LIFO, or Last In, First Out, is an accounting method used to value inventory. Under LIFO, the latest inventory items purchased are assumed to be sold before older stock. This method can impact profit reporting and tax calculations, especially during inflation.
A leave year is the time frame an organization uses to calculate employee leave entitlements. It may follow the calendar year or the company’s financial year. Leave balances, accruals, and resets are managed within this defined period.
Leave types refer to the various kinds of leave employees can take under an organization’s leave policy. Each leave type serves a specific purpose, such as health, personal time, or family needs. Clear leave types help ensure consistency and compliance in leave management.
Leave credits are the paid leave days allocated to an employee over a specific period. These may include earned leave, casual leave, or sick leave. Employees use leave credits according to company policies and labor laws.
L&D, or Learning and Development, refers to training initiatives designed to enhance employee knowledge and skills. It includes onboarding, upskilling, leadership training, and continuous learning programs. Effective L&D helps organizations build a capable, future-ready workforce.
A job requisition is a formal document used to request approval for hiring. It includes details such as job title, responsibilities, budget, and hiring timeline. Once approved, it allows recruiters to begin the hiring process.
Job hopping is the practice of moving between jobs more often than traditionally expected. Employees may job hop to explore opportunities, learn new skills, or increase compensation. While it offers flexibility, frequent job changes can raise concerns for some employers.
An interview panel consists of multiple interviewers from different departments or levels within an organization. They collectively evaluate a candidate through structured questions and discussions. Panel interviews help ensure fair, balanced, and well-informed hiring decisions.
An in-house candidate refers to a current employee applying for or being considered for another position within the organization. This could be a promotion, lateral move, or role change. Hiring in-house candidates supports career growth and reduces recruitment time and costs.
In HRM, an incentive is a reward given to employees to encourage better performance and goal achievement. It can be monetary, such as bonuses, or non-monetary, such as recognition or benefits. Incentives help boost motivation, engagement, and productivity at work.
In mail refers to all incoming correspondence received by an organization, such as letters, emails, or official documents. It is usually logged and routed to the appropriate department for action. Proper in-mail management helps ensure timely responses and record-keeping.
The in-basket method of training is a simulation-based learning technique used to develop managerial skills. Participants handle real-life work scenarios such as emails, memos, and tasks within a limited time. It helps improve decision-making, time management, and prioritization abilities.
HR consultancy refers to professional services that support businesses with human resource management. It includes areas like recruitment, compliance, payroll, performance management, and HR strategy. Companies use HR consultants to improve people processes and ensure legal and operational efficiency.
A hiring manager is typically the team lead or department head responsible for filling an open position. They work closely with HR or recruiters to review candidates and conduct interviews. The hiring manager makes the final decision on who is hired for the role.
HIPAA stands for the Health Insurance Portability and Accountability Act. It establishes rules to protect the privacy and security of individuals’ medical information. Organizations handling health data must follow HIPAA guidelines to prevent unauthorized access or disclosure.
A group interview involves interviewing several candidates at the same time rather than individually. Employers use it to observe how candidates interact, communicate, and collaborate with others. This format is common for roles that require strong teamwork or customer interaction skills.
Ghosting refers to the act of ending communication abruptly without notice or response. In hiring, it often happens when candidates or employers stop replying after interviews or offers. Ghosting can negatively affect employer branding and candidate experience.
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.
