chapter 9 business

a company that gives employees an amount of stock based not he time the person as worked there is running an

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amit patel, as part of his compensation package, was offered an opportunity to purchase his company's stock at a later date at its current, lower price. which of the following was Amit given?

a stock option

employee stock purchase plan

allow employees to buy company stock at a discount

stock option

allow employees to purchase a specific number of shares of stock at a specific price but only at a specific point in time

compressed workweek

allows employees to work 4 10-week hour days each week, or 9 days instead of 10 in a 2-week schedule for 80 hours

the performance review process often includes all of the following except

an evaluation of the employee's social standing in the work environment

types of training required in some careers include

an on the job mentor time spent as an apprentice programmed learning

performance appraisal

are an evaluation of an employee's performance that gives them feedback about how well the worker is doing, as well as where changes and improvements are needed

salary

are annual pay for a specific job

work/life benefits

are benefits that help an employee achieve a balance between the demands of life both inside and outside the workplace

commissions

are compensation based directly on an employee's performance

bonus

are compensation based on total corporate profits

independent contractors

are contingent workers hired for hard to fill jobs that require state of the art skills in construction, financial activities, and professional and business services

consultants

are contingent workers who are generally self employed and who companies hire on a temporary basis to perform specific tasks

401k plan

are defined contribution plans in which pretax dollars are invested in a bundle of investments that are generally managed by an outside investment company

mentor

are experienced individuals who help a less experienced person by explaining how to perform specific tasks, creating opportunities for them to learn new skills, and counseling them about the consequences of particular actions and decisions

worker buyout

are financial incentives given to older employees to entice them to retire early

bargaining unit

are groups of employees the negotiate with an employer for better working conditions or pay

permanent part time employee

are hired on a permanent bases to work a part time week

employee benefits

are indirect financial and nonfinancial payments an employer offers that supplement cash compensation

labor union

are legally recognized groups dedicated to protecting the interests of workers

wages

are payments for hourly work

contingent workers

are people who are hired on an as needed basis and lack status as regular, full time employees

pension plan

are programs that provide income to individuals in their retirement

strikebreakers

are replacement personnel hired by management to replace striking union employees

locals

are subsets of a larger union that represents smaller groups of workers with interests specific to their industry, region, company, or business sector

job specifications

are the skills, education, experience, and personal attributes candidates need to possess to successfully fulfill the role

which of the following are benefits that companies experience by employing a diverse workforce?

cultural difference result in alternative perspectives and lead to better problem solving they fulfill expected affirmative action standards companies become more competitive in the global marketplace

job analysis

defines in detail the particular duties and requirements of the tasks and responsibilities an employee is required to perform

employment at will means workers have increased job security

false

internal recruiting means an open position will be filled by friends and family first

false

diversity training

helps employees and managers improve their understanding of each other's differences

orientation program

integrated a new employee into the company

affirmative action

is a commitment to improve the opportunities of defined minority groups

picket

is a form of protest during a strike when workers walk around the company entrances carrying signs and distributing pamphlets that display the nature of their grievances

job description

is a formal statement that summarizes what the employee will do in that role

employment at will

is a legal doctrine that states than an employer can fire an employee for any reason at any time

workforce profile

is a personnel inventory that includes information about each employee, such as age, education, training, experience, specialized skills, and current and previous positions held within the company

reverse mentoring

is a practice whereby older employees, often executives, are trained by younger ones on how to use technology and on new trends in the marketplace

mediation

is a process that involves a neutral third party that assists the two parties both privately and collectively to identify issues and develop proposals for resolution

flextime

is an alternative scheduling practice in which management defines a total number of required hours as score workday and is flexible with starting and ending ties

performance management

is an approach that combines goal setting, performance appraisals, and training and development into a unified and ongoing process

job sharing

is an arrangement in which two employees work part time to share one full time job

360 degree appraisal

is an evaluation in which input is solicited, usually anonymously, not from just a person's managers, but also from coworkers, customers, and subordinates

internal recruiting

is filling job vacancies with existing employees from within a business

collective bargaining

is negotiations between the bargaining unit and the employer for better working conditions and terms of employment

compensations

is payment for work performed, consists of financial and non financial payments

human resource management

is the organizational function that deals with the people in the business: executives and managers plus frontline production, sales, and administrative staff

retirement

is the point in one's life where on stops participating full time in a career

recruitment

is the process of finding, screening, and selecting people for a specific job

forecasting

is the process through which future demands for firm's products and employees is determined

on the job training

is used to teach the skills for a job as the employee is working

telecommuting

is work from home or another location away from the office

which of the following is not a good reason to hire a contingent worker?

keeping employees for shorter periods of time keeps salary costs low

the AFL-CIO, the UAW and the teamsters are examples of

labor unions

external recruiting

looks outside a business to fill job vacancies

human resource management requires expertise in

managing staffing needs as a company evolves training and evaluating employees compensation, disciplinary actions and promotion of employee

a bargaining unit

negotiates with employers for better working conditions

lockout

occur when management refuses to allow union members to enter a business's premises

boycott

occur when supporters refuse to buy or handle a company's products or services

strike

occur when workers agree stop work until certain demands are met

arbitration

occurs when a third party settles the dispute after hearing all the issues

programmed learning approach

occurs when an employee is asked to perform step by step instructions or respond to questions

online training

or distance learning, allows employees to take college classes on the internet at their convenience, enabling them to obtain specific job related education or pursue a degree

flexible benefit plan

permit an employee to pick from a menu of several choices of taxable and nontaxable forms of compensation

management development programs

prepare management trainees to become managers within an organization

simulation training

provides realistic job task training in a manner that is challenging but does not create the threat of failure

profit sharing plan

refer to a range of employee and executive compensation plans that depend on the company hitting certain profit targets

termination

refers to the act of permanently laying off workers due to poor performance or a discontinued need for their services

incentive based payment

structures have a lower base salary enhanced with commissions, compensation based directly on an employee's performance

off the job training and development

techniques require employees to participate in outside seminars, university conducted programs, and corporate universities

apprentice training program

train individuals through classroom or formal instruction and on the job training

a diversified workforce adds creativity and a variety of viewpoints to the workforce, which often helps improve a company's competitiveness and its bottom line

true

profit sharing could mean that in a good year, employees get bonuses, or it could refer to the company's contributions to an employee retirement plan

true

some companies use 360 degree appraisal of employees, gathering input from both their managers and their subordinates

true

employee stock ownership plan

use a company's pension plan for employees to invest in company stock, effectively giving employees significant ownership in a company

congress of industrial organization

was formed in 1935 to represent entire industries rather than specific workers' groups

american federation of labor

was founded in 1886 to protect skilled workers

James Rodriguez wants to spend more time at home with his two year old granddaughter and is considering leaving his company. he could receive three months' pay and the same retirement package he will be eligible for in three years' time if he leaves now. this type of offer is called a

worker buyout