Key Terms in Trade Unions and Rewards
This content provides key terms related to trade unions, including arbitration, closed shop, collective bargaining, industrial dispute, and more. It also covers reward systems such as bonus schemes, job evaluation, and performance-related pay.
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Presentation Transcript
Key Terms Trade Unions terms Arbitration settlement of a dispute by intervention of a neutral third party Closed shop an arrangement whereby all employees in an organisation have to belong to a specified union (now outlawed) Collective bargaining Bargaining between employers and trade unions acting collectively on behalf of members. Employee relations Various aspects of the relationship between employers and employees.
Trade Union terms (cont) Employers federation an association of employers within a sector of the economy of country Incomes policy Government intervention I the pay negotiation process used to keep pay increases under control Industrial action Generic name for sanctions imposed by unions in support of a pay claim or some other dispute Industrial democracy attempts to increase employee participation in decision making Industrial dispute dispute between employees and employers
Trade Union terms (cont) Negotiation the process of reaching an agreement by discussion Participation involvement of employees in decision making Restrictive labour practice a policy of organised labour to control the way work is organised to preserve the interests of the workers Staff associations a recognised association of employees that fulfils some, but not all, trade union fuctions
Trade Union terms (cont) Trade dispute a dispute between an employers and employee Trade union an organisation of employees established to further their interests
Rewards Bonus scheme employee incentive applied either individually or to a group Broadbanding the compression of a hierarchy of pay grades into a small number of wide bands Job evaluation the placing of jobs in order of rank so that employees can be rated fairly Measure day work pre-specified daily output in return for a fixed daily rate of pay
Rewards (cont) Performance related pay payment of a bonus linked to subjective measure of individual performance Piece rate pay related to the number of units of output Profit-related pay an element of pay is linked to company profits Salary A fixed annual amount, payable I 12 or 13 equal instalments Wage weekly cash payments that are subject to fluctuation depending on overtime, piece rate, bonuses and so on
HR Planning Core worker employees regarded as being central importance Human resource management those aspects of management which deal with the human side of the business Labour turnover a measure of the extent to which employees enter and leave an organisation Human resource planning a comparison of the organisations existing human resources against its forecast needs
HR Planning (cont) Peripheral workers part-time, temporary and subcontracted workers who are not part of the core Recruitment and selection attracting a field of applicants to fill a vacancy and selecting the right person Redundancy termination of employment caused by an inadequate level of work Training investment in human resources to improve effectiveness/efficiency Unfair dismissal the sacking of a protected employee for any reason other than, incapacity, misconduct, redundancy or some other substantial reason
Teams Empowerment the practice of giving employees the right to control their activities Group a number of people who interact with one another Team a working group, the members of which cooperate and coordinate their activities and enthusiastically work to achieve the group s aims
