An intermediary bank is a financial institution that acts as a middle party in cross-border payments, especially when the sending and receiving banks lack a direct relationship. It helps route funds through international networks to complete the transfer securely. Intermediary banks are commonly used in SWIFT transactions and may charge additional fees for their role.
In-kind benefits are non-monetary perks that employees receive from their employer instead of direct cash payments. Examples include housing, meal vouchers, transportation passes, or the personal use of a company car. While they provide real value to employees, many in-kind benefits may be taxable depending on local regulations.
HR talent sourcing is the proactive process of finding potential candidates to meet an organization’s hiring needs. It involves researching, networking, and using tools like job boards, LinkedIn, and recruitment software to build a pool of qualified applicants. Unlike traditional recruiting, talent sourcing focuses on long-term workforce planning and creating a strong pipeline of talent.
The H-1B1 visa is a U.S. nonimmigrant work visa available only to citizens of Chile and Singapore under free trade agreements. It allows professionals in specialty occupations, such as engineering, science, or business, to work in the United States for up to one year at a time, renewable. Unlike the H-1B visa, it has a separate quota and typically faces less competition.
The General Organization for Social Insurance (GOSI) is Saudi Arabia’s social security system that manages contributions from employers and employees. It covers benefits such as retirement pensions, disability support, workplace injury compensation, and survivor benefits. Both Saudi nationals and certain expatriate workers are required to be registered under GOSI, ensuring financial protection and compliance with local labor laws.
Global recruitment software is a digital platform that enables businesses to attract, evaluate, and hire candidates across multiple countries. It supports job postings, applicant tracking, interview scheduling, and compliance with international labor laws. By centralizing recruitment, these tools help companies build diverse teams and scale hiring efficiently on a global level.
A Global PEO is a service provider that enables businesses to hire employees in foreign countries without setting up a local entity. Acting as a co-employer, it manages payroll, benefits, compliance, and HR administration while the client oversees day-to-day work. Global PEOs make international expansion faster, cheaper, and legally compliant for growing companies.
Global mobility services support companies in moving employees across borders for work assignments. They cover immigration, visa processing, tax compliance, relocation logistics, and cultural training. These services help businesses expand globally while ensuring employees transition smoothly and remain compliant with local labor and tax regulations.
A Global HRIS (Human Resource Information System) is software that helps multinational companies manage HR functions across multiple countries. It centralizes employee records, payroll, compliance, benefits, and performance data into one system. By standardizing processes worldwide, a Global HRIS improves efficiency, ensures compliance with local laws, and provides real-time workforce insights.
Global acquiring is a payment service that allows businesses to accept credit and debit card payments from customers worldwide through one acquiring bank or provider. Instead of setting up local banking relationships in each country, companies can streamline cross-border transactions with a global acquiring partner. This simplifies international expansion, reduces costs, and ensures compliance with regional payment rules.
The general ledger (GL) is a central accounting record that contains all of a company’s financial transactions, organized by accounts such as assets, liabilities, income, and expenses. It provides the foundation for preparing financial statements like the balance sheet and income statement. By tracking debits and credits, the GL ensures accuracy in financial reporting and compliance.
Full-Time Equivalent (FTE) is a unit that expresses the total workload of employees in terms of full-time staff. For example, two part-time employees working 20 hours each can equal one FTE if full-time is 40 hours. Businesses use FTE calculations for budgeting, staffing, and compliance with labor or benefits regulations.
The Foreign Worker Levy (FWL) is a monthly fee that employers in Singapore must pay when they hire foreign workers. It is designed to regulate the number of foreign employees and encourage companies to prioritize local hiring. The levy amount varies based on factors such as industry, worker skill level, and the employer’s dependency ratio.
A foreign subsidiary is a separate legal entity established by a parent company in another country. While the parent company owns a controlling stake, the subsidiary operates under the host country’s laws, tax rules, and business regulations. This structure allows companies to expand internationally while limiting liability and adapting to local markets.
A floating holiday is a flexible paid day off that employees can take outside of standard public holidays. Companies often provide them to accommodate personal needs, cultural or religious observances, or to give employees more control over their time off. Unlike fixed holidays, floating holidays allow greater flexibility and support work-life balance.
The Fair Work Act is the central piece of legislation governing workplace relations in Australia. It sets out the minimum employment standards, protections against unfair dismissal, rules for collective bargaining, and obligations for both employers and employees. The Act is enforced by the Fair Work Ombudsman and the Fair Work Commission to ensure fair and lawful workplace practices.
Exercising stock options is the process where an employee or investor purchases company shares at the predetermined strike price stated in their option agreement. If the market price is higher than the strike price, the option holder can gain equity value or sell shares for profit. Exercising can be done immediately or after meeting vesting conditions, depending on the plan.
An equity grant is a form of compensation where employees receive company shares or the right to purchase shares at a set price. Common types include stock options, restricted stock units (RSUs), and performance shares. Equity grants align employee interests with company growth and are often used to attract, retain, and motivate talent.
Employment Practices Liability Insurance (EPLI) is a type of coverage that helps employers defend against and cover costs from employee lawsuits. It typically protects businesses from claims of discrimination, harassment, retaliation, wrongful termination, or breach of employment contract. EPLI is especially valuable for small and mid-sized businesses that may not have in-house legal teams.
End of Month (EOM) refers to the last calendar day of a month, commonly used as a cutoff for business, payroll, or accounting activities. Many companies schedule salary payments, invoices, or financial reconciliations at EOM to maintain consistency. It serves as a standard reporting period for tracking performance, expenses, and compliance.