HR & The Employee Life Cycle
What are the three stages of the Employee Life Cycle?
Recruitment, Onboarding, and Retirement.
What do you call employee pay that is based on the specific hours worked?
Hourly pay.
What financial term refers to all the money that comes in, representing the total amount?
Gross.
What is the term for predicting the future using factual information?
Forecasting
What does the acronym CSR stand for?
Corporate Social Responsibility.
What is it called when an employee focuses on a few specific tasks to become very good at them?
Job Specialization
What do you call being paid a fixed annual amount?
Salary.
What is the difference between Revenue and Profit?
Revenue is money earned from selling a product; Profit is the money left over after bills have been paid.
What is the purpose of a company's mission statement?
To explain why the company exists and what it aims to do.
What three questions should a business ask to check if a choice is ethical, legal, and fair?
Is it following the law? Is it honest? Does it treat people equally?
Why is specialization useful for employees?
It helps them do tasks faster and with fewer mistakes.
Why is being objective better than being subjective for a manager?
It reduces bias and improves fairness.
Rent, utilities, wages, and advertising are examples of what type of business expense?
Operating Expenses.
How does a SWOT analysis directly help a business achieve its goals?
It tells the company what it needs to fix to live up to its Mission Statement.
Why might ethical rules change or look different for a business operating in different countries?
Countries have different cultures, beliefs, and laws.
This type of verb shows a clear action you can see or check to help measure employee duties.
A measurable verb.
Why is it important for employers to recognize or praise their employees?
It boosts motivation and retention.
What is the fundamental difference between an Asset and a Liability?
Assets are what a business owns; Liabilities are what a business owes.
What do you call the direction numbers are moving, such as up, down, or flat?
A Trend.
What negative consequences can happen to a company that does not act responsibly?
Customers may stop buying from them, and they can get in trouble or lose money.
What is the difference between required skills and preferred skills on a job description?
Required skills are must-have abilities needed to do the job; preferred skills are nice-to-have abilities that give candidates an advantage.
What practice addresses workplace conflicts early to find fair solutions that benefit the business?
Conflict Resolution.
What three specific things does a Balance Sheet show?
What a business owns, what a business owes, and what the owner owns.
Identify the trends for these two number patterns: (10, 12, 15) and (30, 31, 31, 32).
The first is trending up; the second is trending flat (no significant change).
How can a business ensure it uses new technology in a safe and fair way?
By checking for risks, listening to workers, and fixing small issues early.