Glossary

What is employee development?

What is employee development? Employee development is a process of educating employees so they can continue providing valuable contributions to their company. With constant technological innovations challenging the status quo, encouraging employees to keep pace through improving their skills and enhancing their practical knowledge benefits them and their employer.  Why should HR leaders care about employee development? Sourcing, hiring, and training of new employees are expensive and time-consuming processes. Employee development, meanwhile, can offer an economical way to help employees elevate their work performance, contributing to an increase in: RetentionEngagementMotivationProductivityProfitability Company…

What is performance management?

What is performance management? Performance management is a comprehensive method of tracking employees' work performances and developing their skills so they can contribute optimally to department and company objectives. Performance management involves three phases that prompt individuals to improve their performance level: Planning. Establishing and measuring individual goals that also align with company objectives allows HR to assess employee improvements.Check-in. Managers and employees should meet routinely to engage in two-way conversations regarding areas for improvement and progress.Review. Frequent check-ins throughout the year prepare managers and employees for quarterly or biannual…

What is emotional intelligence in HR?

What is emotional intelligence in HR? Emotional intelligence (EQ) is the ability to recognize and regulate emotions effectively. In 1990, psychology professors Peter Salovey and John D. Mayer established the theory of EQ. In his book Emotional Intelligence, renowned author Daniel Goleman explains the five components of EQ: Awareness of emotions and noticing them as they occurHandling emotions with poise and demonstrating the ability to self-soothe and overcome obstaclesSelf-motivation and harnessing emotions to achieve high performanceEmpathy  towards others and the capacity to relate to their feelingsSocial competence in social interactions…

What is deferred compensation?

What is deferred compensation? Deferred compensation is a remuneration model that enables employees to postpone receiving a portion of their salary to a later date to secure beneficial retirement and investment plans, and reduced tax rates. In this payment option, the employer continuously withholds a fraction of the employee’s paycheck until the employee withdraws the cumulative amount on a pre-determined date. For example, an individual who earns $150,000 annually may decide to defer $20,000 every year for the next ten years. Employers can provide deferred compensation through:   Retirement plansPension…

What is a 360-degree review

What is a 360-degree review? A 360-degree review is a feedback system that enables designated staff members, colleagues, and managers to evaluate an employee’s work performance and competencies. Involving those who regularly collaborate with the employee, rather than the usual senior managers, provides a panoramic perspective of the employee’s progress, strengths, and weaknesses. Ideally, gathering responses from the surrounding staff will help the employee sharpen every angle of their work performance. Why should HR leaders care about 360-degree reviews? HR leaders can implement the 360-degree review in different contexts, such…

What is a confidentiality agreement?

What is a confidentiality agreement? A confidentiality agreement, also known as a non-disclosure agreement (NDA), is a binding contract between two parties that holds each side accountable for protecting private information. A confidentiality agreement can function as a mutual agreement between, for example, two business partners, or a client and a vendor. Employers often implement it as a one-way agreement with their employees to ensure that they refrain from disclosing vital information during and after employment. Why should HR leaders care about a confidentiality agreement? Trusting employees with invaluable information…

What is the hybrid working model?

What is the hybrid working model? The hybrid working model is a work style that enables employees to blend working from different locations: home, on the go, or the office. An effective hybrid work system encourages: AutonomyFlexibilityHigh performanceCollaborationPositive work relationshipsEffective work habits Why should HR leaders care about the hybrid work model? HR leaders can help employees establish a system that suits their needs and personality type. For example, a recent college graduate might look forward to the in-person training sessions and social interactions of working in the office. A…

What is an HR functions list?

What is an HR functions list? An HR functions list is a guide that defines the five core responsibilities of HR professionals, summarizes their priorities, and clarifies their mission.  An HR functions list: Defines the HR department's role in the workplace Promotes positive collaboration between HR professionals  Aligns HR's objectives with the company mission Why would we need an HR functions list? HR professionals facilitate the behind-the-scenes preparations, setting the stage for employees to perform high-quality work. HR staff fills a variety of dynamic roles that demand different skills. Consolidating the HR…

Employee retention rate is a metric that measures the percentage of employees who remain employed over a specific period.

Compensatory time off is paid time off that employees can accrue in return for working overtime. Instead of compensating employees time and a half for their overtime hours, compensatory time off provides time off plus pay.

HR processes refer to the fundamental strategies that HR leaders implement to ensure successful employee lifecycles and work experiences.

HR automation is a self-operating computerized service that allows HR professionals to manage personnel more efficiently and productively. HR automation has disrupted the traditional HR office. It’s taking over jobs that involve high-risk factors and performing menial tasks with greater efficiency and consistency. HR automation can aid with:

Human Capital Management (HCM) refers to the fusion of HR strategy with HR technology to successfully manage employees.

Social distancing in the workplace is a government-mandated protocol designed to minimize the spread of COVID-19 in office settings.

People management refers to the practice of recruiting, training, engaging, and retaining employees to optimize their talent and maximize their productivity.