Notes

C. Retention and turnover
Replacement: is the management of promotions, transfers, terminations, layoffs, and retirements.
-A promotion moves an employee to a higher level position
-A transfer moves an employee to a different job at the same or similar level of responsibility.
-A retirement is a voluntary decision to end one's career.
-Termination is the involuntary and permanent dismissal of an employee

D. Compensation and benefits
Base compensation - salary or hourly wages
Fringe benefits - additional non-wage or non-salary forms of compensation, can include various options on disability protection, health and life insurance, and retirement plans.

Benefits:
A benefits package is essential in attracting and retaining capable workers
Fringe Benefits - non-monetary compensation in the form of health insurance, retirement plans, vision care, life insurance, disability, ect...
Flexible Benefits - program which allows employees to choose from a range of benefit options. eg. employee is given a specific dollar amount decide how they want to spend it.
Other perks for executives - company car, company expense account, financial planning, ect...

E. Labour-management relations
Labour unions are organizations workers belong to that feal with employees on teh workers behalf
- Unions act as bargaining agents who negotiate labour contracts that formally outline wages, work hours, work rules, seniority, hiring, grievances, and other aspects or conditions of employment.
What unions can do to make things difficult for management:
~Strike
~Boycott
~Picket
What managers can do to make things difficult for unions:
~Lockout
~Strike-breakers
~Injunctions
Adversarial approach presents a win-lose conflict situation progressive era of labour management relations is emerging, as many unions and employers try to work together for their common good.