Wiley – Essentials of Contemporary Business Ch 8 – Flashcards
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Wage
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Pay based on an hourly rate or the amount of work accomplished
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Salary
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Pay calculated on a periodic basis, such as weekly or monthly
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Employee Benefits
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Additional compensation such as vacation, retirement plans, profit-sharing, health insurance, gym memberships, child and elder care, and tuition reimbursement, offered by the employer
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Employee Separation
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Broad term covering the loss of an employee for any reason, voluntary or involuntary
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Downsizing
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Process of reducing the number of employees within a firm by eliminating jobs
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Outsourcing
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Transferring jobs from inside a firm to outside the firm
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Maslow's Hierarchy of Needs
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Theory of motivation proposed by Abraham Maslow. According to the theory, people have five levels of needs that they seek to satisfy: psychological, safety, social, esteem, and self-actualization
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Equity Theory
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An individual's perception of fair and equitable treatment
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Goal-setting Theory
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People will be motivated to the extent to which they accept specific, challenging goals and receive feedback that indicates their profess toward a common goal achievement
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Management by Objectives (MBO)
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Systematic approach that allows managers to focus on attainable goals and to achieve the best results based on the organization's resources
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Labor Union
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Group of workers who have banded together to achieve common goals in the areas of wages, hours, and working conditions
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Collective Bargaining
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Process of negotiation between management and union representatives
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