A furlough period refers to a temporary pause in work where employees are asked not to work for a specific duration. Unlike layoffs, the employment relationship continues during a furlough. Organizations use furloughs to manage costs during economic slowdowns or operational disruptions.
ESS, or Employee Self Service, is an HR tool that allows employees to manage their own information through a digital platform. It enables tasks like viewing payslips, applying for leave, and updating personal details. ESS reduces HR workload while improving employee experience and transparency.
Form 64A is an income tax form issued by business trusts to report income distributed to their unit holders. It contains details of the distributed income and the corresponding tax treatment. This form helps investors correctly report such income while filing their tax returns.
Form 49B is used by businesses and individuals to apply for a TAN, which is required for deducting or collecting tax at source. It is mandatory for employers, companies, and entities responsible for TDS or TCS. Without a TAN, tax deductions cannot be deposited or reported legally.
Form 26AS is a consolidated tax statement issued by the Income Tax Department of India. It shows details of tax deducted or collected at source, advance tax paid, and any refunds received. Taxpayers use it to verify tax credits before filing their income tax return.
Form 24G is a statement filed by government offices that deduct tax at source but do not deposit it using a standard challan. It contains details of TDS deducted and book adjustments made with the government. This form helps the Income Tax Department track and reconcile TDS transactions accurately.
Form 12C is an income tax form provided by an employer to an employee showing the value of perquisites received during a financial year. It also includes details of tax deducted on those perquisites. This form helps employees understand taxable benefits included in their salary.
Form 12BB is a declaration submitted by employees to their employer to report tax-saving investments and expenses. It includes details such as HRA, LTA, insurance premiums, and loan interest. Employers use this information to calculate the correct Tax Deducted at Source (TDS).
Forced ranking is a performance evaluation approach that compares employees within a team or organization. Managers place employees into predefined performance categories, such as high, medium, or low performers. While it helps identify top talent, it can also impact morale if not applied carefully.
The factor comparison method is a job evaluation technique used to assess the relative value of different roles. Jobs are compared using specific factors such as skill, effort, responsibility, and working conditions. This method helps organizations create fair and structured pay scales.
The full form of EVP is Employee Value Proposition. It refers to the unique mix of benefits, work culture, growth opportunities, and rewards an organization offers employees. A strong EVP helps companies attract, engage, and retain top talent.
An employee handbook is a written guide that explains an organization’s policies, procedures, and workplace expectations. It helps employees understand their rights, responsibilities, and company culture. Employers use handbooks to promote consistency and reduce workplace disputes.
Emotional resources are the internal emotional strengths people use to cope with pressure and change. They include resilience, emotional intelligence, and self-awareness. Strong emotional resources help employees stay motivated, manage stress, and maintain healthy workplace relationships.
EFQM stands for the European Foundation for Quality Management, a globally recognized excellence model. It helps organizations assess their performance, identify improvement areas, and drive sustainable growth. Companies use EFQM to strengthen leadership, strategy, and overall operational excellence.
Due diligence is the process of carefully examining a company, contract, or investment before making a decision. It helps identify financial, legal, and operational risks in advance. Businesses commonly conduct due diligence during mergers, acquisitions, partnerships, or major investments.
Direct hire refers to hiring an employee as a full-time, permanent staff member of the organization. The employee is added directly to the company’s payroll and receives standard benefits. This approach is commonly used for long-term roles and core business positions.
Corporate Social Responsibility, or CSR, is a business approach where companies take responsibility for their impact on society and the environment. It includes initiatives related to sustainability, ethical labor practices, and community development. CSR helps build trust, brand reputation, and long-term business value.
A consolidated statement is a financial report that merges the accounts of a parent company and its subsidiaries. It shows the combined assets, liabilities, income, and expenses as one entity. This helps stakeholders understand the group’s overall financial position more clearly.
Career Path Ratio is an HR metric that shows how employees progress within an organization through promotions, lateral moves, or role changes. It helps companies understand whether employees have clear growth paths. This insight supports better workforce planning and retention strategies.
Campus hiring refers to the process of recruiting students or recent graduates from educational institutions. Employers visit campuses to conduct interviews, tests, and selection drives. This approach helps organizations build early-career talent pipelines and hire fresh talent efficiently.