RSM100Y1 Chapter Notes - Chapter 8: Employee Benefits, Performance Appraisal, Outsourcing
Document Summary
Human resource management: the function of attracting, developing, and retaining employees who can perform the activities needed to meet organizational objectives. Performance appraisal: e(cid:448)aluatio(cid:374) of a(cid:374)d feed(cid:271)a(cid:272)k o(cid:374) a(cid:374) e(cid:373)ployee"s jo(cid:271) pe(cid:396)fo(cid:396)(cid:373)a(cid:374)(cid:272)e. Compensation: the amount employees are paid in money and benefits. Wage: pay based on hourly rate or the amount of work accomplished. Salary: pay calculated on a periodic basis, such as weekly or monthly. Employee benefit: additional compensation- such as vacation time, retirement saving plans, profit sharing, health insurance, gym memberships, child and elder care, and tuition reimbursement- paid entirely or in part by the company. Employee separation: a broad term for the loss of an employee for any reasons, voluntary or involuntary. Downsizing: the process of reducing the number of employees within a firm by eliminating jobs. Outsourcing: using outside vendors to produce goods or services and functions that were previously handled in-house or in-country. Maslow"s hierarchy of needs: a theory of motivation proposed by abraham maslow.
