1. Attrition - This
term refers to the voluntary and involuntary terminations, deaths and employee
retirements that result in a reduction to the employer's physical
workforce. If you work in a human resources department at a large organization,
keeping track of attrition trends can be a job in and of itself.
2. Balanced Scorecard - Developed
in the early 1990s by Drs. Robert Kaplan and David Norton, the term
“balanced scorecard” refers to a management and measurement system, which
evaluates four areas of business: internal business processes, financial
performance, customer knowledge and learning and growth.
3. Behavioral Competency - Behavioral competency is essentially an evaluation of the
behavior qualities and character traits of an employee. How these competencies
are defined can vary by employer, but fundamentally they revolve around people
skills, managerial skills and achievement skills. Certain positions work better
for certain behavioral competencies, and these particular markers will help
determine whether a candidate will be successful at the position he or she is
applying for—as you might imagine, a candidate applying for a managerial
position should have strong achievement and development-related competencies.
4. Bench-marking - Bench-marking
is a process of measuring the performance of an organization or team through a
variety of metrics—for example, customer satisfaction rate, sales and
retention—for future comparison. Bench-marking can be used to compare internal
performance and the external performance of competitors to measure if
improvement has occurred.
5. Broad Banding - Broad
banding is a pay structure that places less emphasis on hierarchy than job
duties, skills and performance. This type of pay structure encourages the
development of a wide variety of employee skills and growth but comes with a
significant decrease in promotion opportunities. For example, a company that
subscribes to broad banding may have a larger range of potential salaries for a
marketing specialist, while a company that doesn’t is likely to have multiple
titles with a smaller range of potential salaries for each (for example: junior
marketing specialist, marketing specialist and sr. marketing specialist).
6. Bumping - Bumping
is a practice that gives established senior employees whose positions are to be
eliminated the option of taking other positions—often a step down, complete
with less pay—within the company that they are qualified for and that are
currently held by employees with less seniority. This is a way for an
organization to retain institutional knowledge and experienced workers.
7. Change Management - This
is a considered approach for transitioning individuals or organizations from
one state to another in order to manage and monitor change. Companies can
stay ahead of the game when they think ahead about how they can manage the
introduction, implementation and consequences of major organizational
changes.
8. Confidentiality Agreement - This is an agreement between an employer and employee in
which the employee may not disclose branded, patented or confidential
information. Many companies have protected information that, if leaked, could
be devastating for the brand or welfare of the organization—a confidentiality
agreement serves as legal protection from this.
9.
Distributive Bargaining - Distributive
bargaining is the negotiation between competing parties that involves the
distribution of a finite resource. One party prevails, to the detriment of the
other.
10. Due Diligence - Generally
speaking, due diligence refers to the steps taken to ensure compliance with
laws and regulations. In mergers and acquisitions, due diligence is the process
of thoroughly examining the details of an investment or purchase to ensure all
paperwork and documentation is up to date and compliant.
11. Emotional Intelligence - Emotional intelligence is the ability to recognize, assess
and manage ones’ own emotions, as well as others’ emotions. High emotional
intelligence is a must-have skill for those working in human resources.
12. Exit interview – An
exit interview is the final meeting between management and an employee leaving
the company. Information is gathered to gain insight into work conditions and
possible changes or solutions, and the employee has a chance to explain why he
or she is leaving.
13. Freedom Of Association - Freedom of association is a right for people to associate
with (or leave) any group of their choosing. That group also has the right to
take collective action in pursuit of its members’ interests. In an HR context,
this generally refers to workers’ freedom to form labor unions.
14.
Grievance - A grievance is a complaint brought
forward by an employee about an alleged violation of law or dissatisfaction
with work conditions.
15. Gross Misconduct - Gross
misconduct is an action so serious that it calls for the immediate dismissal of
an employee. Physical violence and intoxication at work are two common
examples of this.
16. Hawthorne Effect - The
Hawthorne effect is a phenomenon observed as a result of an experiment
conducted by Elton Mayo. In an experiment intended to measure how a work
environment impacts worker productivity, Mayo’s researchers noted that workers’
productivity increased not from changes in environment, but when being watched.
Applied to HR, the concept is that employee motivation can be influenced by how
aware they are of being observed and judged on their work—a basis for regular
evaluation and metrics to meet.
17. Nepotism - Nepotism
is preferential hiring of relatives and friends, even though others might be
more qualified for those positions. The favoritism is generally showed by
individuals in a position of authority such as CEOs, managers or supervisors.
18. On-boarding - On-boarding
is the process of moving a new hire from applicant to employee status, ensuring
that paperwork is done and orientation is completed.
19. Retention Strategy - Retention
strategy refers to the processes and policies used to ensure employees stay. In
order to retain employees and reduce turnover, managers must help employees
meet their goals without losing sight of the organization’s goals. This is
always a balance that must be managed carefully.
20. Succession Planning - This
is the process of identifying long-range needs and cultivating a supply of
internal talent to meet those future needs. It assists in finding, assessing
and developing the individuals necessary to the strategy of the organization.
#rahulinvision
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