HR-M

Glossary of HR Terms starting with Alphabet M

Managed care: General term for a medical plan that seeks to ensure that the treatments a person receives are medically necessary and provided in a cost-effective manner.

Management by objectives: Specifies the performance goals that an individual hopes to attain within an appropriate length of time.

Management consultant: An individual who works independently to assist and advise clients with managerial responsibilities regarding various organizational issues.

Management development: Training and development programs designed to provide new managers and existing managers with the resources needed to become more effective in their roles.

Management rights: Those rights reserved to the employer to manage, direct, and control its business.

Managerial estimates: Projections made by managers; can happen from the top down or the bottom up.

Mandated benefits: Those benefits which employers in the United States must provide to employees by law.

Mandatory issues: Collective bargaining issues that are identified specifically by labor laws or court decisions as being subject to bargaining.

Manpower planning: The process of assessing an employer’s current workforce content and composition in order to anticipate future staffing requirements needed to meet business goals and requirements.

Marginal functions: Functions that are part of a job but are incidental or ancillary to the purpose and nature of a job.

Market line: The line on a graph showing the relationship between job value, as determined by job evaluation points, and pay survey rates.

Market price: Typical wage paid for a job in the immediate labor market.

Masculinity/Femininity: Dimension of culture that refers to the degree to which “masculine” values prevail over “feminine” values.

Massed practice: The performance of all of the practice at once.

Master vendor arrangement: A type of flexible staffing option in which one staffing firm supplies all needed temporary employees.

Matrix organization: An organizational structure where employees report to more than one manager or supervisor.

Mean wage: The average wage for a worker in a specified position, which is determined by adding together the total wages for all incumbents in a specific position and then dividing it by the total number of incumbents.

Median: The middle value in a series of values arranged in rank order.

Median wage: The margin between the highest paid 50 percent and the lowest paid 50 percent of  workers in a specific position or occupation.

Mediation: Process by which a third party assists negotiators in their discussions and also suggests settlement proposals.

Mental ability tests: Tests that  measure reasoning capabilities.

Mentoring: A career development method whereby less experienced employees are matched with more experienced colleagues for guidance either through formal or informal programs.

Merger: The joining of two or more different organizations under one common owner and management structure.

Metrics: A measure used to determine the effectiveness and value of implemented HR programs in increasing performance and profits.

Merit pay: A compensation system whereby base pay increases are determined by individual performance.

Minimum wage: The smallest hourly wage that an employee may be paid for all hours worked, as mandated by federal or state law.

Mission statement: A statement illustrating what the company is, what the company does and where the company is headed.

Moonlighting: Work outside a person’s regular employment that takes 12 or more additional hours per week.

Motivation: The desire within a person causing that person to act.

Multinational enterprise: An organization with units located in foreign countries.

 

 

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