A Bank Identification Number (BIN) is the initial series of digits on a credit or debit card that identifies the issuing bank or financial institution. BINs help process transactions securely by matching the card type, bank, and country, reducing fraud and ensuring payment accuracy.
Attrition refers to the gradual loss of employees in an organization over time, usually through resignations, retirements, or other voluntary exits. Unlike layoffs, attrition isn’t employer-driven, and tracking it helps businesses understand workforce stability and plan recruitment or retention strategies.
An Applicant Tracking System (ATS) is software used by HR teams to manage the recruitment process. It helps automate job postings, filter resumes with keywords, track applicants, and streamline communication, making it easier for employers to identify and hire the right candidates.
Application management is the process of monitoring, maintaining, and optimizing software applications throughout their lifecycle. It includes tasks like updates, security patches, performance tracking, and user support, ensuring that business applications run smoothly and meet organizational needs.
Anti-Money Laundering (AML) is a set of regulations and practices aimed at stopping criminals from disguising illegally obtained money as legitimate income. Financial institutions and businesses must follow AML rules by monitoring transactions, reporting suspicious activity, and verifying customer identities (KYC).
An Administrative Services Organization (ASO) is a third-party provider that manages HR tasks like payroll, benefits administration, and compliance. Unlike a PEO, an ASO does not become the employer of record; the client company retains full employment responsibility while outsourcing administrative support.
ACA compliance refers to the requirement for certain U.S. employers to follow the Affordable Care Act’s rules on health insurance coverage. It includes offering affordable health plans to eligible employees and filing reports with the IRS to avoid penalties and stay legally compliant.
1099 vs W2 refers to the distinction between two types of workers in the U.S. A 1099 worker is an independent contractor responsible for their own taxes and benefits, while a W2 worker is a company employee with taxes withheld and access to employer-provided benefits. This classification impacts payroll, compliance, and legal responsibilities for employers.
A 401(k) is a retirement savings plan offered by U.S. employers that allows employees to contribute part of their salary before taxes. Employers may also match contributions, and funds grow tax-deferred until withdrawal, making it a key tool for long-term financial security.
Workplace coaching is a process where a coach or manager provides personalized guidance to employees to enhance their skills, confidence, and performance. It focuses on setting goals, giving feedback, and building strengths, helping employees grow professionally while supporting business success.
A work policy is a formal document that outlines expectations, rules, and procedures employees must follow in the workplace. It covers areas like attendance, conduct, remote work, leave, and safety, ensuring consistency, compliance, and clarity across the organization.
Work from home (WFH) is a work arrangement that allows employees to carry out their tasks from their residence instead of commuting to an office. It relies on technology for communication and collaboration, offering flexibility, cost savings, and improved work-life balance for employees and employers.
A work from home stipend is an allowance employers give employees to offset costs of working remotely, such as internet, electricity, or office equipment. It helps create a productive home office setup, supports employee well-being, and ensures fairness in remote work arrangements.
Work from Anywhere (WFA) is a remote work model that allows employees to perform their jobs from any location, not just their home or office. It gives workers maximum flexibility, helps employers access global talent, and relies on strong digital infrastructure and compliance policies.
VTO, or Volunteer Time Off, is a benefit that allows employees to take paid time off to participate in volunteering or community service activities. It supports corporate social responsibility efforts, boosts employee morale, and strengthens a company’s connection with the community.
A virtual employee is a worker who performs their job remotely using digital tools to stay connected with the employer and team. They may be freelancers, contractors, or full-time staff, offering companies flexibility to access global talent without requiring a physical office presence.
A training matrix is a visual tool or spreadsheet that maps employees against the skills and training they have completed or still require. It helps managers identify skill gaps, plan development programs, and ensure the workforce meets compliance and performance standards.
Teleworking is a flexible work arrangement where employees perform their job duties outside the traditional office, usually from home. It relies on digital communication and collaboration tools, giving workers better work-life balance while helping employers reduce office costs and expand talent reach.
A talent pool is a collection of qualified candidates who may be considered for future job opportunities within a company. It helps employers save time in recruitment by keeping a pipeline of skilled individuals ready, improving hiring speed and workforce planning.
A T4A is a tax form in Canada used to report income other than wages, such as pensions, scholarships, research grants, or self-employment payments. Employers or payers issue it to individuals so they can accurately file taxes with the Canada Revenue Agency (CRA).