business studies

people in business

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People Key Terms
Leadership & Management
· Authoritarian Leadership: This style of management means that one person makes the decisions.
· Democratic Leadership: This style of management allows employees to take part in decision making.
· Laissez Faire Leadership: Employees are left to make many of the decisions rather than receiving clear
instructions.
· Delegation: Giving others the authority to undertake a task.
· Hierarchy: An organisation in which power and responsibility are built up in layers with the most powerful
at the top.
· Line Manager: A worker's immediate superior.
· Span of Control: The number of people or departments that a person has under their command.
Remuneration
· Bonuses: Additional amounts of money above normal pay as a reward for good work.
· Commission: Payment relating to the number of sales made, often calculated as a percentage value of sales.
· Fringe Benefits: Non monetary rewards given as incentives to employees. (perks)
· Minimum Wage: The lowest sum an employer can legally pay an employee.
· Performance Related Pay: Pay related to the effectiveness of the employee.
· Salary: A system of pay based on an annual income, paid monthly or weekly, that may not lay down the num-
ber of hours to be worked.
· Wage: Payment for work usually paid weekly.
People Key Terms
Leadership & Management
· Authoritarian Leadership: This style of management means that one person makes the decisions.
· Democratic Leadership: This style of management allows employees to take part in decision making.
· Laissez Faire Leadership: Employees are left to make many of the decisions rather than receiving clear
instructions.
· Delegation: Giving others the authority to undertake a task.
· Hierarchy: An organisation in which power and responsibility are built up in layers with the most powerful
at the top.
· Line Manager: A worker's immediate superior.
· Span of Control: The number of people or departments that a person has under their command.
Remuneration
· Bonuses: Additional amounts of money above normal pay as a reward for good work.
· Commission: Payment relating to the number of sales made, often calculated as a percentage value of sales.
· Fringe Benefits: Non monetary rewards given as incentives to employees. (perks)
· Minimum Wage: The lowest sum an employer can legally pay an employee.
· Performance Related Pay: Pay related to the effectiveness of the employee.
· Salary: A system of pay based on an annual income, paid monthly or weekly, that may not lay down the num-
ber of hours to be worked.
· Wage: Payment for work usually paid weekly.

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People Key Terms
Recruitment & Human Resources
· Equal Opportunities: Treating all employees equally regardless of race, gender or disability.
· Job Description: A document which outlines the responsibilities and duties expected of an employee.
· Job Specification: Document which outlines the requirements, qualifications and expertise required from
a person to do a specific job.
· Labour Turnover: The number of employees leaving a firm over a period of time.
· Recruitment: An attempt to increase the number of employees.…read more

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