BUS 165: Chapter 18
Exempt
A federal government descriptor of employees who are exempt from the Fair Labor Standards Act and are generally paid salaries
nonexempt
a federal government descriptor of employees under the Fair Labor Standards Act who get an hourly wage and time and a half over time
nepotism
a management philosophy of selecting and promoting people based on family ties
meritocracy
a management philosophy of selecting and promoting people solely based on them being the most capable person for the job
Employee Referral
an underused, low-cost method which rewards your employees for recommending potential candidates that would be a great employee fit
open book policy
concept that key employees should be able to see and understand a firm's financials, that they should have a direct stake in the strategy and success of the firm
job description
defines and discusses all the essential knowledge, skills, and abilities that are needed to fulfill the position
On the Job Training
delivered to employees while they perform their regular jobs and techniques include orientations, job instruction training, apprenticeships, internships, and assistantships, job rotation, and coaching
Virtual Employee
independent contractor's who provide specialized business services or support from a distance, through the internet, telephone, fax, or another method of communication
internet recruiting
method of recruiting that allows you to search a resume database or post a job description to the web. A small business owner who knows exactly what he wants can use filters to search vast numbers of resumes with pinpoint accuracy
psychological contract
refers to employees' beliefs about the promises between the employee and the firm. These beliefs are based on the perception that promises have been made in exchange for certain employee obligations such as giving of their energy, time, and technical skills
living wage
the amount needed for a person to meet the basic necessities of life from a single job
Employee Fit
the match between the needs, expectations, and culture of the small business with the expectations and skills of the individual employee
probationary period
trial period in which an employee has part-time status before a formal offer to work full-time is presented