Mid-Term Exam Review with Entrepreneurship

Chain of Command

hierarchy of reporting and communications.

churn

hiring workers while laying off others

Job Profile

identification of the knowledge, skills, and abilities required to perform the specific tasks of an employment position.

brand

identifies distinctively the goods or services of one organization from others through a design, symbol, name, term, or other distinguishing features

Availability Analysis

identifies the number of protected-class members available to work in the appropriate labor markets for given jobs.

Brand

identifies the products or services of a company and differentiates them from those of competitors

What does environmental scanning help to do?

identify strengths, weaknesses, opportunities, and threats

26

if caring for a wounded soldier, the leave is extended to ___ weeks

Why is gross profit important?

if gross profit is not positive, the business will fail

sexual harassment employer responses

o Establish sexual harassment policy, communicate the policy, train employees and managers on avoiding sexual harassment, investigate and take action when complaints are voiced

Starting a business is an....and it should be...

opportunity; evaluated by taking a careful look at all aspects of it

guerilla marketing

original, unconventional, an inexpensive small-business promotional strategies

Mind share is:

owning a perception in the minds of consumers.

Lurk

read messages and get a feel for the discussions taking place without participating.

Sustainable

referring to a scenario in which current needs are met while preserving future resources

Licensing

renting your brand or other intellectual property to increase sales.

Pregnancy Discrimination of 1978 (PDA)

requires that any employer with 15 or more employees treat maternity leave the same as other personal or medical leaves.

Human Capital Return on Investment (HCROI)

revenue (operating expenses - [compensation + benefit costs])(compensation + benefit costs)

Social Entrepreneurship is commonly thought of as...

a for-profit enterprise with the dual goals of achieving profitability and attaining beneficial returns for society

combination approach

rewards desired behaviors and punishes undesired behaviors

Job Offer Letter

a formal written invitation extended by an employer to a candidate selected for hiring that states basic employment terms, such as the position offered, starting date, and salary

protected category

a group identified for protection under EEO laws and regulations

market segment

a group of consumers or businesses tat have a similar response to a particular type of product or service

market

a group of people or organizations that may be interested in buying a given product or service, can afford it, and can do so legally

Advisory Board or Council

a group that provides advice and counsel, but does not have the responsibilities of a board of directors.

Prototype

a model or pattern that serves as an example of how a product would look and operate if it were manufactured.

foundation

a not-for-profit organization that manages donated funds, which it distributes through grants to individuals or to other non-profit organizations that help people and social causes

Leader

a person who gets things done through influence, by guiding or inspiring others to voluntarily participate in a cause or project.

follow-the-leader pricing

a pricing strategy that is similar to a meet-or-beat method, but uses a particular competitor as the model for pricing

penetration pricing

a pricing strategy that uses a low price during the early stages of a product's life cycle to gain market share

edutainment

a promotion that combines education and entertainment to make a more lasting impression upon an audience

Office of Federal Contract Compliance Programs (OFCCP)

a regulatory agency responsible for developing guidelines and overseeing compliance with executive orders -cover companies doing business with the federal government

Equal Employment Opportunity Commission (EEOC)

a regulatory agency responsible for developing guidelines and overseeing compliance with most of the anti-discrimination laws

Audit

a review of financial and business records to ascertain integrity and compliance with standards and laws, particularly by the U.S. IRS

operations

a set of actions that produce goods and services.

Code of Conduct

a set of official standards of employee behavior for a company

Tactical Plan

a short-term (one year or less) implementation that has limited, specific objectives.

Code of Ethics

a statement of the values of a company

personalized (dynamic) pricing

a strategy in which a company charges a premium above the standard price for a product or service to those customers who are willing to pay it.

cost-plus pricing

a strategy in which a firm sets high prices on its products or services to send a message of uniqueness or premium quality.

prestige pricing

a strategy in which a firm sets high prices on its products or services to send a message of uniqueness or premium quality.

value pricing

a strategy in which the quality of a product is emphasized in relation to its price

meet-or-beat-the-competition pricing

a strategy that entails constantly matching or undercutting the prices of the competition.

product advertising

a strategy to create awareness and interest, influence purchasing behavior, and supply post-purchase satisfaction for specific products and services.

Ethics

a system of moral conduct and judgment that helps determine right and wrong.

Mentor

a trusted advisor with whom a person forms a developmental partnership through which information, insight, skills, and knowledge are shared to promote personal and/or professional growth

Replication Strategy

a way for a business to obtain money by letting others copy its success formula for a fee.

Human Resource Planning ensures the:

right number of people with the right capabilities at the right times and in the right places

Corporate Governance

rules and safeguards to ensure that executives behave legally and ethically.

quid pro quo

sexual harassment in which employment outcomes are linked to the individual granting sexual favors

blog

short for Weblog, a journal that appears on the internet periodically and is intended for the public

logo

short for logotype, a company trademark or sign

income statement

shows whether the difference between revenue (sales) and expenses (costs) is a profit or a loss over a given period.

hostile work environment

situation that exists whenever an employee is the subject of unwelcome harassment because of his or her membership in a protected class and that harassment is severe and abusive

Ethical Relativism

situation where ethical standards are believed to be subject to interpretation

disabled person

someone who has a physical or mental impairment that substantially limits life activities, who has a record of such an impairment, or who is regarded as having such an impairment

investment

something a person or entity devotes resources to in hopes of future profits or satisfaction

Trade shows

special meetings where companies of the same industry or related industries display their products.

Demographics are:

statistics that describe a population in detail.

Market & industry feasibility

success of a business is largely dependent on market and industry environment External market analysis is 'Porters Five Forces'

product life cycle (PLC)

the four stages that a product or service goes through as it matures in the market - introduction, growth, maturity, and decline

Capitalism

the free-market system, characterized by individuals and companies competing for economic gains, ownership of private property and wealth, and price determination through free-market forces

Merger

the joining of two companies in order to share their respective strengths

reorder point (ROP)

the level at which materials need to be ordered again.

press release

an announcement sent to the media to generate publicity that explains the "who, what, when, where, why, and how" of a story

variable pricing strategy

an approach that provides different prices for a single product or service

skimming price strategy

an approach that seeks to charge high prices during the introductory stage of a product, when it is novel and has few competitors, to take early profits, and then to reduce prices to more competitive levels.

Free-Enterprise System

an economic system in which businesses are privately owned and operated relatively free of government interference

Business necessity

an employment practice that has some relationship to legitimate business goals and is essential to the company's survival -race and color can never BFOQ

not-for-profit organization

an entity formed with the intention of addressing social or other issues, with any profits going back into the organization to support its mission

Self-assessment

an evaluation of your strengths and weaknesses.

operating ratio

an expression of a value versus sales

goodwill

an intangible asset generated when a company does something positive that has value

electronic storefront

an online site that customers can visit to view a company's catalog, price lists, and documentation.

buzz marketing

another name for word-of-mouth marketing

trademark

any word, name, symbol, or device used by an organization to distinguish its product.

Sales Call

appointmet with a potential customer to explain or demostrate your product or service.

Marketing is the satisfying of customer needs:

at a profit.

Features that make business ideas into opportunities

attractive to customers durable timely anchored in a product/ service that has value

Average sale per customer minus the average cost of sale per customer

average gross profit for customer

Most business experts agree that a business should develop its marketing plan:

first.

Salary

fixed amount of money paid to an employee at regular intervals

Wage

fixed payment per hour for work performed

Market research that is guided through group discussions is called:

focus groups.

publicity

free mention of your business in newspapers, magazines, and social media or on radio or television

Outplacement Services

give displaced employees support and assistance

supply chain management (SCM)

the management of sourcing, procuring, production, and logistics to go from raw materials to end customers across multiple intermediate steps.

process management

the measurement, monitoring, and optimization of tasks.

return on investment (ROI)

the net profit of a business divided by its start-up investment (percentage).

Span of Control

the number of direct reports for a manager or supervisor

increasing

the number of race-based harassment charges has been ______ lately

Contribution margin

gross profit per unit (the selling price - total variable costs per unit) minus other variable costs = Gross profit - total variable costs

Depreciation

the percentage of value of an asset subtracted periodically to reflect the declining value. Method used to spread out the expense costly equipment over the course of time, instead of decreasing gross profit the first year.

The mission statement is used to clarify what the business is trying to do in

the present

Fair market value

the price at which a property or business is valued by the marketplace; the price it would fetch on the open market.

price line

the process of creating distinctive pricing levels

price lining

the process of creating distinctive pricing levels

viral marketing

the process of promoting brand, product, or service though an existing social network, in which a message is passed from one individual to another.

Acquisition

the purchase of a business

total quality management (TQM)

the quality-assurance methodology of striving for strategic advantage through quality.

Net Profit

the remainder of revenues minus fixed and variable costs and taxes

Liquidation

the sale of all assets of a business concurrent with its being closed

Social Entrepreneurship

the sale of products or services on a for-profit basis to benefit a social purpose

Human Resources

the segment of a business that hires, trains, and develops a company's employees

Culture

the shared beliefs, values, and attitudes

Operational Plan

the stated short-term methods for achieving tactical goals.

clustering

the strategy of similar businesses locating near each other.

Accounting

the systematic recording, reporting, and analysis of the financial transactions of a business

mobile social networking

the updating of social network sites via mobile handsets.

promotion

the use of advertising and publicity to get a marketing message to customers

wealth

the value of assets owned versus the value of liabilities owed.

Benefits

the wealth you will accrue and the knowledge, skills, self esteem, and experience you will gain

hyperlink

word(s) that, when clicked on, transfer the computer user to another Web page

Earn-out

you will need projected cash flow statements that show the business eventually generating a strong positive cash flow.

Positive Ethical Behavior is more likely to exist with these 4 elements:

•A written code of ethics and standards of conduct •Training on ethical behavior for all executives, managers, and employees •Advice to employees on ethical situations they face, often made by HR •Systems for confidential reporting of ethical misconduct or questionable behavior

Role of HR Departments

•Administrative: Focusing on clerical administration and recordkeeping, including essential legal paperwork and policy implementation (this is done via technology or outsourcing) •Operational and employee advocate: Managing most HR activities in keeping with the strategies and operations that have been identified by management and serving as employee"champion"for employee issues and concerns •Strategic: Helping to define the business strategy relative to human capital and its contribution to organizational results

Where employees can be a core competency

•Productivity •Customer Service and Quality •Organizational Culture

sensitivity training

"sensitize" people to the differences among them and how their words and behaviors are seen by others

What is the formula to measure employee turnover rate?

((# of employee separations during the year)/ (Total # of employees at midyear)) x 100

What is the formula to measure absenteeism?

((# of persons - days lost through job absence during period)/ (average # of employees) x (# of workdays)) x 100

What types of turnover are there?

-Involuntary -Voluntary -Functional -Dysfunctional -Uncontrollable -Controllable

What types of absenteeism are there?

-Involuntary Absences -Voluntary Absences

What are some motives for OCB?

-It is a part of the job -Leads to a more desirable workplace -Gratitude, appreciation, recognition

Why do organizations not recommend having managers and employees write job descriptions?

-It reduces consistency in format and details -Managers and employees vary in their writing skills

What are legal aspects of job analysis?

-Job Analysis and the Americans with Disabilities Act (ADA) -Job Analysis and Wage/Hour Regulations

Industry Analysis

A critical view of industry definition, industry size and growth (or decline), product and industry life cycle, and any current or anticipated legal or regulatory concerns.

Cost/Benefit Analysis

A decision making process in which the costs of taking an action are compared to the benefits Costs: the money and time you will have to invest Benefits : the money you will earn and knowledge

Affirmative action plan (AAP)

A document reporting on the composition of an employer's workforce, required for federal contractors.

Business Plan

A document that thoroughly explains a business idea and how it will be carried out.

Income Statement

A financial document that summarizes income and expense activity over a specified period and shows net profit or loss.

Cash Flow Statement

A financial statement showing cash receipts less cash disbursements or a business over a period of time.

Balance Sheet

A financial statement summarizing the assets, liabilities, and net worth of a business.

Microenterprise

A firm with 5 or fewer employees and a capital requirement of $35,000 and constant involvement of the owner.

Balanced Scorecard

A framework organizations use to report on a diverse set of performance measures.

Protected Class

A group identified for protection under Equal Employment Opportunity laws and Regulations. This consists of race, sex, age, individuals with disabilities, and military experience.

Productivity

A measure of the quantity and quality of work done when considering the cost of the resources used.

What are different ways that turnover data can be gathered?

-Job and job level -Department, unit, and location -Reason for leaving -Length of service -Demographic characteristics -Education and training -Knowledge, skills, and abilities -Performance ratings/levels

What are the two categories of HR forecasting methods?

-Judgmental Methods -Mathematical Methods

What are signs of possible turnover?

-Low interest in getting promoted -Low motivation -Reluctance to be involved in long-term opportunities -Fewer contributions in meetings -Just getting by or working only enough to get work done

Management & Operations Examples

-Management Team -Research & Development -Physical Location -Facilities -Inventory, Production & Quality assurance

Customer Segments

-Mass Markets -Niche Markets -Segmented Markets - groups slightly different -Diversified Markets - Segments that aren't related -Multi-sided Markets

What is the process for managing retention?

-Measurement & Assessment -Management Interventions -Evaluation & Follow-Up

What two things are considered to be important in the workplace?

-Mindfulness -Listening skills

What are the myths about retention?

-Money is the main reason people leave -Hiring has little to do with retention -If you train people, you are training them for another employer -Do not be concerned about retention during organizational change -If high performers want to leave, the company cannot hold them

What are People Characteristics?

-Motivation -Interests -Energy Level -Personality Variables -Satisfaction Predisposition -Physical Characteristics -Honesty -Conscientiousness -Intelligence

What is effort level expended?

-Motivation -Work ethic -Attendance -Job design

What are the approaches to understanding motivation?

-Need Theory -Two-Factor Theory -Equity Theory -Expectancy Theory

What are the 3 different Job Analysis Methods?

-Observations -Interviews -Questionnaires

Staffing Strategies for Global Competitiveness:

-Offshoring -Expatriate

HR Approaches to Improving Productivity

-Organization Restructuring -Redesigning Work\ -Aligning HR Activities -Outsourcing Analysis

What is the Strategic Planning Process for the Organization?

-Organizational Mission -SWOT Analysis -Establish Goals and Objectives -Formulate Organizational Strategy -Formulate Supporting Functional Strategies -Implement -Evaluate and Reassess

What are some drivers of retention?

-Organizational and Management Factors -Employee-Supervisor Relationships -Job and Work-Life Balance -Rewards -Career Training and Development -Employer Policies and Practices

What are some other motivators of individual performance?

-Pay and Employment security -Good Managers/Leaders -Feedback, training, benefits -Motivational speakers, t-shirts, mugs, books, and videos

Considerations used in determining essential functions and marginal functions are:

-Percentage of time spent on tasks -Frequency of tasks performed -Importance of tasks performed

Types of outplacement services:

-Personal career counselling -Résumé-preparation services -Interviewing workshops -Referral assistance

What are the types of organizational assets?

-Physical -Human -Financial -Intellectual Property

What is Maslow's Hierarchy?

-Physiological Needs -Safety & Security Needs -Belonging & Love Needs -Esteem Needs -Self-Actualization Needs

What are the stages of the Job Analysis Process?

-Plan the Job Analysis -Prepare for and Introduce Job Analysis -Conduct the Job Analysis -Develop Job Descriptions and Job Specifications -Maintain and Update Job Descriptions and Job Specifications

What are the disadvantages of Telework?

-Possibility of working more hours -Social isolation -Electronic media limits employee interaction -Role conflict between work and family -Teams may allow poor performance -Lack of work/home boundaries

Areas in which employees can be core competencies:

-Productivity -Organizational Culture -Customer Service

Marketing Strategy and Plan

-Products/services -Pricing -Promotion -Place

Executive Order 11246 (EO 11246)

-Prohibits discrimination based on race, color, religion, sex, national origin, sexual orientation, or gender identity -Requires affirmative action programs from federal contractors and subcontractors. -Requires federal contractors with 50,000 or 50 or more employees to have an affirmative action plan.

Pregnancy Discrimination Act of 1978 (PDA)

-Prohibits discrimination because of pregnancy, childbirth, or related medical condition -Employer must treat pregnancy same as any other medical-related condition or temporary disability -Company health plans cannot exclude pregnancy

Disengaged Employees

> Simply put in time > Do not do best work > Are "checked out" > Do only their basic jobs > React only to pay

Key outcomes that HR practices are trying to influence

Absenteeism, turnover, and retention

Managing Religious Diversity in Workplaces

Accommodation of religious beliefs in work schedules. Respect for religious practices affecting dress and appearance. Accommodation of religious expression in the workplace.

workplace religious diversity

Accommodation of schedule, expression, and dress

What is the average turnover rate?

According to SHRM, the average turnover rate across industries is 15%

Reasons to Keep Good Records

Accurate financial records will: - Show how to make the business more profitable - Document profitability and cash position - Prove that payments have been made - Take advantage of tax deductions

Sexual Harassment

Actions that are sexually directed, are unwanted, and subject the worker to adverse employment conditions or create a hostile working environment

Human Capital Value Added (HCVA)

Adjusted operating profitability figure revenue - (operating expenses [compensation + benefit costs])/full-time head count

Croudfunding

Aligning social responsibility efforts with the decision making that takes place in a company.

Cost structure

All costs of operations

Cost Structure (C$)

All costs of operations.

Contingent Workers are a part of a group of " ___ ___" who may be on call, work through an employment agency, or operate as independent contractors.

Alternative Workers

Organizational restructuring

An approach to improving productivity by eliminating layers of management and changing reporting relationships as well as cutting staff through downsizing, layoffs, and early retirement buyout programs.

Aligning HR Activities

An approach to improving productivity by making HR efforts consistent with organizational efforts. This alignment includes ensuring that staffing, training and development, performance management, compensation, and other HR activities are not working to offset productivity.

Outsourcing Analyses

An approach to improving productivity by requiring HR to conduct cost-benefit analysis to examine the impact of outsourcing. Additional factors may include negotiating with outsourcing vendors, ensuring that contractors domestically and internationally are operating legally and appropriately, and linking organizational employees to the outsourcing firm's employees.

Redesigning Work

An approach to improving productivity that involves having fewer employees who perform multiple job tasks. It may also involve replacing workers with capital equipment or making them more efficient by use of technology or new processes.

HR Analytics

An evidence-based approach to making HR decisions on the basis of quantitative tools and models

Profit and Loss Statement (P&L)

An income statement.

Geocentric Policy

An international cadre of skilled managers are assigned to global subsidiaries regardless of nationality.

Exit Interview

An interview in which individuals who are leaving an organization are asked to explain their reasons.

Proof of Market

An investigation that provides evidence of a market opportunity.

Internal Opportunity

An opportunity that comes from within you; Interest, Hobbies or Passion

External Opportunity

An opportunity that generates from outside circumstances.

Multinational Corporation (MNC)

An organization that has facilities and other assets in at lease one country other than its home country.

Financial feasibility

Analysis doesn't need to be detailed Amount of start-up capital will be a function of the size and type of organisation Entrepreneur can assess feasibility, better with a reasonable projection of revenue, based on pricing and volume Returns on investment projected when cost factors are calculated

Human Resource Planning

Analyzes and identifies the need for, and availability of, people so that the organization can meet its strategic objectives

Absenteeism

Any failure by an employee to report for work as scheduled or to stay at work when scheduled. > Involuntary- death, sickness, emergency > Voluntary- skipping work on purpose > Planned- Least disruptive > Unplanned- Very disruptive > Incidental- Less than a week > Extended- More than a week

Asset

Any item of value.

End the business plan with

Appendices

Phased Retirement

Approach in which employees gradually reduce their workloads and pay levels

What race has the highest percentage of their population with a Bachelor's Degree?

Asian

Environmental Scanning

Assessment of external and internal environmental conditions that affect the organization

Balance Sheet Equation

Assets = Liabilities + Owner's Equity OR Assets − Liabilities = Owner's Equity OR Assets − Owner's Equity = Liabilities

sexual orientation discrimination

At present, federal protection against workplace discrimination has not been granted Court cases and EEOC have ruled that sex discrimination under Title VII applies to gender at birth

Why is the competitive advantage important?

Attracts customers, sustainable advantage

The Cost of Operating a Business

- Litmus test for profitability is *economics of one unit* (EOU) - Start-up costs include: purchases, fixed & variable costs, and cash reserves

What are psychological contracts based on?

-Developing trust -Building commitment -Improving loyalty with the ultimate goal of meeting both the employer's and employees needs

What are employee surveys used for?

-Diagnose specific problem areas -Identify employee needs or preferences -Reveal areas in which HR activities are well received or viewed negatively -Evaluate attitudes of employees and satisfaction

What does core competency do for an organization?

-Differentiates an organization from its competitors -Is a key determinant of competitive advantage

Gender Discrimination

-Direct discrimination might be the result of stereotypes. -Gender-plus discrimination: treating employees differently based on their gender. -Mixed motives might occur as well. Same sex harassment

Religious Discrimination

-Direct religious discrimination might result in a disparate treatment charges. -Indirect discrimination - resulting from work policies & processes - might result in disparate treatment -The employer might be required to change the policy or procedure to accommodate religious groups, or prove that alteration will cause undue hardships

What are some methods of addressing absenteeism?

-Disciplinary Approach -Positive Reinforcement -Combination Approach -No-fault Policy -Paid-Time-Off (PTO)

What are the aspects of the behavior outcome relationships?

-Effort-performance Expectations -Performance-Reward Linkage -Value of Rewards

What are Employee and Managerial Concerns?

-Employee fears -Job incumbent influence -Managerial Straitjacket

Family and Medical Leave Act (FMLA)

-Employers with 50 or more employees in 75-mile radius must grant up to 12-weeks unpaid leave for -Employee's own illness -Birth, adoption, or foster care of child -Care of sick member of immediate family

Vietnam Era Veteran's Readjustment Assistance Act

-Employment protection for Vietnam era veterans, special disabled veterans, and other veterans who serve active duty during war or recognized military campaign -Employers with federal contracts of 25,000 or more are required to give EEO and AA.

What do HR professionals need knowledge in?

-Employment regulations -Finance -Tax law -Statistics -Information systems -Specific HR activities

SOX requires companies to:

-Establish ethics codes -Develop employee complaint systems -Have anti-retaliation policies for employees who act as whistle-blowers to identify wrongful actions

Judgmental Methods:

-Estimates -The rule of thumb -The Delphi technique -Nominal groups

Strategic HR Approaches to International Staffing:

-Ethnocentric Policy -Polycentric Policy -Regiocentric Policy -Geocentric Policy

What are the advantages of Telework?

-Fewer expenditures for employees (gas, lunches, dry cleaning, etc.) -Saves commuting time -Improved productivity, higher morale, less stress -Employees more satisfied

What do first-year turnover evaluations do?

-Focus on first-year employees because turnover is high among these employees -Highlight need to reevaluate recruiting process -Lead to future career development -Lead to higher performance

What skills are associated with mindfulness?

-Focused awareness -Rational mindset -Positive decision making

What types of employees are there?

-Full-Time -Part-Time -Independent Contractors -Temporary Workers -Contingent Workers

What are some examples of job enrichment?

-Giving employees an entire job to complete rather than just a particular part of the work to be performed -Providing employees with more flexibility to perform jobs as needed -Increasing employees' accountability for their work by reducing external control and overly close supervision -Expanding assignments for employees so that they can perform new tasks and develop special areas of expertise -Submitting feedback reports to employees rather than only to management so that individuals have more ownership over their development

What are the external environments influencing the HRM functions?

-Global -Environmental -Cultural/Geographic -Political -Social -Legal -Economic -Technological

Why do companies want skillful introverts?

-Help firms operate in a more productive manner -Better suited to handle various managerial situations

In what ways can HR support organizational strategy?

-Hiring good employees -Placing employees in the right jobs -Rewarding employees fairly -Providing proper training -Fostering good employer-employee communication -Focusing employee efforts and rewards toward the company's bottom line

What are the job description components?

-Identification -General Summary -Essential Job Functions and Duties -Job Specifications -Disclaimers and Approvals

When can more turnover be beneficial?

-If it costs very little -If those leaving are less valuable than their replacements -If good replacements are available

What are the benefits of work teams?

-Improved productivity -Increased employee involvement -Greater coworker trust -Widespread individual learning -Greater individual diversity in knowledge, skills, and abilities

What are the benefits of technology in HR?

-Improves administrative and operational efficiency of HR functions and reduces costs -Helps in strategic HR planning -Supports recruitment, selection, and training -Contributes to organizational performance through collection and analysis of HR-related data

What are some other measures of absenteeism?

-Incidence Rate -Inactivity Rate -Severity Rate

What are the factors of individual performance?

-Individual ability to do the work -Effort expended -Organizational support

What does Job Design do?

-Influences performance -Affects job satisfaction/Lower turnover -Impacts both physical and mental satisfaction

What are examples of hygiene factors?

-Interpersonal relationships -Company policy/administration -Supervision -Salary -Working conditions

What is the most important consideration in the "Plan the Job Analysis" step?

Identify the objectives and the job analysis.

Debt/equity exchange

If your investors will be lending you money, eventually you can offer to trade equity for portions of the debt.

Title VII

Illegal for an employer to fail or refuse to hire or discharge any individual, or otherwise discriminate against any individual with respect to his compensation, terms, conditions, or privileges of employment because of such individual's race, color, religion, sex, or national origin Illegal for an employer to limit, segregate, or classify his employees or applicants for employment in any way that would deprive or tend to deprive any individual of employment opportunities or otherwise adversely affect his status as an employee because of such individual's race, color, religion, sex, or national origin

immigration and discrimination

Immigration Reform and Control Act

guard against pay inequalities that are illegal

Include all benefits and other items that are part of remuneration to calculate total compensation for the most accurate overall picture Make sure people know how the pay practices work Base pay on the value of jobs and performance Benchmark against local and national markets so that pay structures are competitive Conduct frequent audits to ensure there are no gender-based inequities and that pay is fair internally

Direct Marketing

Includes telemarketing, direct mail, in-person selling, and other personalized promotional efforts.

Revenue

Income from sales of the company's products or services.

Job Enrichment

Increasing the depth of a job by adding responsibility for planning, organizing, controlling, and/or evaluating the job. *Giving employees an entire task to complete rather than just a particular part of the work to be preformed.

Small Buisness

Independently owned not certain standards , control , fewer than 500 employees and selling less than 5 million worth in products

Performance standards

Indicators of what the job accomplished and how performance is measured in key areas of the job description.

How attractive is the opportunity in the proposed industry? Do any strategic, defensible niches exist in the proposed market?

Market and Industry Feasibility

Person-job fit

Matching the characteristics of people with the characteristics of jobs

What are inputs in the Workflow Analysis?

Material, information, data, etc.

Forecasting

Using information from the past and present to predict future conditions

Buyer power more attractive if:

Variable Large number of buyers Small part of costs of goods Restricted geographic area Relatively high More differentiation, fewer commodities Hard for customers to compare features and prices

What you want your organization to become in the future

Vision Statement

The business Model Canvas (BMC)

Visual representation of the critical components Creating BMC will force the company to think through many facts of the business

The Sarbanes-Oxley (SOX) Act

Was passed in 2002 by Congress to make certain that publicly traded companies follow accounting controls that could reduce the likelihood of illegal and unethical behaviors. Many HR issues must be managed in line with this Act.

Human Economic Value Added (HEVA)

Wealth created per employee ((net profit after taxes - cost of capital)/(full-time head count))

hypertext

Web-based documents that combine text and graphics.

What are inputs?

What a person brings to the organization.

What is the output in the Workflow Analysis?

What comes from the work. Measured for quality and quantity.

Burden of Proof

What individuals who file suit against employers must prove in order to establish that illegal discrimination has occurred. The plaintiff must be in a protected class and prove that disparate impact or disparate treatment existed

Breakeven Point

When the volume of sales exactly covers the fixed costs.

When does turnover typically go up and why?

When unemployment rates drop because dissatisfied employees can find other jobs.

Gender pay gap still exists!

Women later entry to the workforce Women taking time out to get and raise children Gender differences in negotiating compensation Percentage of women in traditionally female jobs Ongoing gender discrimination

Acquisition

Your exit strategy could be to create a company that would be valuable for one of your suppliers or a major competitor.

Vacancy Costs

Temporary help, contract and consulting firm usage, existing employee overtime, and other costs until the person is replaced

What are vacancy costs?

Temporary help, contract and consulting firm usage, existing employee overtime, and other costs until the person is replaced.

Severance Benefits

Temporary payments made to laid-off employees to ease the financial burden of unemployment

Key Resources (KR)

That which is critical to making the model function

Key Resources

That which is critical to making the model function -Physical -Financial -Intellectual -Human

What is Work in the Workflow Analysis?

That which is required to produce the output

Job Analysis and the Americans with Disabilities Act

The ADA requires that organizations identify the essential job functions, which are the fundamental duties of a job. These do not include the marginal functions of the positions.

Civil Rights Act of 1964, Title VII

The Equal Employment Opportunity Commission (EEOC) was established to enforce the provisions of Title 7. Made it illegal to discriminate.

General Summary

The general summary is a concise statement of the general responsibilities and components that make the job different from others

Pay Equity

The idea that pay for jobs requiring comparable levels of knowledge, skill, and ability should be similar, even if actual duties differ significantly

Task Significance

The impact the job has on other people and the organization as a whole. A job is more meaningful if it is important to other individuals and the company.*Police officers may experience more job fulfillment when dealing with a real threat, rather than merely training to be ready in case a threat arises.

What are some challenges in hiring introverts into the workplace?

They may be less likely to make quick decision and connect well with others.

uniform resource locator (URL)

a Web-page address

Line Organization

a business structure in which each person reports to a single supervisor

True of False? Based on the match between individual characteristics and the u unchangeable components of a job, people will differ on what they consider a good or bad job.

True

True or False: Demands are wants that are backed by buying power.

True

True or False: Demographics are statistics dealing with groups of people.

True

True or False: Industry research focuses not on individual consumers, but on a segment of a business as a whole.

True

True or False: Market research should be an ongoing part of operating your business.

True

True or False: Marketing is satisfying the consumer at a profit.

True

True or False: The research method you use may affect the answers you receive.

True

7 Rules to Building Success

Truly recognize opportunity Evaluate it critically Build a team Write a realistic business plan Gather resources Form a ownership Create your wealth

What is managerial straitjacket?

Tthe job analysis and job descriptions will unrealistically limit managerial flexibility

Customer Relationship

Types established through consumer segments reached -Personal assistance -Dedicated personal assistance -Self-service -Automated services -User communities -Co creation

Customer Relationships (CR)

Types established through consumer segments reached.

appearance and weight discrimination

Uniform application of dress code is permitted Height and weight-related job requirements must be job-related

Line and Staff Organization

a business structure that includes the line organization, plus staff specialists (such as attorneys) who assist management

Depreciation

a certain portion of an asset that is subtracted each year until the asset's (book) value reaches zero.

Ethical Dilemma

a circumstance in which there is a conflict of ethical values, which thus muddies decision making

Code of Ethics and Business Conduct

a combination of a written statement of values with official standards of employee behavior.

Social Business

a company created to achieve a social objective while generating a modest profit to expand its reach, improve the product or service and subsidize the social mission

philanthropy

a concern for human and social welfare that is expressed by giving many through charities and foundations

In-kind Donation

a contribution of products or services that may include time or goods, rather than cash.

markup pricing

a cost-plus pricing strategy in which a predetermined percentage is applied to a product's cost to obtain its selling price

Brainstorming

a creative problem-solving technique that involves generating a large number of fresh ideas.

Interview Guide

a document to assist in question development regarding an individual's knowledge, skills, abilities, and interests

personalized pricing

a dynamic pricing strategy in which the company charges a premium above the standard price for a product or service to certain customers, who will pay the extra cost

Disparate (adverse) impact

Employment practice results in members of protected class being treated less favorably than members of protected class even though discrimination was not intentional -Focuses on the consequences of employers' practices rather than motivated treatments

Equal Employment

Employment that is not affected by illegal discrimination

Immigration Reform and Control Acts (IRCA)

Employers are required to obtain and inspect I-9 forms, and verify documents such as birth certificates, passports, visas, and work permits. They can be fined if they knowingly hire illegal aliens.

New Business Planning

Feasibility Analysis Business Model Business Plan Execution

Separation Costs

HR staff and supervisory time, pay rates to prevent separations, exit interview time, unemployment expenses, legal fees for challenged separations, accrued vacation expenditures, continued health benefits, and others

What are separation costs?

HR staff and supervisory time, pay rates to prevent separations, exit interview time, unemployment expenses, legal fees for challenged separations, accrued vacation expenditures, continued health benefits, and others.

Gazelle

Has an annual growth of 20% and is measured by investment sales revenue.

What affects organizational effectiveness?

Customer Service and Quality

Customer Relations

Customer satisfaction, loyalty, and retention are important to ensure that the organization is meeting customer expectations and can depend on repeat business from its customers.

Duty

Larger work segment comprised of several tasks that are performed by individuals.

Components of Traditional Diversity Training

Legal awareness, cultural awareness, and sensitivity training

Create Ideas

Listen, Observe, Analyze

Functional Turnover

Lower-performing or disruptive employees leave.

Who was the expectancy theory suggested by?

Lyman Porter and E.E. Lawler

What is equipment in the Workflow Analysis?

Machines, facilities, etc.

Ethnocentric Policy

Managers from headquarters staff key positions.

Disclaimers and Approvals

Many job descriptions include approval signatures by appropriate managers and a legal disclaimer. This disclaimer allows employers to change employees' job duties or to request employees to perform duties not listed

Employers must identify essential job junctions, not ___ ___.

Marginal Functions

What are outcomes?

Rewards obtained in exchange for inputs.

What are people in the Workflow Analysis?

Skills, experience, availablity

Contingent Worker

Someone who is not a full time employee but is a temporary or part time worker for a specific period of time and type of work

Detailing Turnover Costs

> Separation costs > Vacancy costs > Training costs for the new person > Hidden/indirect costs > Replacement Costs

How do companies retain their top performers?

(Provide work opportunities that position high-performers to move up in the company) -Challenging Job Assignments -Executive Mentoring -Regular Performance Feedback -Development of Management Competencies

Owner's equity (OE)

(net worth) the difference between assets and liabilities. It shows the amount of capital in the business. It consists of common equity, preferred equity, paid-in capital, and retained earnings.

Balanced Scorecard Framework

* Internal business process * Learning and growth activities * Financial Measures * Customer Relations < Definitions below >

Job Analysis Methods pg. 149

*Observation > Work Sampling > Employee Diary or Log *Interviewing *Questionnaires

Major ways to Increase Employee Productivity pg.11

*Organizational Restructuring *Redesigning Work *Aligning HR Activities *Outsourcing Analyses

Drivers of Retention pg. 186

*Organizational and Management Factors ---> Rewards *Employee-Supervisor Relationships ---> Career training and development *Job and work-life balance ---> Employer policies and practices

Start-Up Investment

*Seed Capital* - the one-time expense of starting a business - Brainstorm every cost with to avoid surprises - Consult advisors and research industry business plan models - Include a *cash reserve* equal to half your total start-up investment for emergencies

Common Challenges for Global Human Resources

*Strategy- Ineffective communication of strategy, hard to be flexible while expanding into other markets *People- Companies not good at transferring lessons to different countries, ineffective training, recruitment, and development in other geographic locations *Complexity- Standardization process clashes with local needs *Risk- Unfamiliar risks that are hard to analyze, opportunities lost

Legal Considerations for Workforce Reductions pg. 64

*Title VII of the Civil Rights Act *Age Discrimination in Employment Act *Americans with Disabilities Act *Older Worker Benefit Protection Act (OWBPA) *Worker Adjustment and Retraining Notification Act (WARN)

Good accounting practices

- Use computerized accounting software - Get a receipt for every purchase - Create an invoice for every sale - Backup computer records regularly - Keep a copy of financial records in a location away from the business office - Get a checking account for business use only - Avoid using cash for business - Deposit money from sales right away

expectations of psychological contracts that are provided by employees

- continuous skill improvement and increased productivity - reasonable time with the organization - extra efforts and results when needed

employee surveys used to:

- diagnose specific problem areas - identify employee needs or preferences - reveal areas in which HR are well received of viewed negativity

methods of addressing absenteeism

- disciplinary approach - positive reinforcement - combination approach - no fault policy - paid time off programs

Fixed operating costs

- expenses that do not vary with changes in the volume of production or sales. - fixed cost per unit decreases as the number of units increases. - fixed costs can change over time. The word fixed doesn't mean the cost never changes, just that it doesn't change in response to units of production. i.e. salary raise

effective first year efforts lead to:

- future career development - higher performance - other positive retention factors

Information used to calculate NPV

- initial investment - required ROR(%) rate of return - annual net cash flows - number of years of cash flows

types of employee absenteeism

- involuntary - voluntary

signs of turnover

- low interest in getting promoted -low motivation -reluctance to be involved in long term opportunities - fewer contribution to be involved - just getting by at work

approaches to understanding motivation:

- need theory - two factor theory - equity theory - expectancy theory

commitment and engagement

- organizational commitment - employee engagement

job commitement

- satisfaction - attitude survey

determining turnover costs

- separation - replacement - training - vacancy - hidden/ indirect

Dangers of Fixed Costs

- they must be paid whether or not your business has a gross profit - be careful about taking on additional fixed costs - change fixed costs to variable costs wherever possible - keep a cash reserve as a cushion of protection in case of emergencies

Percentages of populations with a Bachelor's Degree: -Asian -Non-Hispanic White -Black -Hispanic

-52% -33% -20% -14%

What takes place in the Measurement & Assessment stage of the process for managing retention?

-Absence/turnover measurement -Employee surveys -Exit interviews -Data analysis

What are examples of motivators?

-Achievement -Recognition -Work itself -Responsibility -Advancement

Recent evidence indicates that two-thirds of companies face recruiting challenges because job candidates often lack:

-Decision-making skills -Leadership skills -Ethics skills -Math skills -Communication skills

Why do organizations need HRM?

-Address worker engagement, performance, leadership development, retention -Manage health care, retirement concerns, hiring, and educating -Manage a globalized workforce, diversity, sustainability, and social media -Facilitate the sharing of employee knowledge and expertise -Deal with government regulations -Maintain legal compliance -Smaller organizations are progressive in HR management

What are the components of Job Satisfaction?

-Adequacy of the pay -Opportunity for advancement -Supervision -Coworkers -Nature of the work

What are the roles of HRM?

-Administrative -Operational and Employee Advocate -Strategic

What are important elements of the workforce profile (factors that influence it):

-Age/Generational Groups -Skills Gaps -Improving Readiness to Work -Skill Shortages

Equal Pay Act of 1963 (EPA)

-Amendment to Fair Labor Standards Act (FLSA)-1938, which established minimum wage, overtime pay, recordkeeping, and youth employment standards -Gender cannot be factor in paying employees -Must pay males and females equally if performing jobs substantially equal in terms of skill, effort, responsibility, working conditions -Pay differences allowed for merit, seniority, quality or quantity of production or other non-gender related factors -Employer must prove that the stated reason for pay differences is allowable affirmative defense

Funding Request & Exit Strategy

-Amount and Type of funds requested -Exit plan -Milestones

Immigration Reform and Control Act of 1996 (IRCA)

-Attempt to control unauthorized immigration -Must verify all employees hired have legal right to work in U.S. -Employees complete INS Form I-9 -Should be completed after a job offer -Employers who violate are fined

Ways of Aligning HR Activities:

-Attracting and retaining employees -Training, developing, and evaluating employees -Compensating employees and other HR activities

What are the top motivators of individual performance?

-Being appreciated -Respect in the workplace -Being able to utilize personal capabilities

What will an integrated workflow analysis likely lead to?

-Better employee involvement -Greater efficiency -More customer satisfaction because the organization's work is divided into jobs that can be coordinated

Ways of Redesigning Work:

-Changing workloads and combining jobs -Reshaping jobs because of technology changes

What are some HRM challenges?

-Competition, Cost Pressures, and Restructuring -Globalization -A Changing Workforce -Human Resource and Technology

What will employers provide in a psychological contract?

-Competitive compensation and benefits -Flexibility to balance work and home life -Career development opportunities

Typical Division of HR Responsibilities: Job Analysis of Managers

-Complete or helps complete job analysis information -Review job descriptions and specifications and maintain their accuracy -Request new analyses as jobs change -Use job analysis information to identify performance standards -Provide information to outside experts

HR Audit Levels

-Compliance Audit -Benefit Programs Audit -I-9 Audit -Specific Program Audit -Full HR Audit

What will employees contribute in a psychological contract?

-Continuous skill improvement and increased productivity -Reasonable time with the organization -Extra efforts and results when needed

Typical Division of HR Responsibilities: Job Analysis of HR Unit

-Coordinates job analysis -Writes job descriptions and specifications for review by managers -Periodically reviews job descriptions and specifications -Reviews managerial input to ensure accuracy -May seek assistance from outside experts for difficult or unusual analyses

Business Plan components: an outline

-Cover page -Table of contents -Executive summary -Mission, vision & culture -Company Description -Opportunity Analysis & Research =industry analysis =environmental analysis =competitive analysis

What are the behavioral aspects of Job Analysis?

-Current Incumbent Emphasis -Inflation of Jobs and Job Titles -Employee and Managerial Concerns

What are some examples of behavioral competencies?

-Customer Focus -Team Orientation -Technical Expertise -Results Orientation -Communication Effectiveness -Leadership -Conflict Resolution -Innovation -Adaptability -Decisiveness

Flexibility in Work Scheduling

> Shift Work > Compressed Workweek > Part-time Schedules > Job Sharing > Flextime

Title VII of Civil Rights Act of 1964 (CRA 64)

-Prohibits discrimination on the basis of race, color, religion, sex, national origin. -It is against the law to discriminate with regard to selection, termination, compensation, terms and privileges of employment, promotion or transfer, work assignments and any other employment-related activity.

Americans with Disabilities Act of 1990 (ADA)

-Prohibits employers from using disability as basis for discriminating against qualified individuals -Requires reasonable accommodation unless doing so causes undue hardship

Employment-at-Will

-Provides employers right to terminate (or hire or transfer) employees at any time as long as doing so is not illegal -Allows employees to quit their jobs at any time or for any reason

What are the results of the interaction in an individual-organizational relationship?

-Psychological contract -Satisfaction -Commitment -Engagement -Loyalty

Wrongful Discharge

-Public policy exception -Implied employment contract -Implied covenant of good faith and fair dealing

What do engaged employees do?

-Put in extra effort -Are highly involved in their jobs -Employ both effort and thought -Are active/busy -Are fully invested in their jobs

Internal Environment:

-Quality and quantity of talent -Organizational culture -Talent pipeline and leadership bench strength

What takes place in the Management Interventions stage of the process for managing retention?

-Recruiting and selection -Orientation and training -Compensation and benefits -Career development and planning -Employee relations

What does Work-life Balance do?

-Reduced conflicts between work and family. -Improves recruiting and retention by attracting and keeping people who want the flexibility.

What are the 3 different ways to manage telework?

-Regular -Brief Occasional -Temporary/Emergency

What takes place in the Evaluation & Follow-Up stage of the process for managing retention?

-Regular review of turnover data -Tracking of intervention results -Adjustment of intervention efforts

What is the HR Planning Process?

-Review Organizations Environmental Analysis/Strategic Plans -Assess External and Internal Workforce -Compile HR Planning Forecasts -Develop HR Staffing Plans and Actions

Ways of Organization Restructuring:

-Revising organizational structure -Reducing staff -Aiding in mergers and acquisitions

What are the different types of work scheduling flexibility?

-Shift Work -Compressed Workweek -Part-Time Schedules -Job Sharing -Flextime

What do disengaged employees do?

-Simply put in time -Do not do best work -Are "check out"/apathetic -Do only their basic jobs -React only to pay

What are the 5 characteristics of jobs to consider in design?

-Skill Variety -Task Identity -Task Significance -Autonomy -Feedback

Financial Analysis and Projections

-Sources and Uses of Capital -Cash Flow projections -Balance Sheet projections -Income Statement projections -Break even analysis -Ratio analysis -Risk & Assumptions

What are the different types of teams?

-Special-Purpose -Self-Directed -Virtual -Global

Mathematical Methods:

-Statistical regression -Simulation models -Productivity ratio -Staffing ratios

Challenges for Global Human Resource:

-Strategy -People -Complexity -Risk -Racial/Ethnic Diversity -Gender in the Workforce -Aging in the Workforce

What are the HRM functions?

-Strategy & Planning -Equal Employment Opportunity -Staffing -Talent Management -Rewards -Risk Management & Worker Protection -Employee & Labor Relations

Harassment

-Subjecting employees to unwanted and unwelcomed treatment because of membership in protected class. -Examples include: offensive jokes, unwelcome comment, improper graffiti, physical threats...etc. -creates a hostile environment

retaliation

-Taking adverse action against employee who has filed discrimination complaint -Often comes in form of punishment or threat of punishment

What is individual ability?

-Talents -Interests -Personal Factors

What occupation categories are included in the O*Net database?

-Task statements of importance, relevance, and frequency -Abilities (work activities, knowledge, skills, and work content) -Training, work experiences, and education -Interests and work values, work styles, and job zones

What are Job Characteristics?

-Tasks -Authority/Responsibility -Policies and Procedures -Tools -Variety -Time Requirements -Social Opportunities -Working Conditions -Stress

What are two types of competencies?

-Technical -Behavioral

What are employee fears?

-The purpose of a detailed investigation of their jobs -An analysis of their jobs will limit their creativity and flexibility by overly formalizing their duties -Pay deductions or even layoffs as a result of job analysis

What are contributions of employees?

-Thinking -Knowledge -Creativity -Decision Making

When it comes to Retention Evaluation and Follow-Up, what must organizations do?

-Track intervention results -Adjust intervention efforts

What is organizational support?

-Training and development -Equipment and technology -Performance standards -Management and coworkers

National Origin Discrimination

-Treating an applicants or employees differently in employment situations because of their ancestry, ethnicity or accent. -Treating an applicants or employees differently in employment situations because they are married to someone from a particular nationality. -Assuming someone is from a particular national origin because of physical, linguistic or cultural traits associated with an ethnic group

Ways to manage a talent shortage:

-Use overtime -Outsource work -Try alternative work arrangements -Bring back recent retirees -Increase contingent workers -Reduce turnover

Ways of Outsourcing Analysis:

-Using domestic vendors/contractors instead of employees -Outsourcing operations internationally

Mixed motive

-When legitimate reason for employment decision exists but decision was motivated by illegitimate reason - Courts have ruled that discrimination has occurred

What are some of the first areas to consider when analyzing data for retention?

-Work -Pay/benefits -Supervision -Occupations -Departments -Demographics of those leaving and staying

Types of Observations

-Work Sampling -Employee Diary/Log

Programs that emphasize ethical behavior:

-Written code of ethics -Ethical behavior training -Advice on ethical situations -Confidential reporting systems

Discriminatory Practices

-disparate treatment -mixed motive -disparate/adverse impact

Race and Color Discrimination

-employers should not: -Use race or race-related characteristics and conditions to make employment decisions. -Tolerate the harassment of employees because of their race or color. -Segregate employees based on race or color -Collect pre-employment information about race to make it available for the ones involved in the hiring decisions. -Dismissing employees due to their association with someone of a different race.

other measures of absenteeism

-incident rate - inactivity rate -severity rate

4 Types of Assets within Human Capital

1) Physical assets 2) Financial assets 3) Intellectual property assets 4) Human assets

3 type of global workers

1) expatriate 2) host-country national 3) third-country national

Process of Managing Retention pg. 191

1. > Measurement and Assessment - Absence/turnover measurement - Employee Surveys - Exit interviews - Data Analysis 2. > Management Intervention - Recruiting and selection - Orientation and training - Compensation and benefits - Career development and planning - Employee Relations 3. > Evaluation of Follow-Up - Regular review of turnover data - Tracking of intervention results - Adjustment of intervention efforts

Roles of the Human Resource Departments pg. 17

1. Administrative- Clerical administration and record keeping 2. Operational and Employee Advocate- Managing HR activities, 'champion' for employee issues and concerns 3. Strategic- Help define and implement business strategy relative to human capital & its contribution to organizations success

Possible Costs

1. Business Failure 2. Obstacles 3. Loneliness/Isolation 4. Financial Insecurity 5. Long Hours/Hard Work 6. Strain on Personal Relationships

Six rules to keep cash flowing in a business.

1. Collect cash as soon as possible 2. Pay your bills by the due date, not earlier. 3. Check your available cash daily. 4. Lease or finance instead of buying equipment where practical. 5. Avoid buying inventory you do not need. 6. Plan ahead for seasonal or contractual needs by seeking financing early.

Filing Discrimination Charge

1. Contact local EEOC office 2. EEOC reviews evidence and decides if enough evidence to investigate or attempts to settle with employer 3. If settlement, conciliation or mediation unsuccessful, EEOC may take case to court 4. Individual has 90 days to file lawsuit if EEOC decides not to pursue

Potential Benefits of Entrepreneurship:

1. Control over Time 2. Fulfillment 3. Independence/Autonomy 4. Creation/Ownership 5. Financial Reward/Control of Compensation 6. Control over Working Conditions 7. Self-Esteem 8. Contribution to Society

Four Challenges Facing HR Today pg. 20

1. Cost pressures & Job Changes 2. Globalization 3. Changes in the workforce 4. Technology advancement

Four Important Factors in Changing Company Culture

1. Define desired behaviors 2. Deploy role models 3. Providing meaningful incentives 4. Provide clear and consistent messages

Key Factors in Deciding on a Location

1. Develop a list of critical success factors. 2. Determine the weight of each factor according to its relative importance. 3. Create a measurement scale for the factors. 4. Score each proposed location for each factor (best if done by a team) according to the scale. 5. Multiply the factor weight by the factor score for each factor in each location. 6. Use the sum of these weighted factors for the locations, to compare them and make a location recommendation/decision.

The Five Industry Forces

1. Existing Competitive Rivalry 2. Barriers to Entry 3. Threat of Substitutes 4. Supplier Power 5. Buyer Power.

Three ways you can manage inventory to manage cash.

1. Freeing up cash by reducing inventory 2. Tracking inventory 3. Controlling inventory levels

Human Resource Behavioral Competencies pg. 34

1. Human Resource Expertise 2. Relationship Management 3. Consultation 4. Leadership 5. Communication 6. Global and Cultural Effectiveness 7. Ethical Practice 8. Critical Evaluation 9.Business Acumen

Myths and Realities about Retention pg. 186

1. Money is the main reason people leave. (Myth) But if they are paid close to the competitive level they expect, other aspects of the job become more important than the pay they receive. 2. Hiring has little to do with retention. (Myth) It is important to select for retention! 3. If you train people, you are only training them for another employer. (Myth) Employers who provide employees with training and development assistance, job satisfaction may increase, and employees may be more likely to stay. 4. Do not be concerned about retention during organizational change. The time when organizational change takes place is exactly when employees worry about their future. 5. If high performers want to leave, the company cannot hold them. Employees are "free agents," who can indeed leave when they choose. The key to keeping high-performing employees is to create an environment in which they want to stay, grow, and contribute

Three ways to manage accounts payable to manage cash?

1. Negotiating payment 2. Time payables 3.

Strategic Planning Process for the Organization pg. 45

1. Organizational Mission 2. SWOT Analysis 3. Establish Goals and Objectives 4. Formulate Organizational Strategy 5. Formulate Supporting Functional Strategies 6. Implement 7. Evaluate and Reassess

When funds permit, you can decide to:

1. Pay yourself a salary 2. Pay yourself a wage 3. Take a share of company's profit in Dividends 4. Take a commission on every sale you make

Three ways to manage receivables to manage cash.

1. Payments made immediately in cash 2. Slight delay, debit credit card or check

The Four Different types of Assets pg. 9

1. Physical- Buildings, land, furniture etc. 2. Financial- Cash, Stocks, Debt etc 3. Intellectual Property- Patents, IT systems etc 4. Human assets- Their talents, capabilities, relationships etc.

Stages in the Job Analysis Process

1. Plan the job analysis 2. Prepare for and introduce job analysis 3. Conduct the job analysis 4. Develop job descriptions and specifications 5. Maintain and update job descriptions and specifications

Human Resource Planning Process pg. 53

1. Review organizations environmental analysis/strategic plans 2. Assess external and internal workforce 3. Compile HR planning forecasts 4. Develop HR staffing plans and actions

liability determination

1. Sexual harassment- employee suffered tangible employment actions= employer is probably liable 2. Sexual harassment- employee suffered no tangible employment action- employer produced an affirmative defense= employer is probably not liable 3. Sexual harassment- employee suffered no tangible employment action- employer produced no affirmative defense= employer is probably liable

The Seven HR Functions pg. 15

1. Strategy and Planning 2. Equal Employment Opportunity 3. Staffing 4. Talent Management and Development 5. Rewards 6. Risk Management and Worker Protection 7. Employee and Labor Relations

What is working capital? How do you calculate it?

1. The value of current assets minus current liabilities. 2. Current assets - current liabilities = working capital

Accounting Data Categories

1. Variable Costs (VC) - any costs that change based on the number of units sold 2. Fixed Costs (FC) - business expenses that must be paid whether or not any sales are made 3. Capital Equipment - money spent on equipment expected to last a year or more 4. Investment - money invested in exchange for part ownership (equity) 5. Loans - funds borrowed to start or operate the business (debt) 6. Revenue - money received from sales 7. Inventory - items purchased for resale, including suppliers' shipping costs 8. Other costs - anything that does not fit into the other expense categories

Engaged Employees

> Put in extra effort > Are highly involved in their jobs > Employ both effort and thought > Are active/busy > Are fully invested in their jobs

Social entrepreneurs play change agents by

1. adopting a mission to create and sustain social value 2. Recognizeing the relentlessly pursuing new opportunities to serve that mission 3. Engaging in a process of continuous innovation, adaption, and learning 4. Acting boldly without being limited by resources currently in hand 5. Exhibiting heightened accountability to the constituencies served and for the outcomes created

Causations of Dissatisfaction

1.) Personal Deposition 2.) Task and Roles 3.) Supervisor and co-workers 4.) Pay and benefits

___% of Americans work at least some hours at home each week.

24

Key HR Metrics pg. 71

< HR Staff & Expenses > < Compensation > < Retention and Quality > < Staffing > < Training > < Development >

Estimating External Supply of Labor

< Net Migration into and out of the area > < Individuals entering and leaving the workforce > < Changing workforce composition and patterns > < Economic Forecasts for the next few years > < Technological developments and shifts > < Actions of competing employers > < Government regulations and pressures > < Circumstances affecting persons entering and leaving the workforce >

Payback period

= Start-up Investment/Net Cash Flow per Month

Ethical Behavior is Encouraged through; pg. 29

> A written code of ethics and standards of conduct > Training on ethical behavior for all executives, managers, and employees > Advice to employees on ethical situations they face > systems for confidential reporting of ethical misconduct or questionable behavior.

Important Elements of the Workforce Profile pg. 126

> Age/Generational Groups > Skill Gaps > Improving Readiness for work

Internal Workforce Availability pg. 57

> Current and Future Job Audit > Employee and Organizational Capabilities Inventory

Addressing Absenteeism pg. 178

> Disciplinary Approach- Warning, suspensions, dismissal > Positive Reinforcement- Rewards for meeting attendance standards > Combination Approach- Rewards desired behaviors and punished undesired behaviors. > No-Fault Policy- Employees manage own attendance, reasons for absences do not matter > Paid-time-off (PTO) Programs- PTO account employees can use, when they run out of PTO they are not paid for additional days missed.

External Workforce Availability pg. 55

> Economic and Governmental Factors > Geographic and Competitive Evaluations > Changing Workforce Considerations

Employee and Managerial Concerns per Job Analysis

> Employee- Analysis of jobs will limit their creativity and flexibility and overly formalize their duties. > Job Incumbent Influence- The content of a job may also reflect the desires and skills of the incumbent employee, which can affect the content of the job analysis. > Managerial Straightjacket- Another concern of managers and supervisors is that the job analysis and job descriptions will unrealistically limit managerial flexibility.

Strategic HR Approaches to International Staffing pg. 51

> Ethnocentric Policy- Managers from headquaters staff key positions > Polycentric Policy- Host-country national staff key positions > Regiocentric Policy- Key positions are filled by individuals in the region of the subsidiary. > Geocentric Policy- An international cadre of skilled managers are assigned to global subsidiaries regardless of nationality

Retention of Top Performers pg. 190

> Executive Mentoring > Regular Performance Feedback > Development of Management Competencies > Challenging Job Assignments

HR Certification Information pg. 35-36

> HRCI Certification > SHRM Exams and Certifications > WorldatWork Certification > Other Certifications

How HRM's can Contribution to Strategy pg. 49

> Having a seat at the strategic table- Companies need to include HR in strategic planning processes > Being Knowledgeable about business operations- Knowing how the business works > Focusing on the future- Think about the future in light of the past > Prioritizing business goals- Efforts that have the greatest impact on the business are emphasized first. > Understanding what to measure- Identifying the right metrics that are linked to the businesses goals.

Types of Employee Turnover

> Involuntary Turnover- Employees are terminated for poor performance or work rule violations, or through layoffs > Voluntary Turnover- Employees leave by choice *Functional Turnover > Lower-performing or disruptive employees leave *Dysfunctional Turnover > Key individuals and high performers leave *Uncontrollable Turnover > Employees leave for reasons outside the control of the employer. Out of organizations control. *Controllable Turnover > Employees leave for reasons that could be influenced by the employer. Under organizations control.

Generational Groups

> Mature (born before 1946) > Baby Boomers (born 1946-1964) > Generation Xers (born 1965-1980) > Generation Yers (Millenials) (born 1981-2000)

Two Factor Theory (Fredrick Herzberg)

> Motivation/Hygiene Theory assumes that one group of factors, motivators, accounts for increases in individual motivation because of enrichment and other positive work characteristics. Alternatively, hygiene factors can cause employees to become dissatisfied with work if these basic expectations are not adequately addressed; however, hygiene factors do not directly motivate employees. > Motivators - Achievement - Recognition - Work itself - Responsibility - Advancement >Hygiene Factors - Interpersonal relationships - Company policy/administration - Supervision - Salary - Working conditions

Purpose of Job Analysis pg. 144

> Planning, recruiting, and hiring is all based on the job analysis > Equal Employment opportunity (EEO) purposes > Compensation, training, and employee appraisals > Identifying job factors and duties > Workplace health & Safety > Employee and labor relations

Elevator Pitch

A 30-second to 2-minute presentation that conveys in an engaging way what a business is proposing and why the listener should be interested.

Lifestyle business

A Microenterprise that permits the owner to follow a desired way of living. For example, going out for a vacation or sustaining college.

Mission Statement

A brief, written statement that informs customers and employees what an organization's goal is and describes the strategy and tactics to meet it.

Vision

A broader and more comprehensive perspective on an organization than its mission; built on the core values and belief systems of the organization.

Green Entrepreneurship

A business activity that avoids harm in nature and helps protecting it.

Liability

A business debt.

Opportunity

A business idea that comes from a consumer's need or want and are often at high enough price to sustain a business.

Taxes

A business must pay taxes on the income it earns as a separate entity from the owners' personal taxes, depending on its legal form

Average contribution margin

A business selling a variety of products can use an average COGS per unit to determine a contribution margin rather than make separate EOUs

Franchise

A business that markets a product or services by the franchisor.

Bona Fide Occupational Qualification (BFOQ)

A characteristic providing a legitimate reason why an employer can exclude persons on otherwise illegal bases of consideration.

Business Model

A company's plan to generate revenue and make a profit from operations.

Mission

A concise communication of strategy, including a business definition and explanation of competitive advantage.

Reasonable Accommodation

A modification to a job or work environment that gives a qualified individual an equal employment opportunity to perform. Examples of this are, Modified Work Schedules, Special Equipment, Job Restructuring, Job Reassignment , Employer-provided assistance

Commission

A percentage of sale paid to a salesperson

HR specialist

A person who has in-depth knowledge and expertise in a specific area of HR

HR Specialist

A person who has indepth knowledge and expertise in a limited area of HR. The most common areas in order of frequency are: benefits, in house employment/recruitment, and compensation.

HR generalist

A person who has responsibility for performing a variety of HR activities

HR Generalist

A person who has responsibility for performing a variety of HR activities.

What is an Entrepreneur?

A person who recognizes opportunity, organizes, and manages a business, assuming the risk for the sake of potential return Someone engaged in the buying and selling of products or services to earn money

Strategy

A plan an organization follows for how to compete successfully, survive, and grow.

Pilot test

A preliminary run of a business, sales effort, program, or website with the goal of assessing how well the overall approach works and what problems it might have.

Environmental Analysis

A review that addresses the roles of the community, region, nation, or the rest of the world, as they relate to a business.

Marketing Plan

A statement of the marketing goals and objectives for a business and the intended strategies and tactics to attain them.

Feasibility Analysis

A study to assist in making the go/no go decision based on a close examination of product/service, market, industry, and financial data in a sufficient degree of detail to ensure confidence in the results.

Venture Philanthropy

A subset or a segment of social entrepreneurship wherein financial and human capital are invested in not for profit enterprise by individual and for profit enterprise, with intentions of generating social rather than financial return.

Attitude Survey

A survey that focuses on employees' feelings and beliefs about their jobs and the organization

Voluntary Exchange

A transaction between two parties who agree to trade money for a product or service

Human Assets

A type of "Human Capital" based on individuals with their talents, capabilities, experience, professional expertise, relationships, and so on.

Financial Assets

A type of "Human Capital" involving cash, financial resources, stocks, bonds or debt, and so on.

Physical Assets

A type of "Human Capital" which involves buildings, land, furniture, computers, vehicles, equipment, and so on.

Intellectual Property Assets

A type of "Human Capital" which involves specialized research capabilities, patents, information systems, designs, operating processes, copyrights, and so on.

Core Competency

A unique capability that created high value for a company. *(An organizations areas of strength)

Core competency

A unique capability that creates high value at which an organization excels.

Unit labor cost

A way to measure productivity by dividing the average cost of workers by their average levels of output.

Prototype

A working model.

Compressed Workweek

A workweek in which a full week's work is accomplished in fewer than five days of eight working hours each. *Working 12 hours a day, three days a week

Performance (P) =

Ability (A) x Effort (E) x Support (S)

Effectiveness

Ability of a program, project, or task to produce a specific desired effect or result that can be measured

___ came in a close second place to ___ in their managerial skills and efforts.

Baby Boomers Gen Xers

Barriers to entry more attractive if:

Barriers are low Not based on firm size Minimal or absent Low cost to change suppliers Customer resistance to change is low Channels established are open Policies do not impede entry

Title VII basic

Basis for several extensions of EEO laws All private employers of 15 or more persons who are employed 20 or more weeks a yearAll educational institutions, public, and private State and local governments Public and private employment agencies Labor unions with 15 or more members Joint labor/management committees for apprenticeships and training

What years were the Mature Generation born?

Before 1946

HR Activities during M&A

Before the Deal: > Conduct due diligence > Assess risks > Identify Possible Conflicts During Integration: > Address key HR processes > Retain key talent > Recognize cultural differences Post Integration: > Optimize workforce > Identify and establish new culture

Manifestation of Job Withdrawal behaviors

Behavior change 1.) Physical Job Withdrawal State of mind is not there. 2.) Psychological Withdrawal Absentee

Loyalty

Being faithful to an institution or employer.

What years were the Baby Boomers born?

Born 1946-1964

What years were the Generation Xers born?

Born 1965-1980

What years were the Generation Yers (Millennials) born?

Born 1981-2000

Job Enlargement

Broadening the scope of a job by expanding the number of different tasks that are performed.

EEO concepts

Business necessity, job relatedness BFOQs (bona fide occupational qualifications) Burden of proof Nonretaliatory practices

Key activities

Critical actions for success -production -problem solving -platform/network

Key Activities (KA)

Critical actions for success.

Core values of an organization in action

Culture statement

Return on Investment (ROI)

Calculation of the value of investments in human capital

Return on Investment (ROI) pg. 73

Calculation showing the value of investments in human capital.

Griggs v. Duke Power

Case where the courts rule you must show disparate treatment and impact to win a discrimination case.

Job Redesign

Changing existing jobs in different ways to improve them. *Changes in performance, job satisfaction, and physical and mental health.

Compliance Audit

Checks record keeping on state and federal documentation requirements

Public Relations

Community activities that are designed to enhance an organization's image.

Internal Supply for Next Year =

Current Staffing Level - Projected Inflows This Year + Projected Inflows This Year

Channels

Company reaches and communicates with customer segments -Own CHANNELS vs PARTNERS -DIRECT (sales force, web sales, own stores) vs INDIRECT (partner stores, wholesalers)

Business Model

Company's plan to generate revenue & make a profit Describes the rationale oh how an organisation create delivers and captures value

Porter's Five Forces

Competitive Rivalry Barriers to Entry Threats of Substitution Supplier Power Buyer Power

Due Diligence

Comprehensive assessment of all aspects of the business being acquired

Unit Labor Cost

Computed by dividing the average cost of workers by their average levels of output. *A way to measure productivity

Role of HR professionals in regard to globalization:

Conducting comprehensive reviews of the political environment and employment laws before beginning operations in a country.

Genetic Information Nondiscrimination Act (GINA)

Congress passed GINA to limit the use of information by health insurance plans. Employers are prohibited from collecting genetic information or making employment decisions based on genetic information.

What does the Competency-Based Job Analysis do?

Considers how knowledge and skills are used.

Performance-Reward Linkage

Considers individuals' expectations that high performance will actually lead to rewards.

Performance-Reward Linkage (Expectancy Theory)

Considers individuals' expectations that high performance will actually lead to rewards. The performance-reward relationship indicates how instrumental or important effective performance is in producing desired results.

Organizational Culture

Consists of the shared values and beliefs that give members of an organization meaning and provide them with rules for behavior.

Organizational culture

Consists of the shared values and beliefs that give members of an organization meaning and provide them with rules for behavior. It's important because it tells people how to behave (or not to behave). It is relatively constant and enduring over time. Newcomers learn it from senior employees; hence, the rules of behavior are perpetuated. These rules may or may not be beneficial in facilitating performance.

Advantages to Entrepreneurship

Control over time Fulfillment Creation /ownership Control over compensation Control over working conditions

HR department focus on using people as a ___ ___.

Core Competency

Beliefs that guide the business operations and decisions

Core values

Ethics includes:

Corporate Social Responsibility and Sustainable Practices

Many organizations have found that turnover is a very ___ problem.

Costly

Fixed operating costs

Costs of operating a business that do not vary with sales over a relevant range.

Hidden/Indirect Costs

Costs that are less obvious, such as reduced productivity (calculated above), decreased customer service, lower quality, additional unexpected employee turnover, missed project deadlines, and others

What are hidden/indirect costs?

Costs that are less obvious, such as reduced productivity (calculated above), decreased customer service, lower quality, additional unexpected employee turnover, missed project deadlines, and others.

Other variable costs (VC)

Costs that vary with sales and are not included in COGS.

What does DOL stand for?

Department of Labor

Measuring Absenteeism pg. 179

DOL Suggests this equation; Number of persons - days lost through job absence during period / (Average number of employees) X (Number of Workdays) X 100 > Incidence rate: The number of absences per 100 employees each day > Inactivity rate: The percentage of time lost to absenteeism > Severity rate: The average time lost per absent employee during a specified period of time (a month or a year)

Liabilities

Debts a company has that must be paid, including unpaid bills.

adapting to ADAAA

Define essential functions in advance, handle requests for accommodation properly, know and follow the reasonable accommodation rules, interact with the employee with good faith and documentation

Management Focus on ADAAA Adaptation

Define essential functions in advance. Handle all requests for accommodation properly. Interact with the employee with good faith and documentation. Know and follow the reasonable accommodation rulers

Strategic Planning

Defining organizational strategy, or direction, and allocating resources toward its achievement.

Organizational Commitment

Degree to which workers believe in and accept organizational objectives and want to remain employed at a company.

Human resource management

Designing formal systems in an organization to manage human talent for accomplishing organizational goals

Human Resource Management

Designing formal systems in an organization to manage human talent for accomplishing organizational goals.

Why do a company need a business plan?

Determines if the business is viable before making mistakes in the real world Vital to current & proposed businesses as a guide to operations and direction. Can be modified

Glass Ceiling

Discriminatory practices that have prevented women and other protected-class members from advancing to executive-level jobs

Task

Distinct, identifiable work activity comprised of motions that employees perform.

What is the Business Plan?

Document that explains a business idea and how it will be carried out

Marginal job functions

Duties that are part of the job but are incidental or ancillary to the purpose and nature of the job.

Effort-Performance Expectations

Employees' beliefs that working harder will lead to high performance.

Work-life balance

Employer sponsored programs designed to help employees balance work and personal life.

Pre-tax profit

EBIT minus interest costs. This is a business's profit after all costs have been deducted, but before taxes have been paid. Used to calculate how much tax the business owes.

External Environment:

Economic, political, and competitive forces

Work

Effort directed towards accomplishing results.

Learning and Growth Activities

Employee training and development, mentoring programs,secession planning, and knowledge creation and sharing provide the necessary talent and human capital pool to ensure the future of the organization

Uniformed Services Employment and Reemployment Rights Act (USERRA) of 1994

Employees are required to notify their employers of military service obligations. Employers must give employees serving in the military leaves of absence protections. Return to employment rights. Prompt reemployment on return. Protection from discharge/retaliation. Health insurance continuation. Continued seniority rights.

Involuntary Turnover

Employees are terminated for poor performance, work rule violations, or layoffs.

Telework

Employees complete work through electronic interactions, telecommunications, and Internet technology.

Voluntary Turnover

Employees leave by choice.

Uncontrollable Turnover

Employees leave for reasons outside the control of the employer.

Controllable Turnover

Employees leave for reasons that could be influenced by the employer.

Brief Occasional Telework

Employees may use a home office on weekends or at night to do a project.

No-Fault Policy

Employees must manage their own attendance unless they abuse that freedom.

What is the paradox about "churn"?

Employees sometimes complain about not being able to find workers with the right skills while they are laying off other employees.

Paid-Time-Off (PTO) Programs

Employees use days from their accounts at their discretion from a paid-time-off account.

prima facie

Employees who believe that they were a victim of intentional discrimination must make a _____ _____ case (preliminary case) -after this, the burden of proof shifts to the employer to provide a legitimate job-related reason for the decision

When the work processes to be done in all jobs in an organization are combines, the total should ___ the amount of work that the organizations needs to have done.

Equal

Contribution margin

Equals revenues minus COGS and other variable costs, or gross profit minus other variable costs.

Feasibility Analysis

Essentially tests a business concept for viability in three areas: 1.Product/Service 2.Market & Industry 3.Financial

Employers Responses to Sexual Harassment

Establish a sexual harassment policy. Communicate the policy regularly. Train employees and managers on avoiding sexual harassment. Investigate and take action when complaints are voiced.

Product

Exists in nature, tangible, made by humans

Long-range plans

Extend beyond three years

Task identity

Extent to which the job includes a recognizable unit of work that is carried out from start to finish and results in a known consequence.

Skill Variety

Extent to which the work requires several activities for successful completion. *When a production line worker knows an array of tasks they have a higher skill variety.

What does FLSA stand for?

Fair Labor Standards Act

True or False: Marketing should be treated as a separate business function.

False

True or False: When marketing a product, be sure customers understand its features.

False

How much start-up capital is required? How much revenue is expected (based on anticipated pricing and volume)? What are the expected costs?

Financial Feasibility

There is a growing interest in creating ___ work spaces that complement ___ by eliminating cubicles and adding open work areas and shared offices and lounges.

Flexible Flexwork

When is work sampling useful?

For routine and repetitive jobs

Short-range plans

Forecast for the immediate HR needs of an organization

HR Audit

Formal research effort to assess the current state of an organization's HR practices

Publicity

Free promotion.

___ received the highest marks for their managerial skills and efforts.

Gen Xers

Who is less loyal to their employers and scored the lowest in leadership ability?

Gen Yers (Millennials)

Who shows preference for high-impact work opportunities that enable them to get ahead in their careers and are interested in learning at work so they can use their knowledge to make valuable contributions?

Gen Yers (Millennials)

Positive Reinforcement

Giving rewards for meeting attendance standards.

In what team should managers and HR address task and responsibility issues?

Global Teams

Job

Grouping of tasks, duties, and responsibilities that constitutes the total work assignment for an employee.

Target Market

Groups defined by common factors such as demographics, psychographics, age, or geography that are of primary interest to a business.

Human Resource Technical Competencies pg. 33

HR Knowledge Domains; > People > Organization > Workplace > Strategy

Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis

Helps managers formulate a strategic plan that considers the organization's ability to deal with the situation at hand based on its own strengths and weaknesses, as well as the external opportunities and threats that exist in the firms external environment.

The largest percent of people have a ___ ___ ___.

High School Diploma

6 factors that can lead to a competitive advantage

Higher quality Lower price More convenient location Wider selection Better service Quicker delivery

Job analysis is the basis for all human resource practices because the process sets up how employees are ___, ___ & ___, ___, and ___.

Hired Trained & Developed Evaluated Compensated

Turnover and "Churn"

Hiring new workers while laying off others.

Polycentric Policy

Host-country nationals staff key positions.

3 questions that need to be answered in analyzing your competitive advantage

How do you compare with competitors on a feature by feature basis? Are you at a cost advantage or disadvantage? What do you have that competitors cannot or will not match?

Revenue Streams

How funds are generated -Asset sales -Usage fee -Subscription fees -Lending/renting/leasing -Licensing -Brokerage fees -Advertising fees

Revenue Streams (R$)

How funds are generated.

Channels (CN)

How the company reaches and communicates with customer segments.

Common Fixed Operating Expenses

ISAIDUR + Other FX Insurance Salaries - indirect labor; managers, office staff, sales Advertising Interest Depreciation Utilities Rent Other Fixed Expenses

Job description

Identifies a job's tasks, duties, and responsibilities.

What do competencies do?

Identifies characteristics that make employees successful on the job.

Utilization Analysis

Identifies the number of protected-class members employed in the organization and the types of jobs they hold

Competencies

Individual capabilities that can be linked to enhanced performance by individuals or teams. * Customer focus * Team orientation * Technical expertise * Communication effectiveness * Leadership

Expectancy Theory

Individuals base decisions about their behaviors on their expectations that one or another behavior is more likely to lead to needed or desired outcomes.

backlash against diversity training

Individuals in protected groups sometimes see the diversity efforts as inadequate and nothing but "corporate public relations"- raising the expectations of these groups but the program not meeting expectations Those who are not in protected groups believe that the emphasis on diversity sets them up as scapegoats for societal problems, then show hostility and anger

Human Capital is called ___ ___ to reflect the contributions of employees.

Intellectual Capital

Job withdrawal model

Intention to leave is high is a proxy for turnover. 1.) I am not happy 2.) I start pulling back (disengaging) 3.) I eventually leave (by choice or by being fired) Causation ----> Job dissatisfaction----->Job withdrawal------. Manifestation of Job Withdrawal behaviors

Companies need skillful ___.

Introverts

third-country nation

Is a citizen of one country who is working in a second country and employed by an organization headquartered in a third country. For example, a U.S. citizen working for a British oil company as a manager in Norway is a third-county national. Staffing with third-country nationals shows a truly global approach.

Expatriate

Is a citizen of one country who is working in a second country and employed by an organization headquartered of their own country. Experienced expatriates can provide a pool of talent that can be tapped as the organization expands its operations more broadly into even more countries.

Host-country Nation

Is a citizen of one country who is working in that country and employed by an organization headquartered in a second country. Host-country nationals often know the culture, politics, laws, and business customs better than an outsider would.

four-fifths rule

Is a guideline generally accepted by the courts and the EEOC for making a Prima facie case of desperate impact -Is percentage of minorities selected equal to at least 80 percent of percentage of non-minorities selected

What is an advantage of Job Rotation?

It develops an employee's capabilities for doing several jobs.

Entrepreneur

It is a person who recognize an opportunity, organize and manage a business and assuming the risk for the sake of a potential return.

Strategy

It is a plan of how an organization or an individual plan to proceed in the business operation and outperform its competitors.

Profit

It is an amount of money that remains after the costs are deducted in an income. It's also the sign that the entrepreneur is adding value.

Social Entrepreneurship

It is commonly thought as the for profit enterprise with dual goals of achieving profitability and attaining beneficials in return for the society.

Capital

It is the money or property owned or used in a business

SWOT Analysis

It is used to evaluate a business idea. Strengths (Internal), Weaknesses (Internal), Opportunities (External), Threats (External)

Feasibility

It means the extent to which the idea is viable and realistic and the extent to which we are aware of the internal and external forces that could affect your business.

Assets

Items (tangible and intangible) a company owns that have monetary value

What technique can break the monotony of an otherwise simply routine?

Job Rotation

___ ___ influenced organizational commitment.

Job Satisfaction

Identification

Job title, department, reporting relationships, location etc

Managers should consider the nature and characteristics of both ___ & ___.

Jobs People

What is healthy cash flow management

Keeping sufficient cash on hand and available to pay your bills in a timely fashion and in general to have financial resources available to you when you need them

Dysfunctional Turnover

Key individuals and high performers leave at critical times.

Regiocentric Policy

Key positions are filled by individuals in the region of the subsidiary.

Competitive Rivalry is more attractive if:

Larger or fewer than five Varied Growing rapidly Differentiation matters

discrimination and the military

Military status- Uniformed Services Employment and Reemployment Rights Act Common issues: leaves of absence, return to employment rights, prompt re-employment on return, protection from discharge/retaliation, health insurance continuation, continued seniority rights

A concise communication of your strategy including your business definition and your competitive advantage

Mission Statement

who is disabled

Mitigation means and methods (medication, prosthetics, hearing aids) Mental disabilities Life-threatening illnesses Genetic Information Nondiscrimination Act (GINA)

issues with diversity training

Mixed results: not much research on effectiveness of it, may not provide long term changes or has failed. Focusing on behaviors seems to hold the most promise for making diversity training more effective

common means of reasonable accommodation

Modified work schedules, special equipment, job restructuring, job reassignment, employer-provided assistance

Skill variety and ___ are NOT the same thing.

Multitasking

EEO and Multinational Employers

Must follow U.S. EEO laws unless doing so violates law of country in which employees are located (foreign law defense)

ROI Formula

Net Profit divided by Investment multiplied by 100 equals ROI Percentage

Owner's Equity

Net worth.

Alternative Work Arrangements

Nontraditional schedules that provide flexibility to employees.

Alternative Work Arrangments

Nontraditional schedules that provide flexibility to employees.

Supplier Power more attractive if:

Not critical Easy substitution Relatively low Small portion of overall costs of finished products

Threats of Substitution more attractive if:

Not readily available Prices not significantly lower Supply is uneven or limited High cost to change suppliers Make substituting difficult or illegal

Incidence Rate

Number of absences per 100 employees each day.

What is currently the main DOL resource available and provides employers with a wide range of useful items?

O*Net

What are training costs?

Paid orientation time, training staff time and pay, costs of training materials, supervisor and manager time and salaries, coworker "coaching" time and pay, and others.

Advertising

Paid promotion through media outlets.

Job Analysis and O*Net pg. 150

O*Net is currently the main DOL resource available and provides employers with a wide range of useful items. the O*Net database now contains data on more than 800 occupations, classified by industry. Included in the occupational categories are the following factors: > Task statements of importance, relevance, and frequency > Abilities (work activities, knowledge, skills, and work content) > Training, work experiences, and education > Interests and work values, work styles, and job zones

Responsibilities

Obligations that individuals have to perform certain tasks and duties within a job.

Organizational Citizenship Behavior (OCB)

Occurs when an employee acts in a way that improves the psychological well-being and social environment of an organization.

Disparate Treatment

Occurs when members of one group are treated differently from others.

The Need Theory of motivation assumes that:

Only unsatisfied needs motivate individuals.

Croudsourcing

Opening up the strategic planning process to more people .

Another solution is to calculate the financial impact of different types of turnover and attach a dollar cost to it to determine the ___ ___.

Optimal Level

What does OCB stand for?

Organizational Citizenship Behavior

What -Evolves over a period of time -Is constant and enduring -Constitutes organizational social environment and, -Affects service and quality, organizational productivity, and financial results

Organizational Culture

Self-directed teams

Organizational team composed of individuals who are assigned a cluster of tasks, duties, and responsibilities to be accomplished.

Self-Directed Team

Organizational team comprised of individuals who are assigned a cluster of tasks, duties, and responsibilities to be accomplished.

Special-purpose team

Organizational team formed to address specific problems, improve work processes, and enhance the overall quality of products and services.

Virtual team

Organizational team that includes individuals who are separated geographically but who are linked by communications technology.

Americans with Disabilities Act (ADA)

Organizations with 15 or more employees are covered by the provisions of the ADA Applies to private employers, employment agencies, and labor unions- state government employees are not covered aka cannot sue in federal court Discrimination prohibited against those who can perform essential job functions For disabled person the employer must make a reasonable accommodation, EEOC encourages employers and individuals to work together to determine what are appropriate reasonable accommodations, rather than employer alone making these judgments Prohibits employers from rejecting individuals because of a disability and from asking job applicants any question about current or past medical history until a conditional job offer is made Prohibits the use of pre-employment medical exams, except drug tests, until a job has been conditionally offered

Job design

Organizing tasks, duties, and responsibilities, and other elements into a productive unit of work.

Training Costs

Paid orientation time, training staff time and pay, costs of training materials, supervisor and manager time and salaries, coworker "coaching" time and pay, and others

Affirmative action not needed

Penalizes individuals (males and whites) even though they have not been guilty of practicing discrimination No longer needed as an African American has been elected as president Results in greater polarization and separatism along gender and racial lines Stigmatizes those it is designed to help Goals become quotas and force employers to "play by the numbers"

Marketing Strategy & Plan

People Physical Environment Process

Management & Operations

People business hires and processes it plan to implement is essential part of the business plan. Management team is often the deciding factor for a potential investor's financial decision Team must be composed off: -Effective balance -Technical expertise -Experience in the field -Life experience

Equity Theory

People wanted to be treated fairly at work, The employee's view of fair value is critical to the relationship between performance and job satisfaction because one's sense of equity is an exchange-based and comparative process. When a person feels they have been wronged or treated unfairly in some way it negatively impacts the work environment.

Disciplinary Approach

People who are absent the first time receive an oral warning. Subsequent absences bring written warnings, suspensions, and finally dismissal.

Employee's view of fair value determines the relationship between ___ & ___.

Performance Satisfaction

HR Forecasting Methods and periods pg. 58

Periods; > Short-range forecasts > Intermediate-range forecasts > Long-range forecasts Methods; > Judgmental (Rule of thumb, The Delphi Technique, Nominal Groups) > Mathematical ( Statistical Regression Analysis, Simulation Models, Productivity Ratios, Staffing Ratios)

Benefit Programs Audit

Reviews regulatory compliance, benefits administration, and reporting

Specific Program Audit

Reviews specific HR subareas such as compensation, EEO, or training

Some firms use ___ programs to see how changes affect retention before extending them to the entire organization.

Pilot

Nepotism

Practice of allowing relatives to work for the same employer

Eight-Step Sales Call

Preparation, Greeting, Showing product or service, listening to the customer, Dealing with objections, closing the sale, follow-up, asking for referrals.

Objections

Price, performance, follow up service, compeition, support, warranties and assurances.

Alternative Dispute Resolution (ADR)

Process for resolving disputes among employees and employers using mediator or arbitrator

Succession Planning

Process of identifying a plan for the orderly replacement of key employees

Job rotation

Process of shifting a person from job to job.

What can be done to help product/service feasibility

Produce a prototype: -working model based on production design of the product design for testing

Internal Business Processes

Product and service quality, efficiency and productivity, conformance with standards, and cycle times can be measured to ensure that the operation runs smoothly and efficiently.

Product/Service Feasibility

Product or service is only worthwhile if it can product and deliver and ongoing profit Not all amazing ideas translate to sales Helps to avoid wasting valuable resources

Four Marketing Factors

Product, Price, Place, and Promotion

3 areas that the feasibility analysis tests

Product/ service Market and industry Financial

Age Discrimination in Employment Act of 1967 (ADA)

Prohibits discrimination against individuals age 40 or older- including recruitment, promotions, layoffs and pay raises -Amended by Older Workers Benefit Protection Act (OWBPA) - allows limited use of age as basis for reducing benefits as long as cost of benefits are still equal to cost of providing benefits for younger workers

Title II of Genetic Information Nondiscrimination Act of 2008 (GINA)

Prohibits use of genetic information for making employment decisions

Intermediate-range plans

Project one to three years into the future

Strategic HR Management

Provides input for strategic planning and develops specific HR initiatives to help achieve organizational goals

Controllable Turnover, under control of employer what can positively affect turnover.

Providing safe work environment, Pay and Benefits, and Tasks and roles assigned to the employee

Global Psychological Contract Concerns

Psychological contract expectations of employees from different cultures need to be met by multinational firms.

___ are widely used for gathering job data because of its ease of use and convenience.

Questionnaires

Value Proposition (VP)

Reasons why a customer buys a product -Newness -Performance -"Getting the job done" -Design -Brand/status -Price -Cost reduction -Risk Reduction -Accessibility -Convenience/usability

What is factoring

Receivables financing or accessing cash for your business in exchange for offering a company the right to the cash that will be collected from your customers

What are replacement costs?

Recruiting and advertising expenses, search fees, HR interviewer and staff time and salaries, employee referral fees, relocation and moving costs, supervisor and managerial time and salaries, employment testing costs, reference checking fees, pre-employment medical expenses, relocation costs, and others.

Sarbanes-Oxley (SOX) Act

Reduces likelihood of illegal and unethical behaviors

Effort-Performance Expectations (Expectancy Theory)

Refers to employees' beliefs that working harder will lead to high performance. If people do not believe that working harder leads to high performance, then their efforts may diminish.

Value of Rewards

Refers to how valuable the rewards are to the employee. One determinant of employees' willingness to exert effort is the degree to which they value the rewards offered by the organization.

Value of Rewards (Expectancy Theory)

Refers to how valuable the rewards are to the employee. One determinant of employees' willingness to exert effort is the degree to which they value the rewards offered by the organization.

What does work scheduling flexibility do?

Relaxes the traditional time clock control of employees, while still covering workloads.

Offshoring

Relocation of a business process or operation from one country to another.

Replacement Costs

Replacement costs: Recruiting and advertising expenses, search fees, HR interviewer and staff time and salaries, employee referral fees, relocation and moving costs, supervisor and managerial time and salaries, employment testing costs, reference checking fees, pre-employment medical expenses, relocation costs, and others

How does a employee diary/log work?

Requires employees to "observe" their own performance by keeping a diary/log of their job duties, noting how frequently those duties are performed and the time required for each one.

Civil Rights Act of 1991

Requires employers to show that an employment practice is job related for the position and is consistent with business necessity Clarifies that plaintiffs bringing the discrimination charges must identify the particular employer practice being challenged and must show only that protected-class status played some role in their treatment An individual's race, color, religion, sex, or national origin must play no role in their employment practices Target intentional discrimination

Competitive Analysis

Research that compares an organization with several direct and indirect competitors by name in a manner that is meaningful to targeted customers.

Full HR Audit

Reviews all of the other audits and other HR functions.

I-9 Audit

Reviews compliance with immigration regulations and the I-9 form requirement

Job Sharing

Scheduling arrangement that has two employees perform the work of one full-time job. *Night Auditors- One week on, One week vacation

Entrepreneur Characteristics

Self directed Energetic Self nurturing Action orientated Can live life uncertainty

Turnover costs and benefits can be calculated ___.

Separately

Total Turnover Costs =

Separation Costs + Vacancy Costs + Replacement Costs + Training Costs + Hidden/Indirect Costs

Measuring Employee Turnover

Separation Formula; Number of employee separation during the year / Total number of employees at midyear X 100

Organizational Culture:

Shared values and beliefs that give members of an organization meaning and provide them with rules for behavior.

Undue Hardship

Significant difficulty or expense imposed on an employer in making an accommodation for individuals with disabilities

What the Business Plan should include

Story of what the business is & will be All costs & marketing plan How the business will be financed & estimated of projected earnings

Workflow Analysis

Study of the way work (Inputs, activities, and outputs) moves through an organization. *Examination of the quantity and quality of desired and actual outputs.

Purpose of a feasibility analysis?

Study to assist in making the "go/no go" decision.

possible harassers

Supervisors, customers, vendors, coworkers, former employees, other employees Cyber sexual harassment Females with more workplace authority are more likely to be harassed

Job analysis

Systematic way of gathering and analyzing information about the content, context, and human requirements of jobs.

Net Worth

TAhe difference between assets and liabilities.

What is the most common type of job analysis and focuses on the components and characteristics of work embedded within a job?

Task-Based Job Analysis

Initial Public Offering (IPO)

The first offering of corporate stock to investors on the open (public) market.

What is credit

The ability to borrow money

Trade Off

The act giving up one thing for another

Feedback

The amount of information employees receive about how well or how poorly they have performed.

Net profit

The amount the business has earned beyond what it has spent to cover its costs

Severity Rate

The average time lost per absent employee during a specific period of time.

Culture

The beliefs, values, and behavioral norms of an organization.

Human capital

The collective value of the capabilities, knowledge, skills, life experiences, and motivation of an organizational workforce. It's also called intellectual capital to reflect the thinking, knowledge, creativity, and decision making that people in organizations contribute.

Human Capital

The collective value of the capabilities, knowledge, skills, life experiences, and motivation of the organizations workforce. *aka intellectual capital

Marketing Mix

The combination of the four factors: product, price, place, and promotion—that communicates a marketing vision.

Customer Segments (CS)

The consumers for whom the company creates value.

What does work sampling determine?

The content and pace of a typical workday through statistical sampling of certain actions rather than through continuous observation and timing of all actions.

What are job incumbent influences?

The content of a job may also reflect the desires and skills of the incumbent employee

Organizational Mission

The core reason for the existence of the organization and what makes it unique.

Human Resource (HR) management

The design of formal systems in an organization to manage human talent for accomplishing organizational goals.

Motivation

The desire that exists within a person that causes that individual to act.

What is cash flow?

The difference between the money you take him in the money you disburse

Autonomy

The extent of individual freedom and discretion in the work and its scheduling. *More autonomy leads to a greater feeling of personal responsibility for the work.

Employee Engagement

The extent to which an employee's thoughts and behaviors are focused on his or her work and their employer's success.

3 elements of a solid business definition

The offer The target market Production and Delivery capability

What is burn rate

The pace at which a company must spend capital before generating positive cash flow

Key Partnership

The particular suppliers and partners need in the network -strategic alliances between non-competitors -Cooperation (strategic alliances between competitors) -Joint ventures -Buyer-supplier relationships

Key Partnerships (KP)

The particular suppliers and partners needed in the network.

Equity

The perceived fairness of what the person does compared with what the person receives for doing it.

Labor force participation rate

The percentage of the population working or seeking work

Inactivity Rate

The percentage of time lost to absenteeism.

Job Satisfaction

The positive feelings and evaluations derived from an individual's employment in a job. Components of Job Satisfaction; > Adequacy of pay > Opportunity for advancement > Coworkers > Nature of the work

Turnover

The process in which employees leave an organization and have to be replaced. Possible signs an employee may quit; > Low interest in getting promoted within the firm > Low motivation to keep managers happy > A reluctance to be involved in long-term work opportunities > Decreased motivation to be enrolled in training > and development opportunities > Fewer contributions in meetings > Just getting by or working only enough to get work done

Entrepreneurship

The process of running a business of one's own. It is often called as the engine of economy. It creates an economic creativity, rising up the wealth, job and standard way of living.

Job Specifications

The qualifications needed to perform the job satisfactorily are identified in the job specifications section. The job specifications typically are stated as: (1)knowledge, skills, and abilities; (2)education and experience; and (3)physical requirements and/or working conditions.

Value Proposition (VP)

The reason customers select the products/ services

Earnings before interest and taxes (EBIT)

The result of gross profit minus other variable costs minus fixed costs, except interest and taxes.

Gross profit

The result of revenues minus COGS

Opportunity recognition

The search and capture of new ideas that lead to business opportunities.

Entrepreneurial Alertness

The special set of observational and thinking skills of entrepreneurs that help them identify good opportunities.

Individual Performance Factors

The three major factors that affect how a given individual performs; (1) Individual ability to do the work, (2) Effort expended, and (3) Organizational support. The relationship of those factors is broadly defined in management literature as follows: Performance (P)=Ability(A) X Effort(E) X Support (S)

Cost

The time, money, opportunities you will give up in order to operate the business

Psychological Contract

The unwritten expectations employees and employers have about the nature of their work relationships. Psychological Contracts Usually Include that; >Employers Will Provide - Competitive compensation and benefits - Flexibility to balance work and home life - Career development opportunities >Employees Will Contribute - Continuous skill improvement and increased - productivity - Reasonable length of service - Extra efforts and results when needed

Opportunity Cost

The value of something you will have to give up in order to obtain something else.

Cost of goods sold (COGS)

These are the costs of materials used to make the product (or deliver the service) plus the costs of the direct labor used to make the product.

Amendments to ADA (ADAAA) in 2009

This expanded the definition of disabled individuals to include anyone with a physical or mental impairment that substantially limits one or more major life activities without regard for the ameliorative effects of mitigating measures such as medication, prosthetics, hearing aids, and son on.

Total investment in the business

This includes start-up investment

Net profit/(loss)

This is the business's profit or loss after any taxes have been paid.

The period of time for which you are calculating ROI

This is typically one month or one year.

Older Workers Benefit Protection Act(OWBPA)

This law is an amendment to the ADEA and is aimed at protecting employees when they sign liability waivers for age discrimination in exchange for severance packages. To comply with this act employees must be given complete accurate information on the available benefits.

Need Theory (Abraham Maslow)

This need theory of motivation assumes that only unsatisfied needs motivate individuals. Maslow classified human needs into five categories that ascend in a definite order. Until the more basic needs are adequately met, a person will not fully strive to meet higher needs. Maslow's well-known hierarchy is comprised of; (1) Physiological needs, (2) Safety and security needs, (3) Belonging and love needs, (4) Esteem needs, and (5) Self-actualization needs

Merge

This strategy is similar to that of acquisition but, in a merger, two companies join together to share their strengths.

Challenges to Entrepreneurship

Time management Constant high demand hours Trade barriers

What is the goal of the Workforce Profile?

To develop jobs that are inherently motivating to employees or to create work situations that are desirable enough to attract and hire competent workers.

What is the overall goal of task-based job analysis?

To identify all the tasks, duties, and responsibilities that are a part of a job.

Affirmative action needed

To overcome past injustices or eliminate the effects of those injustices Creates more equality for all persons, even if temporary injustices to some individuals may result Raising the employment level of protected-class members will benefit U.S. society in the long run Properly used, it does not discriminate against males or whites Goals indicate progress is needed, not quotas

Financial Measures

Traditional financial measures such as profit and loss, operating margins, utilization of capital, return on assets are needed to ensure that the organization manages its bottom line effectively.

Accrual Accounting Method

Transactions are recorded at the time they occur, regardless of the payment date, regardless of the transfer of cash **used by most businesses

Outsourcing

Transferring the management and performance of business function to an external service provider.

disparate treatment

Treating individual differently in employment situation Because of membership in protected classification (Protected Class)

employment discrimination acts

age and employment discrimination acts immigration and discrimination workplace religious diversity discrimination and the military

continuous improvement

always identifying and implementing changes throughout an organization to focus on the requirements of internal and external customers.

Subjective

based on individual opinion or preference.

Smart marketers emphasize a product's:

benefits.

secondary research

carried out indirectly through existing resources

current assets

cash or items that can be quickly converted to cash or will be used within one year

leasehold improvements

changes made to adapt a rented property for a particular business

Database

collection of information that is generally stored on a computer and organized for sorting and searching.

e-active marketing

combination of the two major components of Internet marketing-e-commerce and interactive marketing

Increased job satisfaction leads to more

commitment

Customer Relationship Management (CRM)

company-wide policies, practices, and processes that a business uses to manage its interactions with customers to generate maximum customer satisfaction and optimal profitability.

debt-to-equity ratio

compares total debt to total equity.

Which is not a method of market segmentation?

competitive

Whatever the business can do to attract customers better than the competition.

competitive advantage

Components of CRM

conduct your own survey, checky employees' telephone manners periodically, emphasize the importance of rules such as prompt answering and a cheerful attitude of helpfulness, make customer service a team effort, extend your efforts after hours.

primary research

conducted directly one a subject or subjects

Problem-solving model

consists of 6 steps and helps people solve problems in a logical manner.

The first step of developing a marketing plan is:

consumer analysis.

pitch letter

correspondence designed to explain the story behind a press release and why it would be interesting and relevant to the media outlet's readers, listeners, or viewers

Personal Selling

dealing with potentional customers face to face and trying to convince them to make a purchase.

long-term liabilities

debts that are due in over one year

current liabilities

debts that are scheduled for payment within one year.

quality

degrees of excellence; conformance to specifications or standards

Behavioral Interview

dialogue designed to determine the fit of a prospective employee with the requirements of a position, using prior-experience examples.

blind to differences

differences among people should be ignored and everyone should be treated equally

positioning

distinguishing a product or service from similar products or services being offered to the same market

demographic segmentation

dividing a population based on a variable such as age, gender, income, or education

geographic segmentation

dividing a population by location

psychographic

dividing a population by psychological differences, such as values, lifestyle, personality traits, and social group

behavioral segmentation

dividing the market by purchase behaviors that have been observed, such as brand loyalty or responsiveness to price

Behavioral segmentation is:

dividing the market by purchase behaviors that have been observed.

Dividend

each stockholder's portion of the profit-per-share paid out by a corporation

Cash reserve

emergency funds and a pool of cash resources. Allows you to keep operations going if you need it and take advantage of opportunities.

retention assessment and metrics

employee surveys

profit margin

net income divided by sales (percentage).

affirmative action

employers are urged to employ people based on their race, age, gender, or national origin to make up for historical discrimination Requirement for federal government contractors to document the inclusion of women and racial minorities in the workforce Employees must submit plans describing attempts to narrow the gaps between the composition of their workforces and composition of labor markets where they obtain employees

equal employment opportunity

ensuring that applicants and employees are not illegally discriminated against

Predict the Payback Period

estimated time required to bring in enough cash to cover the start-up investment

Customer Service

everything you do to keep your customers happy, especially after they've bought something.

Inventory Costs

expenses associated with materials and direct labor for production until the product is sold.

Variable Costs

expenses that vary directly with changes in the production or sales volume. COGS / COSS - cost of materials and labor - other variable costs: sales commissions, shipping & handling

quick ratio

indicates adequacy of cash to cover current debt.

Service

intangible work that provides time, skills, or expertise

brand spiraling

integrating a company's conventional offline branding strategy with its internet strategy by using conventional approaches to drive traffic to its online sites

visual control

inventory management method in which an individual assesses the stock level on hand by visual inspection and reorders when the supply appears low.

marketable securities

investments that can be converted into cash within 24 hours.

employee absenteeism

is any failure by an employee to report for work as scheduled or to stay at when scheduled

essential function

job task, duty, or responsibility that must be done by person in a job

return on sales (ROS)

net income divided by sales for a particular time period (percentage).

components of traditional diversity training

legal awareness, cultural awareness, sensitivity training

current ratio

liquidity ratio consisting of the total sum of cash plus marketable securities divided by current liabilities.

factor-rating method

location-decision criteria that are prioritized and weighted to eliminate subjective considerations.

Costs of losing a customer

loss of current dollars, loss of jobs, loss of reputation, loss of future business.

debt ratio

measures total debt versus total assets

Costs

money, energy, and time you will have to invest, as well as the opportunities you will be giving up, to operate the business

comparable worth

pay equity developed largely because of the continuing gap between the earnings of women and men

Severance

pay that is continued for a limited time to an employee who has left a company.

Prospects

people and/or organizations that may be receptive to sales pitch

Employees

people who are hired to work for someone else.

disability

physical or mental impairment that substantially limits one or more major life activities

demographics

population statistics

satisfaction

positive feelings and evaluation's derived from an individual's employment in a job

5 roots of business opportunities

problems changes inventions competition technological advances

employee turnover process

process in which employees leave an organization and have to be replaced

Can the product/ service be produced and delivered at a profit, in an ongoing manner? Is there sufficient customer demand for the product or service?

product or service feasibility

cause-related marketing

promotional efforts inspired by a commitment to a social, environmental, or political cause

institutional advertising

provides information about an organization, rather than a specific product, and is intended to create awareness about a firm and enhance its image

Net Present Value (NPV)

technique used to determine the current value of a proposed investment. If the NPV calculation yields a positive value, the investment will result in a positive return based on the owners'/investors' required rate of return.

liquidity

the ability to convert assets into cash.

Aptitude

the ability to learn a particular kind of job.

Recruitment

the act of finding and hiring employees.

Harvesting

the act of selling, taking public, or merging a company to yield proceeds for the owner(s).

Diversification

the addition of product or service offerings beyond a business's core product or service

blogosphere

the aggregate term for all the blogs on the Internet

safety stock

the amount of inventory or raw materials or work-in-progress that is kept to guarantee service levels

economic order quantity (EOQ)

the amount of inventory to order that will equal the minimum total ordering and holding costs.

market research

the collection and analysis of data regarding target markets, industries, and competitors

benchmarking

the comparison of a company's performance against that of companies in the same industry, or against best practices, standards, or certification criteria

Tax Evasion

the deliberate avoidance of an obligation to pay taxes; may lead to penalties or imprisonment.

marketing

the development and use of strategies for getting a product or service to customers and generating interest in it

Corporate Social Responsibility

the ethical obligation of a company to its community.

Position Description

the explanation of the knowledge, skills, and abilities of a job profile, as well as the position's reporting and working relationships, plus its goals and objectives.

fiscal year

the financial reporting year for a company

Performance Appraisal

the formal process used to evaluate and support employees' work performance.

long-term assets

those that will take more than one year to use.

Ideas

thoughts or concepts that come from creative thinking.

Total gross profit =

total revenue - COGS

cultural awareness

trainers hope to build greater understanding of the differences among people, helps all participants see the differences in people and widely varying cultural backgrounds

legal awareness

training focuses on the legal implications of discrimination

Cash Accounting Method

transactions are recorded when cash is paid out or received

Discrimination

treating people differently in employment situations because of characteristics such as race , color, and gender, that have nothing to do with their ability to perform a particular job

Strategic Plan

typically a three- to five-year overall design to achieve long-term growth, sales, and positioning goals for a business

stealth marketing

undercover or deceptive marketing efforts that are intended to appear as if they happened naturally

Spam

unwated advertisements

Economics of one unit (EOU)

used to determine whether a business model can be successful by calculating if an individual unit of the good or service would be profitable = (selling price - COGS)/gross profit

Line Extension

using an established brand to promote different kinds of products

Book Value

valuation of a company as assets minus liabilities.

When is due diligence complex?

when merger and acquisition involves companies in different countries