Intro to Business Chapter 8 Vocab.

Work Environment

The physical conditions and the psychological atmosphere in which employees work

Downsizing

A planned reduction in the number of employees needed in a firm in order to reduce costs and make the business more efficient

Compensation

Amount of money paid to an employee for work performed

Diversity

As it applies to businesses and organizations, is the comprehensive inclusion of people with differences in personal characteristics and attributes

Benefits

Compensation in forms other than direct payment

Incentive Systems

Connect the amount of compensation to the quality or quantity of an employee's performance

Salary and Wages

Direct payment to an employee for work completed

Termination

Ends the employment relationship between a company and an employee

Organizational Culture

Environment in which people work, made up of the atmosphere, behaviors, beliefs, and relationships

Job Analysis

Is a specific study of a job to identify in detail the job duties and skill requirements

Labor Union

Is an organized group of employees who negotiate with employees about issues

Glass Ceiling

Is artificial limit placed on minority groups moving into potions of authority and decision-making

Promotion

Is the advancement of an employee to a potion with greater responsibility

Transfer

Is the assignment of an employee to another job in the company with a similar level of responsibility

Workforce

Made up of all the people 16 years and older who are employed or who is looking for job

Outsourcing

Removes work from one company and sends it to another company that can complete it at lower cost