Principles of Business Chapter 8 – Flashcards

All of the people 16 or older who are employed or are looking for a job.

Compensation in forms other than direct payment

The amount of money paid to an employee for work performed, including salary and benefits

The comprehensive inclusion of people with differences in personal characteristics and attributes

A planned reduction in the number of employees needed in a firm in order to reduce costs and make the business more efficient

An artificial limit placed on minority groups moving into positions of authority and decision making

Compensation systems connected to the quantity or quality of an employee's performance

A specific study of a job to identify in detail the job duties and skill requirements

An organized group of employees who negotiate with employers about issues such as wages and working conditions

The environment in which people work, made up of the atmosphere, behaviors, beliefs and relationships

Removing work from one company and sending it to another company that can complete it at a lower cost

The advancement of an employee to a position with greater responsibility

Direct payment of money to an employee for work completed

The end of an employment relationship between a company and en employee

The assignment of an employee to another job in the company with a similar level of responsibility (lateral move)

The physical conditions and the psychological atmosphere in which the employees work

When businesses expand because consumers buy more goods and services, new jobs are created to meet the growing demand. When interest rates increase, demand for goods and services decreases which cause jobs to be eliminated or the number of workers to be reduced.

Planning and staffing (identifying and filling all of the jobs in company with qualified people) , performance management (evaluating the work of employees and improving performance through training and development), compensation and benefits (responsible for planning and managing payroll, personal records, and benefits programs), and employee relations (maintaining a safe, healthy, and productive work environment for all employees)

Benefits are compensation in forms other than direct payment. Salaries and Wages are direct payment of money to an employee for work completed.

Discharge is the end of employment due to inappropriate work behavior. While layoff is a temporary or permanent reduction in the number of employees due to changing business conditions.