Malcolm Baldridge National Quality Award The Baldridge Award is given by the President of the United States to businesses—manufacturing and service, small and large—and to education and health care organizations that apply and are judged to be outstanding in seven areas: leadership; strategic planning; customer and market focus; measurement, analysis and knowledge management; human resource focus; process management; and results. Management by Objective (MBO) A performance appraisal strategy in which subordinates determine and set goals for themselves based on the overall goals and objectives for the organization. Management consultant An individual who works independently to assist and advise clients with managerial responsibilities regarding various organizational issues. Management development Training and developmental programs designed to provide new managers and existing managers with the resources needed to become more effective in their roles. Mandatory Retirement Age Law of 1978 A statute which prohibits (with the exception of exempted employees and positions) employers from having policies or practices that call for mandatory retirement of employees under the age of 70. 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. Material safety data sheet (MSDS) Required by OSHA, an MSDS is a detailed description of each hazardous chemical located in the workplace, which includes information regarding potential health risks, symptoms and treatment measures to be taken if exposure occurs. 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 or occupation, which is determined by adding together the total wages for all incumbents in a specific position or occupation 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 A private negotiation and decision-making process in which a mediator assists individuals or groups in finding a resolution to a particular issue or conflict. Medical savings account (MSA) A savings account funded by employees through pre-tax contributions; can be used to pay for copayments, deductibles or medical expenses not covered by a health insurance benefit plan. Medical examinations/testing A medical evaluation conducted on a post-offer basis by a company physician or an independent physician to ascertain whether or not a candidate is able to perform the physical requirements of a particular job. Medical savings accounts (MSA) Savings accounts designated for out-of-pocket medical expenses. In an MSA, employers and individuals are allowed to contribute to a savings account on a pre-tax basis and carry over the unused funds at the end of the year. One major difference between a Flexible Spending Account (FSA) and a Medical Savings Account is the ability under an MSA to carry over the unused funds for use in a future year, instead of losing unused funds at the end of the year. Most MSAs allow unused balances and earnings to accumulate. Unlike FSAs, most MSAs are combined with a high-deductible or catastrophic health insurance plan. Medicare A health insurance program administered by the Social Security Administration which is broken into two distinct categories: 1) Medicare Part A helps with hospital costs; and 2) Medicare Part B requires a monthly fee and is used to pay medical costs for people 65 years of age and older, some disabled people under 65 years of age and people with end-stage renal disease (permanent kidney failure treated with dialysis or a transplant). Mental Health Parity Act (MHPA) of 1996 Prohibits group health plans and insurance companies that offer mental health benefits from setting annual or lifetime limits on mental health benefits that are lower than those limits set for any other condition. 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 qualifications The attributes of a job description which establishes a baseline for meeting the qualifications for a particular position. Minimum wage The smallest hourly wage that an employee may be paid for all hours worked, as mandated by federal or state law. Minorities Men and women of those minority groups for whom EEO-1 reporting is required; that is, black, Hispanic, Asian or Pacific Islander, American Indian or Alaskan Native. The term may refer to these groups in the aggregate or to an individual group. Minority business enterprise A small business enterprise that is at least 51 percent owned by one or more minorities or, in the case of a publicly owned business, at least 51 percent of all classes or types of the stock is owned by one or more minorities and whose management and daily business operations are controlled by one or more minorities. Mission statement A statement illustrating what the company is, what the company does and where the company is headed. Moonlighting Working one or more full- or part-time jobs in addition to an individual’s regular full-time job. Motivation Motivation is generally defined as the psychological forces that determine the direction of a persons level of effort, as well as a persons persistence in the face of obstacles. The direction of a persons behavior refers to the many possible actions that a person could engage in, while persistence refers to whether, when faced with roadblocks and obstacles, an individual keeps trying or gives up. Myers-Briggs Type Indicator A psychological test used to assess an individual’s personality type.
Posted on: Thu, 04 Jul 2013 06:46:42 +0000
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