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Human Resources Management (HRM)
all the activities involved in acquiring, maintaining, and developing an organization's human resources
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Human Resources Planning
the development of strategies to meet a firm's future human resources needs
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Replacement Chart
a list of key personnel and their possible replacements within a firm
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Skills Inventory
a computerized data bank containing information on the skills and experience of all present employees
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Cultural (workplace) Diversity
differences among people in a workforce owing to race, ethnicity, and gender
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Job Analysis
a systematic procedure for studying jobs to determine their various elements and requirements
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Job Description
a list of the elements that make up a particular job
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Job Specification
a list of the qualifications required to perform a particular job
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Recruiting
the process of attracting qualified job applicants
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External Recruiting
the attempt to attract job applicants from outside an organization
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Internal Recruiting
considering present employees as applicants for available positions
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Selection
the process of gathering information about applicants for a position and then using that information to choose the most appropriate applicant
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Orientation
the process of acquainting new employees with an organization
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Compensation
the payment employees receive in return for their labor
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Compensation System
the policies and strategies that determine employee compensation
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Wage Survey
a collection of data on prevailing wage rates within an industry or a geographic area
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Job Evaluation
the process of determining the relative worth of the various jobs within a firm
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Comparable Worth
a concept that seeks equal compensation for jobs requiring about the same level of education, training, and skills
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Hourly Wage
a specific amount of money paid for each hour of work
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Salary
a specific amount of money paid for an employee's work during a set calender period, regardless of the actual number of hours worked
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Commission
a payment that is a percentage of sales revenue
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Incentive Payment
a payment in addition to wages, salary, or commissions
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Lump-Sum Salary Increase
an entire pay raise taken in one lump sum
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Profit Sharing
the distribution of a percentage of a firm's profit among it's employees
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Employee Benefit
a reward in addition to regular compensation that is provided indirectly to employees
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Flexible Benefit Plan
compensation plan whereby an employee receives a predetermined amount of benefit dollars to spend on a package of benefits he or she has selected to meet individual needs
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Employee Training
the process of teaching operations and technical employees how to do their present jobs more effectively and efficiently
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Management Development
the process of preparing managers and other professionals to assume increased responsibility in both present and future positions
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Performance Appraisal
the evaluation of employees' current and potential levels of performance to allow managers to make objective human resources decisions
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