Business Jargons A Business Encyclopedia

Definition: Collective Bargaining can be defined as the form of negotiation amidst employer and the representatives of workers/employees, i.e. trade union, which establishes the terms and conditions of employment. Its purpose is to ascertain the working conditions, as well as to regulate the relations of employer and workers. Simply put, Collective bargaining is a bipartite…

Definition: Employee Benefits implies the financial or non-financial compensation, offered to the employees, which forms part of their employment contract. It has an important role to play in differentiating two jobs offering the same salary, which vary in terms of the benefits offered. In finer terms, any kind of consideration given to the employees, in…

Definition: Succession Planning is defined as the systematic process of recognizing and creating future leaders who are able to take the position of the old ones when they leave the organization due to retirement, resignation, termination, transfer, promotion or death. In finer terms, it is a modern technique followed by many companies, that concentrates on…

Definition: Employee training and development implies a program in which specific knowledge, skills and abilities are imparted to the employees, with the aim of raising their performance level, in their existing roles, as well as providing them learning opportunities, to further their growth. Training implies a process of upgrading an individual’s knowledge, skills and competencies.…

Definition: Arbitration is a type of Alternative Dispute Resolution (ADR). It is a process wherein one or more independent third person, analyses the dispute thoroughly, ascertains the cause of dispute, listens to the parties, i.e. employer and employee, collects relevant facts and information, so as to make recommendations accordingly, that have a binding effect on…

Definition: Employee Transfer is a process of horizontal movement of an employee, wherein there is a change in the job, without any revision in the remuneration and modification of responsibilities. It is a form of internal mobility, in which the employee is shifted from one job to another usually at a different location, department, or…

Definition: Job analysis refers to the process of systematically identifying, obtaining and recording all the facts and details concerning the job through various methods. It encompasses gathering information related to the knowledge, skills and abilities (KSA) which the job holder must have, to perform the job satisfactorily. Here knowledge implies the degree to which the…

Definition: Talent management is the systematic process of identifying the vacant position, hiring the suitable person, developing the skills and expertise of the person to match the position and retaining him to achieve long-term business objectives. Talent Management Process Model Planning: Planning is the initial step in the process of Talent Management. It involves the…

Definition: Performance Appraisal is defined as a systematic process, in which the personality and performance of an employee is assessed by the supervisor or manager, against predefined standards, such as knowledge of the job, quality and quantity of output, leadership abilities, attitude towards work, attendance, cooperation, judgment, versatility, health, initiative and so forth. It is…

Definition: Performance Management can be defined as a process which continuously identifies, measures and develops the performance of the workforce in the organization. And to do so, each individual’s performance and objectives are connected with the overall mission and goals of the enterprise. Hence, the two key elements of performance management are: Continuous process Link…