Mileage log

Back Pay refers to the difference between the salary an employee was paid and the amount they should have been paid. This usually occurs due to errors in payroll or when an employer fails to pay a worker their full wages, overtime, or minimum wage. A settlement of back pay may also be awarded if an employee wins an employment dispute.

Before-tax deduction refers to any costs that are taken out of an individual's paycheck before the income tax is deducted. This lowers the taxable income, meaning that the person will pay less in income tax. Such deductions can include contributions to health plans, retirement savings, or certain transportation costs.

Benefits Administration refers to the process of creating, managing, and updating an organization's employee benefits program. This typically includes health insurance, retirement plans, life insurance, paid time off, and other perks provided by the employer. The process is meant to ensure competitive, cost-effective benefits to attract and retain employees.

Bring Your Own Device (BYOD) is a business policy that allows employees to use their personal devices for work-related tasks. This includes laptops, smartphones, and tablets that are not directly owned by the company. The advantages of BYOD include increased employee satisfaction and potentially cost savings, but it also poses significant security and data privacy challenges.

Compensation refers to the total amount of the monetary and non-monetary pay provided to an employee by an employer in return for work performed as required. It includes elements such as base salary, allowances, reimbursements, bonus, stock options, and benefits such as medical insurance and retirement plans. Compensation is a primary motivator for employees, and it also represents a major cost for companies.

Conditions of Employment refer to the terms and stipulations agreed upon by both employer and employee at the time of hiring. These typically include details about job responsibilities, remuneration, working hours, benefits, and policies for vacation, sickness, and termination. Both parties are obligated to abide by these agreed-upon conditions during the course of employment.

A Contractor is an individual or company that is hired to perform specific tasks or provide services within a given period under a contractual agreement. Unlike regular employees, contractors are not part of the company’s staff and do not receive benefits or employee rights. They are often hired for specialized jobs for a limited time or for specific projects.

Direct deposit is a type of electronic funds transfer used to send money directly into a recipient's bank account, bypassing the need for physical checks. This method is commonly used for salary payments, tax refunds, and benefit disbursements. It offers convenience, speed, and increased security for both the sender and receiver.

Employee Benefits Administration is the process of managing and overseeing the details of employee benefits packages in a company. This includes planning, organizing, and controlling the deployed benefits schemes which may consist of health insurance, retirement plans, vacation policies, and other perks. It is a vital HR function that involves communication with employees about their benefits and the overall maintenance of the programs.

An employment contract is a legally binding document that outlines the formal agreement between an employer and an employee. This agreement defines the terms and conditions related to the job, including job responsibilities, salary, benefits, working hours, and termination conditions. It provides protection for both parties involved and helps prevent potential disputes.

Exempt employees are categories of employees who are exempt from certain labor laws, including specifically from overtime pay provisions. This includes typically high-level positions such as executives, professionals, and outside sales employees. Their salary isn't based on the number hours worked and they aren't eligible for overtime, regardless of the amount of hours they work per week.

A Flexible Spending Account (FSA) is a type of savings account that provides employees with specific tax advantages. The account allows employees to contribute a portion of their regular earnings to pay for qualified expenses, such as medical or dependent care costs. The funds in an FSA are contributed pre-tax, therefore reducing the amount of income tax you have to pay.

A Flexible Workplace, or Flexible Workspace, is a work environment where the organization operates with flexible working hours and workplaces. It adopts strategies such as telecommuting, flextime, job sharing, or compressed work weeks which enables employees to choose when and where they conduct their work. This approach enhances work-life balance, reduces commuting time, and allows the business to tap into a wider talent pool.

Hours Worked refers to the amount of time an employee spends on job-related tasks in a specified period. It usually includes regular working hours, mandatory or voluntary overtime, and training hours. It's crucial for calculating compensation, benefits, and compliance with labor laws.

An independent contractor is a person or entity engaged in a work performance agreement with another entity as a non-employee. They provide goods or services according to the terms of a contract they have negotiated, are paid a flat fee for the job, and are responsible for paying their own taxes. Independent contractors have more control over how they complete their work but receive fewer protections and benefits than employees.

Indirect compensation refers to non-monetary benefits provided to employees, such as pension plans, healthcare, paid time off, or employee training and education. These benefits are a key component of an overall compensation package and can play a critical role in attracting and retaining employees.

New Hire Orientation refers to the process of introducing newly hired employees to the workplace, culture, people, responsibilities, and policies of the company. It is a crucial HR activity that helps new employees to understand the expectations and to adjust smoothly to the new environment. This process can range from a day-long overview to an in-depth, week-long experience depending on the company and role.

The Operating Budget refers to a detailed projection of all estimated income and expenses that a business expects to incur over a certain period, typically quarterly or annually. It usually includes expenses for running daily operations and revenues from core business activities. This budget is an essential tool for planning and managing resources effectively and efficiently.

Payroll Deduction is a term that refers to any amount deducted from employee's earning by the employer. It can include taxes, insurance premiums, retirement contributions, and deductions for employee benefits. These deductions are typically managed in accordance with government regulations and employment contracts.