Business Management Half Yearly Palm Cards

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What is Human Resource Planning (HRM)?
HRM is the management function of using and developing people within a business to meet its organisational objectives.
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What is workforce planning?
The recruitment, selection and induction of new employees.
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What is labour turnover?
It measures the percentage of the workforce that leaves the organisation in agiven time period, usually a year.
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What is demographic change?
The supply of human resources in a country is affected by demographic change in the workforce.
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What is labour mobility?
The extent to which labour can move to different locations and flexibility in changing to different jobs.
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What is the recruitment and selection process?
1. Job analysis 2. Job advertisement 3. Job description 4. Person specification
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What is the application process?
1. Application form 2. Curriculum Vitae 3. Cover letter
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What is an appraisal?
A formal assessment of an employee's performance in fulfilling his or her job based on the tasks and responsibilities set out in their job description.
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What are 4 types of appraisals?
1. Formative 2. Summative 3. 360-degree feedback 4. Self-appraisal
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What is dismissal?
Termination of a worker's employment due to incompetence or a breach of contract.
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What is ageing population?
The net birth rate falls and that means that the size of the future workforce will also fall.
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What is offshoring?
An extension of outsourcing that involves relocating business activities and processes abroad.
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What is re-shoring?
The reversal of offshore outsourcing, the transfer of business operations back to their countries of origin.
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What are the 5R problems for organisations?
Recruitment, resources, reservations, returns and reputation
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What is economies of scale?
When their is a lower average cost of production as a firm operates on a larger scale due to improvement in production efficiency.
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What are conglomerates?
Businesses with a diverse portfolio of different products and markets.
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What are diseconomies of scale?
The 'tipping point' when a business becomes too large and economies of scale can no longer be exploited.
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What is internal (organic) growth?
Uses its own capabilities and resources to increase its scale of operations and sales revenue.
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What is external growth?
Using outside organisations to increase scale of operations and revenue.
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What are M&As?
The amalgamation of two or more businesses to form a company.
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What is a merge?
When two or more firms agree to form a new company.
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What is an acquisition (takeover)?
When a company buys controlling interest in another firm.
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What are joint ventures?
Occur when two or more businesses spilt the cost, risks, control and rewards of a business project.
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What are strategic alliances?
When two or more businesses cooperate in a business venture for mutual benefit.
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What is globalisation?
the growing integration and interdependence of the world's economies.
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What is a MNC (Multi National Company)?
Has a head office in home country unlike transnational company.
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Other cards in this set

Card 2

Front

What is workforce planning?

Back

The recruitment, selection and induction of new employees.

Card 3

Front

What is labour turnover?

Back

Preview of the front of card 3

Card 4

Front

What is demographic change?

Back

Preview of the front of card 4

Card 5

Front

What is labour mobility?

Back

Preview of the front of card 5
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