total compensation: The package of quantifiable rewards an employee receives for his or her
labors. Includes three components: base compensation, pay incentives, and indirect
base compensation: The fixed pay an employee receives on
human resources (HR): People who work in an organization. Also called personnel.
human resource strategy: A firms deliberate use of human resources to help it gain or maintain
an edge against its competitors in the marketplace. The grand plan or general a
labor supply: The availability of workers with the required skills to meet the firms labor
labor demand: How many workers the organization will need in the future.
human resource planning (HRP): The process an organization uses to ensure that it h