Total compensation refers to the overall reward an employee receives from an employer. It includes base salary, incentives, bonuses, allowances, and non-monetary benefits like insurance or retirement plans. Understanding total compensation helps employees see the full value of their pay package.
A TDS task involves managing Tax Deducted at Source in payroll or accounting. It includes calculating the correct tax amount, deducting it from payments, depositing it with the government, and filing required returns. Proper handling of TDS tasks ensures legal compliance and accurate tax reporting.
Social HR is the integration of social media tools and digital platforms into human resource practices. It is used for recruitment, employer branding, employee engagement, and internal communication. Social HR helps organizations connect, collaborate, and build a stronger workplace culture.
Assessment Year is the year in which income earned in the previous financial year is assessed and taxed. Taxpayers file their income tax returns during the assessment year. It follows immediately after the financial year in which the income was earned.
Salary reimbursement refers to recovering salary costs paid to an employee from another entity. It commonly occurs when an employee works on deputation, client projects, or between group companies. The reimbursed amount usually includes basic pay and related contributions as agreed.
Remuneration in HRM means the total reward an employee receives for their work. It includes basic salary, incentives, bonuses, allowances, and other benefits. Effective remuneration policies help attract, motivate, and retain talent.
A reasonable person is a legal concept used to evaluate conduct objectively. It refers to how an average, prudent individual would behave in a similar situation. In workplace or legal disputes, this standard helps determine whether actions were appropriate or negligent.
Professional fees are charges paid to professionals for providing specialized knowledge or services. Examples include fees paid to consultants, lawyers, accountants, or trainers. These fees are typically based on expertise, scope of work, and agreed terms of engagement.
Probation in a job is an initial trial period for newly hired employees. During this time, the employer assesses performance, skills, and overall suitability for the role. Successful completion of probation usually leads to confirmation of permanent employment.
Preliminary screening is the first stage of the hiring process. HR reviews resumes and applications to filter candidates who meet minimum qualifications and job criteria. This step helps narrow down the applicant pool for further interviews or assessments.
Pregnancy leave is a period of approved absence given to employees during and after pregnancy. It allows time for medical care, recovery, and newborn care. In many countries, pregnancy leave is protected under labor laws and may be paid or unpaid.
A pre joining buddy is an existing employee assigned to assist a new hire before they officially join the organization. The buddy answers questions, shares insights about company culture, and helps ease the transition. This practice improves engagement and reduces first-day anxiety.
Poaching in HRM is the practice of recruiting skilled employees from competing organizations. Companies often target high-performing professionals to strengthen their workforce. While legal in many cases, it may raise ethical concerns and impact industry relationships.
PF stands for Provident Fund. It is a long-term retirement savings scheme in which both the employer and employee contribute a portion of the employee’s salary. The accumulated amount, along with interest, is paid to the employee at retirement or under specific conditions.
Perquisites, often called “perks,” are extra benefits given to employees in addition to their regular salary. These may include housing, company car, medical insurance, or other non-cash advantages. Perquisites enhance overall compensation and improve employee satisfaction.
Peer appraisal is a performance review process in which employees evaluate their co-workers. It focuses on teamwork, collaboration, and overall contribution. This method provides balanced feedback and promotes accountability within teams.
Payroll accounting entries are journal entries that record salary expenses and related deductions in the accounting books. They include wages payable, tax deductions, and employer contributions like provident fund. Proper payroll entries ensure accurate financial reporting and compliance.
A pay band is a structured salary range set for specific job grades or levels within an organization. It includes a minimum, midpoint, and maximum pay limit. Pay bands help ensure fair compensation and maintain internal salary consistency.
A paid day is any day for which an employee is entitled to receive wages. It may include regular working days, approved paid leave, or public holidays. Paid days are counted when calculating salary, benefits, and attendance records.
Overtime in cost accounting means additional wages paid to employees for working beyond regular hours. These extra costs are recorded separately to determine their impact on production expenses. Proper treatment of overtime helps in accurate cost calculation and pricing decisions.