We discussed the first set of HR Terminologies in a previous post. Here’s a new set of HR Terminologies you should know
- Broadbanding: A pay structure that consolidates a large number of narrower pay grades into fewer broad bands with wider salary range.
- Competency-based pay: A compensation system that recognises employees for the depth, breadth, and types of skills they obtain and apply in their work. Also known as skill based and knowledge based pay.
- Customer capital: The relationships an organisation has with the people it does business with, including suppliers, ‘brand equity’ and ‘goodwill’.
- Delayering: The removal of hierarchical layers in an organisation.
- Good Faith Bargaining: A duty to conduct negotiations where two parties meet and confer at reasonable times with open minds and the intention of reaching an agreement.
- HR Audit: A method by which human resources effectiveness can be assessed. Can be carried out internally or where HR audit systems are available.
- KSAs: Knowledge, Skills and Abilities – the personal attributes that a person has to have to perform the job requirements.
- Labour Force Mobility: The willingness of potential employees to travel or move to where work is offered.
- LIFO: In the event of a redundancy situation occurring, the system of ‘last in first out’ is regarded as the most equitable method of choosing those who should be made redundant.
- Outplacement: A benefit offered by the employer to displaced employees which may consist of such services as job counselling, training, and job-finding assistance.
