| Balanced Scorecard |
| A popular strategic management concept developed in the early 1990's by Drs. Robert Kaplan and David Norton, the balanced scorecard is a management and measurement system which enables organizations to clarify their vision and strategy and translate them into action. The goal of the balanced scorecard is to tie business performance to organizational strategy by measuring results in four areas: financial performance, customer knowledge, internal business processes, and learning and growth. |
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| Behavioral competency |
| The behavior of the employee which is the subject of measurement and appraisal in terms of whether or not the behaviors shown by an employee are those identified by job analysis/competency profiling as those contributing to team and/or organizational success. |
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| Benchmarking |
| A technique using quantitative or qualitative data to make comparisons between different organizations or different sections of the organizations. |
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| Change management |
| The deliberate effort of an organization to anticipate change and to manage its introduction, implementation, and consequences. |
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| Coaching |
| A one-to-one process between a manager and subordinate, whereby the former will ‘train’ the latter. See also Mentoring. |
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| Confidentiality agreement |
| An agreement restricting an employee from disclosing confidential or proprietary information. |
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| Core competencies |
| The skills, knowledge and abilities which employees must possess in order to successfully perform job functions which are essential to business operations. |
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| Corporate mission |
| The aims and objectives of an organization. |
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| Collateral |
| Cyclical unemployment |
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| Due diligence |
| A critical component of mergers and acquisitions, it is the process by investigation and evaluation is conducted to examine the details of a particular investment or purchase by obtaining sufficient and accurate information or documents which may influence the outcome of the transaction. |
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| Emotional Intelligence |
| Describes the mental ability an individual possess enabling him/her to be sensitive and understanding to the emotions of others as well as being able to manage their own emotions and impulses. |
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| Employee Relations |
| A broad term used to refer to the general management and planning of activities related to developing, maintaining, and improving employee relationships by communicating with employees, processing grievances/disputes, etc. |
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| Employee retention |
| Organizational policies and practices designed to meet the diverse needs of employees, and create an environment that encourages employees to remain employed. |
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| Empowerment |
| The process of enabling or authorizing an individual to think, behave, take action, and control work and decision-making in autonomous ways. |
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| Exit Interview |
| An interview between a member of staff of the organization that an employee is leaving to ascertain the reasons for the employee leaving the organization. Should not be carried out by employee’s immediate superior. Used for possible changes. |
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| Goal Setting |
| The process of setting and assigning a set of specific and attainable goals to be met by an individual, group or organization. |
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| Human Capital |
| The collective knowledge, skills and abilities of an organization’s employees. |
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| Incentive pay |
| Additional compensation used to motivate and to reward employees for exceeding performance or productivity goals. |
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| Job Description |
| A written description of a job which includes information regarding the general nature of the work to be performed, specific responsibilities and duties, and the employee characteristics required to perform the job. |
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| KPI’s |
| Key Performance Indicators. Tasks that have been agreed between an employee and line manager/HR with an expectation that they will be completed satisfactorily in the time agreed or as an ongoing task. |
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| Mentoring |
| A one-to-one process between an outside trainer and an employee, whereby the former will ‘train’ the latter. See also Coaching. |
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| Mission Statement |
| A statement illustrating who the company is, what the company does, and where the company is headed. |
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| Motivation |
| The reason(s) why a person works at a particular job and for a particular organization. Subject to various theories relating to the way they do things. |
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| Myers-Briggs Type Indicator |
| A psychological test used to assess an individuals personality type. |
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| OSH |
| Occupational health and safety – the law relating to the health and safety of personnel at work. |
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| Orientation |
| The introduction of employees to their jobs, co-workers, and the organization by providing them with information regarding such items as policies, procedures, company history, goals, culture, and work rules. |
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| Outsourcing |
| A contractual agreement between an employer and an external third party provider whereby the employer transfers responsibility and management for certain HR, benefit or training related functions or services to the external provider. |
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| Performance Management |
| This is a process of identifying, evaluating and developing the work performance of employees in an organization, in order that organizational objectives are more effectively achieved and understood by employees. |
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| Recruitment |
| The process of bringing into an organization personnel who will possess the appropriate education, qualifications, skills and experience for the post offered. |
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| Redundancy |
| The act of dismissing an employee when that employee is surplus to the requirements of the organization. |
