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Wa Japanese Term for a situation in which there is complete harmony, with no possibility of conflict.
Wage compression Reduction in the gap between the higher salary scales and the lower ones so as to make compensation more equitable.
Wage differential Difference in earnings between workers with similar skills in different industries, or between workers with different skills in the same industry.
Wage freeze Government-imposed prohibition of wage increases for a specified time, usually an effort to curb INFLATION. Distinguished from wage restraint, which is a recommendation for freezing salaries.
Waiver A formal setting-aside of a requirement; nonenforcement of a right.
Wall Street In lower Manhattan, the street on which the New York Stock Exchange is located; however, generally a reference to the entire U.S. financial system, including the stock exchanges.
Warranty Clearly defined guarantee of performance or quality, often with clauses ensuring the repair or replacement in the event of defects or shortcomings, in a contract, usually covering a specified period of time. The warranty may be expressed (clearly stated) or implied (mutually understood).
Wasting asset Resource that has a finite life and is consumed when used, such as coal or oil.
Waterman, Robert H. Business guru and associate of TOM PETERS, with whom he coauthored In Search of Excellence (1982).
Watt, James (1736–1819) Scottish inventor and mechanical engineer who was one of the pioneers of the INDUSTRIAL REVOLUTION. He developed the concept of horsepower and the SI unit, the watt, is named after him.
Weakest link Descriptive of the least efficient or least durable component of a machine or organization, which determines the longevity of the whole, as in the weakest link of a chain.
Wear and tear Diminution in the value of a physical asset from use or age, one of the elements of DEPRECIATION.
Weber, Max (1864–1920) German sociologist and philosopher who also wrote on INDUSTRIAL ORGANIZATION and is considered the father of INDUSTRIAL SOCIOLOGY. He held that managers should not be managers, and that management should be based on a CHAIN OF COMMAND.
Welfare function Management’s responsibility for the physical and mental welfare of employees, including health and safety, AFFIRMATIVE ACTION, maternity leave, sick leave, and other benefits mostly also required by law.
Wheel of retailing Concept that retailers begin as low-margin and low-price operations, and then evolve into higher-priced stores as they move up the status scale.
Wheelwright, Steven C. Emeritus professor at Harvard Business School and president of Brigham Young University. He is author of Strategic Management of Technology and Innovation.
Whipsawing Pitting one group against another in order to gain a bargaining advantage, as for teams of employees or labor unions in an industry with different employers.
Whisper stock Share in a company about which there are whispers in the market about a change in value or a takeover.
Whistle blowing Public exposure of illegal, corrupt, unethical, criminal, or antisocial activities in an organization, reported by one of its members.
White collar Relating to office employees, in contrast to manual workers or BLUE-COLLAR workers.
White-collar crime Criminal offense associated with corrupt business actions, including embezzlement, fraud, and INSIDER TRADING.
White elephant Asset whose maintenance costs are greater than the possible benefit or profit.
White goods Consumer durable goods such as refrigerators and washing machines, which are traditionally painted white. Compare BROWN GOODS.
White knight Friendly person or business that makes a bid to take over a company under favorable terms, often to offset a HOSTILE BID.
Whyte, William Hollingsworth (1917–1999) U.S. sociologist and, author of The Organization Man (1956), a study of the impact of corporate culture on society.
Wildcat strike Local strike, often without formal notice, by a local union without official union backing.
Willie Sutton rule Maxim that business should focus on its most profitable areas, based on Willie Sutton’s statement that he robbed banks because that was where the money was.
Win-win Situation in which both parties to a dispute or a negotiation gain something and lose less.
Window dressing Practice of making an offer or situation appear better than it really is, often through addition of frills or by disguising negative factors.
Woodward, Joan (1916–1971) British authority on organizational sociology. She was a pioneer in empirical research in organizational structures that established the link between technology and production. She is associated particularly with CONTINGENCY THEORY. In 1970 she published Industrial Organization: Behavior and Control.
Word of mouse Internet-driven publicity.
Word of mouth Favorable or unfavorable reviews or comments conveyed orally by customers and users and considered influential in sales because it is based on experience.
Work ethic Driving force that makes work enjoyable and fulfilling. Usually, PROTESTANT ETHIC.
Work-in-progress Project that has been begun but is not yet completed.
Work-life balance Relationship between meeting the demands of work and maintaining a healthy home environment; a healthy balance is said to neutralize stress.
Work permit Issued by a local government, a permit that allows underage employment, construction, or other applications, usually with stipulated controls; a license granted to a foreign national to work for a limited period within a country.
Work simplification Idea pioneered by work-study team FRANK and LILLIAN GILBRETH as part of Scientific management, in which work that does not add Value to a process is wasteful and therefore expendable. The goal is to eliminate complexity altogether or at least reduce it to the bare minimum.
Work study Measurement and analysis of the flow of work and other parameters and processes, with a view to identifying their effectiveness and efficiencies. The study is associated with TIME MANAGEMENT, MOTION STUDY, SCIENTIFIC MANAGEMENT, and TOTAL QUALITY MANAGEMENT.
Work-to-rule Form of industrial action, short of a strike, in which workers do not walk off the job but limit their work strictly to the minimum requirements under law. It is the same as GO SLOW.
Workaholic Person who is addicted to work, sign of a TYPE A PERSONALITY.
Workfare Social program that replaced welfare, by which applicants perform useful work in order to be eligible for government assistance.
Working capital Part of the capital of a company employed in day-to-day operations.
Worksharing Act of spreading work among several people; often a solution to labor redundancy, elimination of overtime, or reduced working hours.
World Bank. See INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT.
World Trade Organization (WTO) UN agency charged with monitoring international trade. Under its auspices are held discussions known as rounds, which set conditions for free trade and also determine tariffs.
Wren, Daniel Expert on management history and author of The Evolution of Management Thought, in its 6th edition in 2011.
Write off To reduce the value of an asset or debt to zero, and thus take it off the books.
Writer In ROSEMARY STEWART’S taxonomy, a manager who spends most of his or her time on paperwork.
WYSWYG “What you see is what you get,” referring to computer displays of intended printed items.