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Employment is a relationship between two parties regulating the provision of paid labour services. Usually based on a contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any other entity, pays the other, the employee, in return for carrying out assigned work. Employees work in return for wages, which can be paid on the basis of an hourly rate, by piecework or an annual salary, depending on the type of work an employee does, the prevailing conditions of the sector and the bargaining power between the parties. Employees in some sectors may receive gratuities, bonus payments or stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits may include health insurance, housing, disability insurance. Employment is typically governed by employment laws, organisation or legal contracts.
Temporary work or temporary employment refers to an employment situation where the working arrangement is limited to a certain period of time based on the needs of the employing organization. Temporary employees are sometimes called "contractual", "seasonal", "interim", "casual staff", "outsourcing", "freelance"; or the words may be shortened to "temps". In some instances, temporary, highly skilled professionals refer to themselves as consultants. Increasingly, executive-level positions are also filled with interim executives or fractional executives.
Seniority is the state of being older or placed in a higher position of status relative to another individual, group, or organization. For example, one employee may be senior to another either by role or rank, or by having more years served within the organization. The term "seniority" can apply to either concept or both concurrently.
A layoff or downsizing is the temporary suspension or permanent termination of employment of an employee or, more commonly, a group of employees for business reasons, such as personnel management or downsizing an organization. Originally, layoff referred exclusively to a temporary interruption in work, or employment but this has evolved to a permanent elimination of a position in both British and US English, requiring the addition of "temporary" to specify the original meaning of the word. A layoff is not to be confused with wrongful termination. Laid off workers or displaced workers are workers who have lost or left their jobs because their employer has closed or moved, there was insufficient work for them to do, or their position or shift was abolished. Downsizing in a company is defined to involve the reduction of employees in a workforce. Downsizing in companies became a popular practice in the 1980s and early 1990s as it was seen as a way to deliver better shareholder value as it helps to reduce the costs of employers. Research on downsizing in the US, UK, and Japan suggests that downsizing is being regarded by management as one of the preferred routes to help declining organizations, cutting unnecessary costs, and improve organizational performance. Usually a layoff occurs as a cost-cutting measure. A study of 391 downsizing announcements of the S&P 100 firms for the period 1990-2006 found, that layoff announcements resulted in substantial increase in the companies’ stock prices, and that the gain was larger, when the company had prior layoffs. The authors suggested, that the stock price manipulation alone creates a sufficient motivation for publicly-traded corporations to adopt the practice of regular layoffs.
Flextime is a flexible hours schedule that allows workers to alter their workday and decide/adjust their start and finish times. In contrast to traditional work arrangements that require employees to work a standard 9 a.m. to 5 p.m. day, flextime typically involves a "core" period of the day during which employees are required to be at work, and a "bandwidth" period within which all required hours must be worked. The working day outside of the "core" period is "flexible time", in which employees can choose when they work, subject to achieving total daily, weekly or monthly hours within the "bandwidth" period set by employers, and subject to the necessary work being done. The total working time required of employees on flextime schedules is the same as that required under traditional work schedules.
The principal–agent problem refers to the conflict in interests and priorities that arises when one person or entity takes actions on behalf of another person or entity. The problem worsens when there is a greater discrepancy of interests and information between the principal and agent, as well as when the principal lacks the means to punish the agent. The deviation from the principal's interest by the agent is called "agency costs".
Recruitment is the overall process of identifying, sourcing, screening, shortlisting, and interviewing candidates for jobs within an organization. Recruitment also is the process involved in choosing people for unpaid roles. Managers, human resource generalists, and recruitment specialists may be tasked with carrying out recruitment, but in some cases, public-sector employment, commercial recruitment agencies, or specialist search consultancies are used to undertake parts of the process. Internet-based recruitment is now widespread, including the use of artificial intelligence (AI).
A full-time job is employment in which workers work a minimum number of hours defined as such by their employer.
Work-to-rule is a job action in which employees do no more than the minimum required by the rules of their contract or job, and strictly follow time-consuming rules normally not enforced. This may cause a slowdown or decrease in productivity if the employer does not hire enough employees or pay the appropriate salary and as such does not have the requirements needed to run at the level they desire. It is a form of protest against low pay and poor working conditions, and is considered less disruptive than a strike or lockout as obeying the rules is not susceptible to disciplinary action or loss of pay. It can also highlight rules that are technically in place but impractical and thus hamper the organization, if they were to be followed as written.
A furlough is a temporary cessation of paid employment that is intended to address the special needs of a company or employer; these needs may be due to economic conditions that affect a specific employer, or to those prevailing in society as a whole. Furloughs may be short- or long-term.
Employee engagement is a fundamental concept in the effort to understand and describe, both qualitatively and quantitatively, the nature of the relationship between an organization and its employees. An "engaged employee" is defined as one who is fully absorbed by and enthusiastic about their work and so takes positive action to further the organization's reputation and interests. An engaged employee has a positive attitude towards the organization and its values. In contrast, a disengaged employee may range from someone doing the bare minimum at work, up to an employee who is actively damaging the company's work output and reputation.
An employment agency is an organization which matches employers to employees. In developed countries, there are multiple private businesses which act as employment agencies and a publicly funded employment agency.
In human resources, turnover is the act of replacing an employee with a new employee. Partings between organizations and employees may consist of termination, retirement, death, interagency transfers, and resignations. An organization’s turnover is measured as a percentage rate, which is referred to as its turnover rate. Turnover rate is the percentage of employees in a workforce that leave during a certain period of time. Organizations and industries as a whole measure their turnover rate during a fiscal or calendar year.
On-the-job training is an important topic of human resource management. It helps develop the career of the individual and the prosperous growth of the organization. On the job training is a form of training provided at the workplace. During the training, employees are familiarized with the working environment they will become part of. Employees also get a hands-on experience using machinery, equipment, tools, materials, etc. Part of on-the-job training is to face the challenges that occur during the performance of the job. An experienced employee or a manager are executing the role of the mentor who through written, or verbal instructions and demonstrations are passing on his/her knowledge and company-specific skills to the new employee. Executing the training on at the job location, rather than the classroom, creates a stress-free environment for the employees. On-the-job training is the most popular method of training not only in the United States but in most of the developed countries, such as the United Kingdom, Canada, Australia, etc. Its effectiveness is based on the use of existing workplace tools, machines, documents and equipment, and the knowledge of specialists who are working in this field. On-the-job training is easy to arrange and manage and it simplifies the process of adapting to the new workplace. On-the-job training is highly used for practical tasks. It is inexpensive, and it doesn't require special equipment that is normally used for a specific job. Upon satisfaction of completion of the training, the employer is expected to retain participants as regular employees.
The degree of labour market flexibility is the speed with which labour markets adapt to fluctuations and changes in society, the economy or production. This entails enabling labour markets to reach a continuous equilibrium determined by the intersection of the demand and supply curves.
Work–family conflict occurs when an individual experiences incompatible demands between work and family roles, causing participation in both roles to become more difficult. This imbalance creates conflict at the work-life interface. It is important for organizations and individuals to understand the implications linked to work-family conflict. In certain cases, work–family conflict has been associated with increased occupational burnout, job stress, decreased health, and issues pertaining to organizational commitment and job performance.
The employee value proposition (EVP) is a part of employer branding, in that it is one of the ways companies attract the skills and employees they desire and keep them engaged. It is how they market their company to prospective talent, and also how they retain them in a competitive job market. It is meant to communicate the values and culture of the organization, as well as take the focus off remuneration as the sole reason for working there. The benefits, when done correctly, are a more committed, happier, and productive workforce at a cheaper cost, which are the main goals of any employee-centered strategy. It may also have the side benefit of improving the company's perception in the eyes of consumers.
The war for talent is a term coined by Steven Hankin of McKinsey & Company in 1997, and a book by Ed Michaels, Helen Handfield-Jones, and Beth Axelrod, Harvard Business Press, 2001 ISBN 978-1-57851-459-5. The war for talent refers to an increasingly competitive landscape for recruiting and retaining talented employees. In the book, Michaels, et al., describe not a set of superior Human Resources processes, but a mindset that emphasizes the importance of talent to the success of organizations.
Gig workers are independent contractors, online platform workers, contract firm workers, on-call workers, and temporary workers. Gig workers enter into formal agreements with on-demand companies to provide services to the company's clients.
The Great Resignation, also known as the Big Quit and the Great Reshuffle, is an ongoing economic trend in which employees have voluntarily resigned from their jobs en masse, beginning in early 2021 in the wake of the COVID-19 pandemic. Among the most cited reasons for resigning include wage stagnation amid rising cost of living, limited opportunities for career advancement, hostile work environments, lack of benefits, inflexible remote-work policies, and long-lasting job dissatisfaction. Most likely to quit have been workers in hospitality, healthcare, and education.
References
- 1 2 3 4 5 6 7 8 9 10 11 Smith, Ray A. (2023-08-28). "You've Heard of Quiet Quitting. Now Companies Are Quiet Cutting". WSJ. Retrieved 2023-10-14.
- 1 2 3 4 5 6 Thapa, Anuz (2023-10-13). "Quiet cutting: How power in U.S. offices may be shifting back to bosses". CNBC. Retrieved 2023-10-14.
- 1 2 Mensik, Hailey (2023-09-08). "WTF is quiet cutting?". WorkLife. Retrieved 2023-10-14.
- ↑ Mearian, Lucas (2023-09-19). "Experts: 'Quiet cutting' employees makes no sense, and it's costly". Computerworld. Retrieved 2023-10-14.
- 1 2 Cerullo, Megan (2023-08-29). "Companies are now "quiet cutting" workers. Here's what that means". CBS News. Retrieved 2023-10-14.
- ↑ Lucas, Suzanne (2023-08-16). "What 'Quiet Cutting' Really Is and What It Looks Like Behind the Scenes" . Retrieved 2023-10-14.