allow employees to contribute to decision making, but sometimes leads to employees feeling unvalued
An autocratic leadership style is appropriate when decisions need to be made quickly, when additional input from others would not influence the decision, and when unpopular choices (such as laying off employees) need to be made
What is the Marketing Mix
The 4 P’s of marketing:
1) Product: includes quality, design, features, benefits, and service/support
2) Price: how does the price compare to competitors, how do customers perceive the price/product’s value, how does it impact the sales and profit, and knowing the market
3) Place: how does the product get to consumers (channels of distribution)
4) Promotion: how does a company encourage consumers to buy a product (coupons, contests, premiums, samples, special events)
what is price skimming
A product pricing strategy which a firm charges the highest price that consumers will pay and then lower it over time
what is cost-plus pricing
Also known as markup pricing, is a pricing method where a fixed percentage is added on top of the cost it takes to produce one unit of the product
what is penetration pricing
A pricing strategy where the price of a product is initially set low to rapidly reach a wide fraction of the market and initiate word of mouth
what is psychological pricing
Based on the theory that certain prices have a psychological impact, retail prices are often expressed as just-below numbers – numbers that are just a little less than a round number ($19.99)
