Business / Human Resources (HR) Glossary

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 m . . . View Full Definition

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 d . . . View Full Definition

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 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 o . . . View Full Definition

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 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 unus . . . View Full Definition

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 . . . View Full Definition

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 f . . . View Full Definition

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.

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

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

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 the . . . View Full Definition

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 . . . View Full Definition

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 directio . . . View Full Definition

Myers-Briggs Type Indicator: A psychological test used to assess an individual’s personality type.

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