A Guide to Learn About HR Glossaries – Part 2

I hope you have already gone through the first part of the HR glossaries. This is the continuation of part 1, which would be more useful for you to get some essence of HR terms. Many might think why should I learn these basic terms? And why is it necessary to know about HR terms? The answer is simple: Knowledge is wealth. We all knew it. Why should we not understand the terms that happen in our day-to-day life, maybe till our employment life? So, never say NO while learning!

Have great learning with great understanding.

Let’s jump into another 10 interesting HR glossaries

Professional fees

A professional fee is the amount one must pay to receive a professional service’s advantages. A person with expertise in their industry is referred to as a professional. Any expert offering specialized services, such as an architect, doctor, dentist, accountant, teacher, or lawyer, may charge a fee. Experts set their rates, which can be paid in full or in part upfront. A few professionals also bill by the hour, and even fewer charge for the full service.

How can I reduce my professional fees tax? 

You can only use half of your net annual income to determine your income tax obligations if you are a professional, consultant, or freelancer. You can use the Presumptive Taxation Scheme to achieve this, as per Section 44ADA of the Income Tax Act. There is just one restriction: the entire annual income must not exceed Rs. 50 lakhs. 

Job role

An employee’s position at work is determined by his or her Key performance indicators, or key responsibility areas. An individual’s place within an organization’s team is referred to as their job role. It also comprises particular requirements that they must meet to carry out their function, as well as obligations and duties.

A sales manager, for instance, would be expected to help the sales employee bring in new business for the organization. The sales manager is responsible for doing this. Organization to organization differs in the tasks assigned to different job roles. 

Why does a team need roles? 

Roles are significant because they specify exactly what each person’s obligations and responsibilities are. When expectations are explicit, team members collaborate more effectively and know exactly what is expected of them. 

RnR meaning

Rewards and Recognition, or RnR, is an organizational structure that, in addition to boosting morale and productivity, serves to acknowledge employees for their contributions to a firm. RnR is all about being able to recognize and value the hardworking people who work for a company. Depending on the areas, businesses, and work settings, RnR can take many different forms. 

The common methods of awards used by modern corporate organizations are listed below:

• Base salary.
• Extra hours’ compensation. 
• Commission.
• Bonuses.
• Pay based on performance.
• Earnings-related compensation.
• Appreciation.
• Enrichment of work.

Notice period buyout

A notice period buyout occurs when an employer pays an employee money instead of having them serve the full notice term. Paying the company enables the worker to depart before the notice period. 

What is a buyout notice calculation? 

The buyout amount can be computed by multiplying the daily wage by the number of notice days left. Daily Salary × Remaining Notice Days is the formula. 

IT recruiter

A recruiter specializing in information technology (IT) assists employers in finding competent applicants for available IT jobs. A recruiter must identify and validate the particular programming and technical skills required for an IT role to improve hiring. 

Functions of an IT recruiter:

• Recruitment of talent.
• Evaluation of profiles.
• Scheduling of interviews.
• Employee verification.
• Payment transfer.
• Accuracy.

Still didn’t read our Part-1 HR Glossary? Read it here: Hr Glossary Part 1

AD-HOC

With the AD HOC option, the user can transfer money from one bank account to another from the comfort of his home without having to visit the bank. Three types of payments are made: transfers to bank accounts, transfers to accounts outside the bank, and transfers to accounts inside the bank. The term “internal transfer” describes a transaction that is done to a bank account. An account that is located inside the country but not at the bank is the recipient of a local transfer. A transfer to a bank account located outside the nation is referred to as an offshore payment.

Ad Hoc payments in Indian payroll refer to the following: company overtime, incentives for extra labor, personal vehicle fuel allowance, festival bonuses, service charges, gift vouchers, and other expenses, among other things. 

For several reasons, the company frequently pays employees’ salaries in advance. It falls under the Ad-Hoc Pay category as well.

Job Ranking

The term “job ranking” refers to a system that rates all positions held by employees of a company and places them on a specified scale according to the general duties, obligations, and compensation of each position. To enable proper management and classification inside the company, each work is often assigned a grade or a job categorization level. 

The ultimate goal is to properly define work responsibilities, even though different companies have different ranking systems. Additionally, it enables organizations to evaluate comparable positions at other companies in their sector. Because of this, a method for classifying jobs looks at a candidate’s talents and abilities rather than their degree of experience or qualifications.

Factors for job ranking:

1. Skills and Qualifications as a determinant in job ranking.

 2. Considerable effort.

 3. Accountabilities and Positions.

 4. The risk of the work position.

Short leave

A brief leave of absence is when an employee takes less than a half-day of time off from work. Usually, it occurs when they have an urgent trip somewhere. There are three possible outcomes: arriving at work two hours later than expected, leaving the office two hours early, or taking a two-hour break. The management’s decision-making or the corporate policy is the only source of information regarding short leave; labor regulations make no mention of it. 

How to make a brief leave request:

1. Speak with your supervisor. 

 2. Make a courteous inquiry. 

 3. Provide a sincere explanation. 

 4. Finish any outstanding work that is needed. 

 5. Compose a proper request for a brief leave.

Talent retention

The strategies used to retain brilliant and skilled workers within the company are known as talent retention strategies. The success of an organization or business greatly depends on its ability to retain its workforce. Since resources gain value over time, employees are regarded as an organization’s most valuable asset. Retaining valuable personnel and preserving a strong employer-employee relationship are mostly achieved through employee retention.

How Do You Sustain Talent?

• Promoting adaptability in the workplace. 
• Enhancing the plan for employee engagement. 
• Giving compliments frequently.
• Making technological investments.
• Removing pointless obstacles from the workplace.
• Presenting chances for career advancement.
• Taking care of employees.

 Code of conduct

Any business that wants to ensure that its workers share its cultural values can create a code of conduct, which is a written document outlining proper workplace behavior and procedures. 

Each company is built upon it, giving employees at all levels the framework and direction they need to conduct themselves honorably and responsibly.

The foundation of any organization is a concise, uncomplicated, and all-inclusive code of conduct that encourages moral behavior and proper conduct among employees at all levels. It encourages equality and justice in addition to mental and physical health. Respect from employers increases an employee’s likelihood of putting in a lot of effort and contributing positively to the growth of a solid and healthy corporate culture. 

Implementing a code of conduct policy has several advantages for an organization:

1. It provides employees with explicit guidelines for how they are expected to behave.

 2. It encourages the use of healthy and safe work practices. 

 3. It lowers legal risks and fosters confidence among employees’, management, and workers. 

 4. It guarantees that workers’ voices are heard within the company and that those found guilty of violations get the appropriate sanctions.

Bottomline

Managing employees in a good way is a great success for every firm. The HR part plays a vital role in managing employees and the working environment in a different way. Still want to manage your employees more considerably? I would suggest you try out Lystloc – The employee monitoring software that monitors your field employee with real-time attendance and accurate insights without micromanaging. Contact Lystloc today for a detailed feature explanation and also avail of our 7-day free trial to get a complete product working nature.