MGT501 Final Term Important Terms

MGT501

•  Socialization: The process by which people learn the norms, values, and behaviors expected in society or in a particular group, like how new employees learn the culture of their workplace.
•  Training and Development: The activities and programs that help employees learn new skills, improve existing ones, and grow in their careers.
•  Maximizing Learning: Strategies or practices aimed at helping people learn as much as they can in the most effective way possible.
•  Career Management: The process of planning and guiding an individual's career growth, setting goals, and making decisions about education and job moves to advance professionally.
•  Performance: How well someone does their job, including their productivity, skills, and overall contribution to the organization.
•  Performance Appraisal: A formal review where an employee’s work performance is assessed by their supervisor, often resulting in feedback, raises, or promotions.
•  Job Evaluation and Pricing: The process of determining the value of a job in an organization by comparing it to other jobs, and setting an appropriate salary or pay scale.
•  Compensation System: The way an organization decides how to pay its employees, including wages, salaries, bonuses, and other forms of financial rewards.
•  Benefits: Non-wage perks provided to employees, like health insurance, paid vacation, retirement plans, or bonuses, in addition to their salary.
•  Role of Money in Performance of Employees: How financial rewards (like salaries or bonuses) can motivate employees to work harder or perform better in their jobs.
•  Motivation: The reasons or factors that encourage employees to work hard, such as incentives, job satisfaction, or personal goals.
•  Occupation, Health & Safety: The study and practices focused on keeping workers safe from injury and health problems while doing their jobs.
•  Stress Management: The techniques and strategies used to help people handle work-related stress, including relaxation techniques and time management.
•  Communication in Organization: The sharing of information and ideas between employees and managers, both formally (e.g., meetings) and informally (e.g., casual conversations).
•  Trade Unions: Groups of workers who join together to protect their rights and improve working conditions, often negotiating for better pay and benefits.
•  Conflict and Negotiation: The process of resolving disagreements or disputes in the workplace by talking, finding common ground, and agreeing on solutions.
•  Power and Politics: How influence and authority are used within an organization, and how relationships, resources, or decision-making can affect people’s positions and success.
•  Employee Rights and Discipline: The rights employees have at work (such as fair treatment and privacy), and the rules or actions taken when they break workplace policies or codes of conduct.
•  Leadership: The ability to guide, motivate, and direct others in an organization to achieve goals and maintain a positive work environment.
•  International Dimensions of HRM (Human Resource Management): Managing employees

in a global or multinational context, considering cultural differences, international labor laws, and diverse working environments.