chapter 9 business
a company that gives employees an amount of stock based not he time the person as worked there is running an
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amit patel, as part of his compensation package, was offered an opportunity to purchase his company's stock at a later date at its current, lower price. which of the following was Amit given?
a stock option
employee stock purchase plan
allow employees to buy company stock at a discount
stock option
allow employees to purchase a specific number of shares of stock at a specific price but only at a specific point in time
compressed workweek
allows employees to work 4 10-week hour days each week, or 9 days instead of 10 in a 2-week schedule for 80 hours
the performance review process often includes all of the following except
an evaluation of the employee's social standing in the work environment
types of training required in some careers include
an on the job mentor time spent as an apprentice programmed learning
performance appraisal
are an evaluation of an employee's performance that gives them feedback about how well the worker is doing, as well as where changes and improvements are needed
salary
are annual pay for a specific job
work/life benefits
are benefits that help an employee achieve a balance between the demands of life both inside and outside the workplace
commissions
are compensation based directly on an employee's performance
bonus
are compensation based on total corporate profits
independent contractors
are contingent workers hired for hard to fill jobs that require state of the art skills in construction, financial activities, and professional and business services
consultants
are contingent workers who are generally self employed and who companies hire on a temporary basis to perform specific tasks
401k plan
are defined contribution plans in which pretax dollars are invested in a bundle of investments that are generally managed by an outside investment company
mentor
are experienced individuals who help a less experienced person by explaining how to perform specific tasks, creating opportunities for them to learn new skills, and counseling them about the consequences of particular actions and decisions
worker buyout
are financial incentives given to older employees to entice them to retire early
bargaining unit
are groups of employees the negotiate with an employer for better working conditions or pay
permanent part time employee
are hired on a permanent bases to work a part time week
employee benefits
are indirect financial and nonfinancial payments an employer offers that supplement cash compensation
labor union
are legally recognized groups dedicated to protecting the interests of workers
wages
are payments for hourly work
contingent workers
are people who are hired on an as needed basis and lack status as regular, full time employees
pension plan
are programs that provide income to individuals in their retirement
strikebreakers
are replacement personnel hired by management to replace striking union employees
locals
are subsets of a larger union that represents smaller groups of workers with interests specific to their industry, region, company, or business sector
job specifications
are the skills, education, experience, and personal attributes candidates need to possess to successfully fulfill the role
which of the following are benefits that companies experience by employing a diverse workforce?
cultural difference result in alternative perspectives and lead to better problem solving they fulfill expected affirmative action standards companies become more competitive in the global marketplace
job analysis
defines in detail the particular duties and requirements of the tasks and responsibilities an employee is required to perform
employment at will means workers have increased job security
false
internal recruiting means an open position will be filled by friends and family first
false
diversity training
helps employees and managers improve their understanding of each other's differences
orientation program
integrated a new employee into the company
affirmative action
is a commitment to improve the opportunities of defined minority groups
picket
is a form of protest during a strike when workers walk around the company entrances carrying signs and distributing pamphlets that display the nature of their grievances
job description
is a formal statement that summarizes what the employee will do in that role
employment at will
is a legal doctrine that states than an employer can fire an employee for any reason at any time
workforce profile
is a personnel inventory that includes information about each employee, such as age, education, training, experience, specialized skills, and current and previous positions held within the company
reverse mentoring
is a practice whereby older employees, often executives, are trained by younger ones on how to use technology and on new trends in the marketplace
mediation
is a process that involves a neutral third party that assists the two parties both privately and collectively to identify issues and develop proposals for resolution
flextime
is an alternative scheduling practice in which management defines a total number of required hours as score workday and is flexible with starting and ending ties
performance management
is an approach that combines goal setting, performance appraisals, and training and development into a unified and ongoing process
job sharing
is an arrangement in which two employees work part time to share one full time job
360 degree appraisal
is an evaluation in which input is solicited, usually anonymously, not from just a person's managers, but also from coworkers, customers, and subordinates
internal recruiting
is filling job vacancies with existing employees from within a business
collective bargaining
is negotiations between the bargaining unit and the employer for better working conditions and terms of employment
compensations
is payment for work performed, consists of financial and non financial payments
human resource management
is the organizational function that deals with the people in the business: executives and managers plus frontline production, sales, and administrative staff
retirement
is the point in one's life where on stops participating full time in a career
recruitment
is the process of finding, screening, and selecting people for a specific job
forecasting
is the process through which future demands for firm's products and employees is determined
on the job training
is used to teach the skills for a job as the employee is working
telecommuting
is work from home or another location away from the office
which of the following is not a good reason to hire a contingent worker?
keeping employees for shorter periods of time keeps salary costs low
the AFL-CIO, the UAW and the teamsters are examples of
labor unions
external recruiting
looks outside a business to fill job vacancies
human resource management requires expertise in
managing staffing needs as a company evolves training and evaluating employees compensation, disciplinary actions and promotion of employee
a bargaining unit
negotiates with employers for better working conditions
lockout
occur when management refuses to allow union members to enter a business's premises
boycott
occur when supporters refuse to buy or handle a company's products or services
strike
occur when workers agree stop work until certain demands are met
arbitration
occurs when a third party settles the dispute after hearing all the issues
programmed learning approach
occurs when an employee is asked to perform step by step instructions or respond to questions
online training
or distance learning, allows employees to take college classes on the internet at their convenience, enabling them to obtain specific job related education or pursue a degree
flexible benefit plan
permit an employee to pick from a menu of several choices of taxable and nontaxable forms of compensation
management development programs
prepare management trainees to become managers within an organization
simulation training
provides realistic job task training in a manner that is challenging but does not create the threat of failure
profit sharing plan
refer to a range of employee and executive compensation plans that depend on the company hitting certain profit targets
termination
refers to the act of permanently laying off workers due to poor performance or a discontinued need for their services
incentive based payment
structures have a lower base salary enhanced with commissions, compensation based directly on an employee's performance
off the job training and development
techniques require employees to participate in outside seminars, university conducted programs, and corporate universities
apprentice training program
train individuals through classroom or formal instruction and on the job training
a diversified workforce adds creativity and a variety of viewpoints to the workforce, which often helps improve a company's competitiveness and its bottom line
true
profit sharing could mean that in a good year, employees get bonuses, or it could refer to the company's contributions to an employee retirement plan
true
some companies use 360 degree appraisal of employees, gathering input from both their managers and their subordinates
true
employee stock ownership plan
use a company's pension plan for employees to invest in company stock, effectively giving employees significant ownership in a company
congress of industrial organization
was formed in 1935 to represent entire industries rather than specific workers' groups
american federation of labor
was founded in 1886 to protect skilled workers
James Rodriguez wants to spend more time at home with his two year old granddaughter and is considering leaving his company. he could receive three months' pay and the same retirement package he will be eligible for in three years' time if he leaves now. this type of offer is called a
worker buyout