Term
| Downsizing vs. Rightsizing |
|
Definition
| Rightsizing and downsizing are very similar. In fact, they are so similar that many people use the terms interchangeably. Rightsizing is more about shifting the workforce to make the business run smoother. Downsizing is more about the total reduction in the workforce. |
|
|
Term
|
Definition
| A labor supply curve shows the number of workers who are willing and able to work in an occupation at different wages. You can easily demonstrate that the labor supply curve has a positive slope by deriving one with your students. Just pick an occupation—say, phone solicitor—and ask your students to raise their hands if they’d be willing to enter it after they graduate for $10,000 a year. Plot the quantity of labor supplied at those earnings as a point on a graph. Continue raising the earnings in $10,000 increments—and plotting points—until almost everyone in the class has been enticed to enter the occupation. Draw a curve through the points to show the labor supply curve. |
|
|
Term
|
Definition
| Human resources planning is a process that identifies current and future human resources needs for an organization to achieve its goals. Human resources planning should serve as a link between human resources management and the overall strategic plan of an organization. Aging worker populations in most western countries and growing demands for qualified workers in developing economies have underscored the importance of effective Human Resources Planning. |
|
|
Term
| Retention: Involuntary turnover |
|
Definition
| When an employee is removed by force and not willingly |
|
|
Term
|
Definition
A sample calculation for a 10-year period is based on 100 employees, 50 of whom remain employed in the same occupational group for 10 years. If 10 of those employees are terminated or leave the company and 40 stay with the company for eight years, your basic retention rate is 90 percent. Ten employees who leave represent 10 percent of the work force, leaving 90 percent retention.
Read more: http://www.ehow.com/how_7682107_measure-employee-retention.html#ixzz2uIn8Iu8O |
|
|
Term
| Retention Voluntary turnover |
|
Definition
| when employees leave willingly and on their own |
|
|
Term
|
Definition
| Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership positions in the company. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available. Taken narrowly, "replacement planning" for key roles is the heart of succession planning |
|
|
Term
|
Definition
| Job knowledge tests, sometimes referred to as achievement or mastery tests, typically consist of questions designed to assess technical or professional expertise in specific knowledge areas. Job knowledge tests evaluate what a person knows at the time of taking the test. Unlike cognitive ability tests, there is no attempt to assess the applicant's learning potential. In other words, a job knowledge test can be used to inform employers what an applicant currently knows, but not whether the individual can be relied on to master new material in a timely manner. |
|
|
Term
| Bona Fide Occupational Qualifications |
|
Definition
Bona fide occupational qualifications (BFOQ) are employment qualifications that employers are allowed to consider while making decisions about hiring and retention of employees. The qualification should relate to an essential job duty and is considered necessary for operation of the particular business. |
|
|
Term
| Discretionary assessment methods |
|
Definition
| Choice of Assessment Method ... When random selection is used to select the finalist to whom a job offer will be made, discretionary assessment methods should be used. |
|
|
Term
|
Definition
| Determining the human resources required by an organization involves identifying the jobs, skills and knowledge required by those jobs and the performance level of the current workforce. Using this data, you can forecast hiring or reorganizing needs for both the short and long term. Forecasting methods typically includes using past data to predict future staffing. Additionally, organizations can use survey, benchmarking and modeling techniques to estimate workforce staffing numbers. Use several methods and cross-check your findings to obtain the most accurate results. |
|
|
Term
|
Definition
A scorecard is a methodology to look at how an organization is performing by measuring the performance. How an organization performs is based on the mission and vision created into a road map. For example, a scorecard determines if you are meeting your financial goals and customer satisfaction. Human resource (HR) departments are not directly tied to profits and customer satisfaction, yet the department can be measured for performance goals that meet the organization's standards by using a scorecard.
Read more: http://www.ehow.com/info_7754692_hr-scorecard.html#ixzz2uIv2rxXs |
|
|
Term
|
Definition
| In corporate finance, Economic Value Added (EVA), is an estimate of a firm's economic profit – being the value created in excess of the required return of the company's investors (being shareholders and debt holders). Quite simply, EVA is the profit earned by the firm less the cost of financing the firm's capital. The idea is that value is created when the return on the firm's economic capital employed is greater than the cost of that capital. This amount can be determined by making adjustments to GAAP accounting. There are potentially over 160 adjustments that could be made but in practice only five or seven key ones are made, depending on the company and the industry it competes in. |
|
|
Term
|
Definition
An electronic monitoring device keeps track of a person's activities. Typically, a court orders a person to wear an electronic monitoring device. Some devices attach to the wrist or ankle. The devices program a person's forbidden and allowed areas.
Read more: http://www.ehow.com/facts_5541489_types-electronic-monitoring-devices.html#ixzz2uIw4thSW |
|
|
Term
|
Definition
| A performance appraisal (PA), performance review, performance evaluation,[1] (career) development discussion,[2] or employee appraisal[3] is a method by which the job performance of an employee is evaluated. Performance appraisals are a part of career development and consist of regular reviews of employee performance within organizations. |
|
|
Term
|
Definition
A business or financial analysis technique that seeks to understand behavior by using complex mathematical and statistical modeling, measurement and research. By assigning a numerical value to variables, quantitative analysts try to replicate reality mathematically.
Quantitative analysis can be done for a number of reasons such as measurement, performance evaluation or valuation of a financial instrument. It can also be used to predict real world events such as changes in a share price. |
|
|
Term
|
Definition
| Benchmarking is the process of comparing one's business processes and performance metrics to industry bests or best practices from other industries. Dimensions typically measured are quality, time and cost. In the process of best practice benchmarking, management identifies the best firms in their industry, or in another industry where similar processes exist, and compares the results and processes of those studied (the "targets") to one's own results and processes. In this way, they learn how well the targets perform and, more importantly, the business processes that explain why these firms are successful. |
|
|
Term
|
Definition
|
|
