THE

ULTIMATE GUIDE TO

BUSINESS JARGON CLARITY ON MANAGEMENT TERMS IN 100 WORDS EACH

Volume 4 (N-R)

Ashok Grover

1

© 2022 Ashok Grover [email protected] 2

100 WORDS before you enter the arena of THE

ULTIMATE GUIDE TO

BUSINESS JARGON

The management world of modern business demands clarity and brevity. There are hundreds of terms that one needs to understand without any vagueness or ambiguity. This small book attempts to do just that. It gives you access to the introduction of various terminology resulting in a fair and better understanding. No doubt, complete books can be or must have been written on every single term included here. That being so, you can always refer to them for deeper understanding. Since you cannot and need not do the same for all the terms, this guide would come in handy. Happy reading!

S m il e s mart

oves

n

ife

arn

uccess

Ashok Grover

3

4

1 Naïve Realism NAÏVE REALISM refers to the human tendency to believe the world as it appears to them. It also means that people who disagree with them must be uninformed, irrational, or unmistakably biased. Mirage, the illusion of seeing water bodies in a desert, even though non-existent, is a powerful example that things are not always exactly how they appear to us or how we perceive them. They might also appear differently to different viewers or from different angles. While naïve realism causes people to exaggerate differences between themselves and others, psychologists believe it can also lead to conflicts and disrupt negotiations.

5

2 Narcissistic Leadership NARCISSISTIC LEADERSHIP is the term used for a self-centered leadership style. The characteristics displayed by such leaders include arrogance, dominance, and hostility. They do not hesitate to promote themselves at the expense of their team members. Narcissism, as a rule, is characterized as unhealthy and destructive, and that is exactly what these authorities represent. Narcissistic leaders always work to push their agenda. In a position of authority, they can run the company successfully based on unhealthy practices; but for a short time only. Ultimately, things deteriorate. Therefore, it is crucial to identify such leaders and exclude them from key positions.

6

3 Natural Unemployment NATURAL UNEMPLOYMENT comprises structural and frictional unemployment. Such type of unemployment is always present in an economy. Because of economic and technological advancement, skills acquired by an individual may become obsolete in the future. A mismatch between the skills required by industry and those possessed by an individual leads to structural unemployment. But, when a person happens to leave a job, for whatever reason, with no immediately available alternative job at hand, such a gap is termed a period of frictional unemployment. Nevertheless, cyclical unemployment caused by issues such as a recession in the economy is not considered natural unemployment.

7

4 Negative Reinforcement NEGATIVE REINFORCEMENT is used for teaching and promoting specific behaviors. In this approach, something unpleasant or uncomfortable is taken away. Expectedly, the removal of the undesirable thing increases target behavior with time. Its typical example is when subordinates avoid late coming to escape scolding. The act of appreciating punctuality is positive reinforcement. Managers use both negative and positive reinforcement to develop and encourage certain behaviors in their teams. However, most of them find the negative one much easier to practice, and it works! The word ‘negative’ has nothing negative about the process, and it should not be confused with punishment.

8

5 Negligent Hiring NEGLIGENT HIRING is a type of claim made against the employer by a worker or customer who is hurt or damaged by an employee. The claimant argues the employer knew or should have known about the background history before hiring the employee. Validating candidate claims, pre-employment background checks, contacting previous employers, employee drug testing, checking credit reports, and specific physical examinations are some of the ways to avoid negligent hiring claims. Negligent hiring can be immensely damaging in professions requiring one-on-one care, such as home health care workers and jobs having access to keys/passwords or dealing in functions like finance.

9

6 Nenkō Joretsu NENKŌ JORETSU (the seniority-based wage system) relates directly to the Japanese concept of lifetime employment. Instead of paying for their performance, employees were given pay increments for each year of service. Anyone switching jobs would start with a lower income than other employees of the same age in the new company. Obviously, it discouraged people from changing jobs. Ironically, it resulted in older employees getting paid higher, even if their productivity declined. Lately, the Japanese industry has realized that it could not afford to continue like this. Consequently, many beneficiaries of the old ‘Nenko’ system fell victim to corporate restructuring.

10

7 Nepotism NEPOTISM is defined as an act of favoring relatives and friends. It occurs when employers favor such people in making employment decisions with little or no regard for merit. An anti-nepotism policy may restrict the employment of two or more family members in an organization at the same time. However, there is no universal law in this respect, and regulations and views widely differ. It is a tricky option. While employers may frame policies to avoid this kind of favoritism, they may be accused of being discriminatory based on marital status if they prevent qualified married couples from working together.

11

8 Netiquette NETIQUETTE is short for ‘internet etiquette.’ It refers to expected behavior on the internet services like social media platforms, online chatting, text messaging, email, web forums, and other online engagement websites. With no facial expressions and body language in support, it becomes demanding to communicate on the internet without misunderstanding. Respecting people’s privacy, using respectful language, and not spamming are some of the most basic netiquettes. While there are no official rules or guidelines for netiquette, the general idea is to respect others online and follow the golden rule: Do unto others as you would have others do unto you.

12

9 Neuro-Linguistic Programming NEURO-LINGUISTIC PROGRAMMING (NLP) is a branch of information science that deals with natural language information. It started in the 1970s when Richard Bandler & John Grinder began studying the working methods of successful therapists, hoping to provide prudent insights for all therapists to follow. In this process, they discovered three basic ways for people to perceive the world around them. VISUAL: These people opt to see the world. AUDITORY: They prefer to hear it. KINESTHETIC: They like to feel it. NLP is considered an effective psychological therapy that can address complications such as phobias, depression, habit disorder, and learning disorders.

13

10 Nominal Group Technique NOMINAL GROUP TECHNIQUE (NGT) is a variation of brainstorming and involves problem identification, solution generation, and decision-making. In this approach, initially individuals come up with their ideas independently, thus encouraging those who think better alone while denying undue advantage for the more vocal. After that, the group members work together to evaluate, rank, and collectively agree to select the top-ranked ideas. It brings in additional unique ideas, balanced participation, and increased feelings of accomplishment. The process does not allow consideration of more than one problem at a time. It may also appear too mechanical and needs more time and preparation.

14

11 Nondirective Interview NONDIRECTIVE INTERVIEW is an interview style that encourages free talk. It avoids leading questions that aim to extract preferred answers by the interviewer. Unstructured in nature, it has no set format and allows the interviewer to ask a wide range of questions and explore points of interest as it goes on. This type of interview encourages open communication and indicates maturity. Generally, a nondirective interview takes much longer time to complete than a directive interview. Even then, with the possibility of going off track, there is a risk of sharing too much irrelevant stuff and skipping the specific desired information.

15