BUS 165: Chapter 18

Exempt

A federal government descriptor of employees who are exempt from the Fair Labor Standards Act and are generally paid salaries

nonexempt

a federal government descriptor of employees under the Fair Labor Standards Act who get an hourly wage and time and a half over time

nepotism

a management philosophy of selecting and promoting people based on family ties

meritocracy

a management philosophy of selecting and promoting people solely based on them being the most capable person for the job

Employee Referral

an underused, low-cost method which rewards your employees for recommending potential candidates that would be a great employee fit

open book policy

concept that key employees should be able to see and understand a firm's financials, that they should have a direct stake in the strategy and success of the firm

job description

defines and discusses all the essential knowledge, skills, and abilities that are needed to fulfill the position

On the Job Training

delivered to employees while they perform their regular jobs and techniques include orientations, job instruction training, apprenticeships, internships, and assistantships, job rotation, and coaching

Virtual Employee

independent contractor's who provide specialized business services or support from a distance, through the internet, telephone, fax, or another method of communication

internet recruiting

method of recruiting that allows you to search a resume database or post a job description to the web. A small business owner who knows exactly what he wants can use filters to search vast numbers of resumes with pinpoint accuracy

psychological contract

refers to employees' beliefs about the promises between the employee and the firm. These beliefs are based on the perception that promises have been made in exchange for certain employee obligations such as giving of their energy, time, and technical skills

living wage

the amount needed for a person to meet the basic necessities of life from a single job

Employee Fit

the match between the needs, expectations, and culture of the small business with the expectations and skills of the individual employee

probationary period

trial period in which an employee has part-time status before a formal offer to work full-time is presented