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Chap9 Business
St.Clair Intro to Canadian Business Chap 9 Slide Questions n Answers
| Question | Answer |
|---|---|
| What is Human resources management (HRM) ? | A specialized function of planning that focuses on obtaining employees, overseeing their training, and evaluating and compensating them. |
| What is The Planning Function? | a) Forecasting supply and demand. b) Evaluating job requirements. |
| What is The Six Functions of Human Resources Departments? | a) Planning for staffing needs. b) Recruiting and hiring. c) Training and development. d) Appraising performance. e) Managing compensation and benefits. f) Overseeing employment status. |
| What is the Steps in Human Resources Planning? | a) Estimate demand for employees. b) Estimate supply for employees. c) Perform job descriptions. d) Write job descriptions. e) Write job specifications. |
| What is the first 3 Variables when estimating demand? | a) Predicted sales of the company’s goods and services. b) The expected turnover rate; the percentage of the workforce that leave every year. c) The current workforce’s skill level, relative to the company’s future needs. |
| What is the last 3 Variables when estimating demand? | d) Upcoming strategic decisions that might affect the number and type of workers needed. e) Changes in technology or business factors that could affect the number & type of workers needed. f) The company’s current and projected financial status. |
| What is Succession planning? | The workforce planning efforts that identify possible replacements for key employees, usually senior executives. |
| What is a Replacement chart? | A planning tool that identifies the most vital employees in the organization and any available information related to their potential replacement. |
| What is Employee retention? | The efforts to keep current employees. |
| What is Job analysis? | The process by which jobs are studied to determine the tasks and dynamics involved in performing them. |
| What is Job description? | A statement of the tasks involved in a given job and the conditions under which the holder of the job will work. |
| What is Job specification? | A statement describing the kind of person who would best fit the job, including skills, education, and previous experience required. |
| What is Recruiting? | The process of attracting appropriate applicants for an organization’s jobs. |
| What is the Process of Employers and Job Seekers Approach the Recruiting Process? | Employers ---> Look for someone inside the organization. Rely on networking contacts and personal recommendations. Hire an employment agency or search firm. Review/ send unsolicited resumes. Place/ read a newspaper or an Internet ad ------>Job See |
| What are Recruiting New Employees process methods, since companies must compete to find the best possible candidates? | Internal recruitment resources: Many positions are filled by current employees (promotions) or through employee referrals.External recruitment options: Ads (newspaper, Internet), employment agencies, campuses and career offices, trade shows, headhunters. |
| What is The Hiring Process? | a) Select qualified candidates. b) Screen candidates. c) Conduct interviews. d) Evaluate candidates. e) Check references. f) Select the best candidate |
| What is an Orientation? | A session or program to introduce a new employee to the organization and its procedures. |
| What are the Benefits of E-Training? | a) Reduced costs. b) Increased productivity. c) Individualized pace. d) Increased consistency. e) Improved information sharing. |
| What are the types of Training and Development? | a)Employee competence: has a direct effect on productivity & profits. b)Trainin: help motivate employees & aid in goal achievement.c) An orientation is important, but companies should offer training 2 support employee growth. |
| What is a Performance Appraisal? | The evaluation of an employee’s work according to specific criteria. |
| What is Electronic Performance Monitoring (EPM) ? | Real-time, computer-based, continuous evaluations of employee performance. |
| Explain the methods of Performance Appraisal. - 360-degree reviews: get feedback from colleagues above, below, and around the employee. d) Electronic performance monitoring can provide limited real-time stats on employee performance | a)Performance reviews: should not be 1-year event linked to employee raises.b) For objectivity & consistency, a standard appraisal form should be used. c)require the employee to be rated by several people. |
| What is Compensation? | Money, benefits and services paid to employees for their work. |
| What is Wages? | A cash payment based on the number of hours the employee has worked or the number of units the employee has produced. |
| What is Salaries? | Fixed weekly, monthly, or yearly cash compensation for work. |
| What is Incentives? | Cash payments to employees who produce at a desired level or whose unit (often the company as a whole produces) at a desired level. |
| What is Bonus? | A cash payment, in addition to the regular wage or salary, that serves as a reward for achievement. |
| What is Commissions? | Payments to employees equal to a certain percentage of sales made. |
| What is Profit sharing? | A system for distributing a portion of the company’s profits to employees. |
| What is Employee Benefits? | Compensation other than wages, salaries, and incentive programs. |
| What is Pension plan? | A company-sponsored program for providing retirees with income. |
| What are the World Largest Companies? | Wal-Mart Stores is no 1. Royal Dutch Shell is no 2. Exxon Mobil is no 3. BP is no 4. Sinopec Group is no 5. |
| What is the Employee share – ownership plan (ESOP)? | A program enabling employees to become partial owners of a company. |
| What is Stock options? | A contract allowing the holder to purchase or sell a certain number of shares of a particular stock at a given price by a certain date. |
| What is Employee assistance programs (EAPs)? | Company-sponsored counselling or referral plans for employee with personal problems. |
| What is Attrition? | Loss of employees for reasons other than termination. |
| What is Termination? | The act of removing an employee through layoff or firing. |
| What is Layoffs? | Termination of employees for economic or business reasons. |
| What is Worker Buyout? | Distribution of financial incentives to employees who voluntarily depart; usually undertaken to reduce payroll. |
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