Human Resource Outsourcing (HRO): 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.
Job classification: A method of evaluation used for job comparisons, which groups jobs into a prearranged number of grades, each having a class description and a specified pay range.
Lump sum payment: A single large payment given to an employee, usually instead of more and smaller pay increases.
Management by Objective (MBO): A process of defining objectives within an organization so that management and employees agree on the overall goals and objectives for the organization. The employees determine and set goals for themselves based on the overall goals and objectives for the organization.
Open-book management: A management strategy emphasizing employee empowerment and individual impact on the success of the company by making the organization’s financial data available to all employees so they can make better decisions as workers.
Job classification: A method of evaluation used for job comparisons, which groups jobs into a prearranged number of grades, each having a class description and a specified pay range.
Lump sum payment: A single large payment given to an employee, usually instead of more and smaller pay increases.
Management by Objective (MBO): A process of defining objectives within an organization so that management and employees agree on the overall goals and objectives for the organization. The employees determine and set goals for themselves based on the overall goals and objectives for the organization.
Open-book management: A management strategy emphasizing employee empowerment and individual impact on the success of the company by making the organization’s financial data available to all employees so they can make better decisions as workers.
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