Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
$K: A symbol used to indicate thousands. For example, $45K is equal to $45,000.
Application Form: A standard form used to obtain information from a potential employment candidate, relating to qualifications, employment experience and other job-related data.
ASX: Australian Stock Exchange
Base Salary: Is a regular payment that an employee receives from their Employer for doing their job. It is also used as the basis for calculating additional allowances and benefits. This payment is subject to tax deductions.
Benefits: Includes financial rewards that are not paid directly in cash to the employee (for example, childcare, healthcare, life insurance) and all non-financial rewards (for example, an on-site gymnasium).
Bonus: A discretionary reward given to the Employee, by the Employer, which can either be performance based, or paid upon the achievement of a specific goal.
Candidate: A person who has formally applied for a job or submitted a resume.
Career development: The way in which individuals manage and advance their careers within and between organisations. The way that organisations structure and implement the career progress of their employees.
Career progression: The process of an employer moving employees within the organisation into different departments or positions in an upward movement.
Casual: An Australian employment classification under the Australian workplace law whereby an employee is paid higher per hour wage in lieu of not having their employment guaranteed and are not eligible for the same benefits as permanent full-time or permanent part-time employees. An amount is incorporated in the hourly rate to cover annual and sick leave. Casual employees may be contacted regularly by their employers to arrange varying working times.
CBD: Central Business District
Client: An individual or organisation which is provided with a product or service by a company is deemed as being a Client of that company.
Commission: An individual or team based incentive system whereby an employee receives additional, performance based payments, beyond their standard base salary. This amount can be determined as either a percentage of revenue generated through sales, or a predetermined fixed amount, paid once a sales target or quota is reached.
Competencies: Standard requirements for an individual to properly perform a specific job. They are demonstrable and assessable skills that distinguish between effective and ineffective job performance.
Confidentiality agreement: An agreement restricting an employee from disclosing confidential or proprietary information relating to their Employer's company, business practices, financial stability, clients and so on.
Contract: An agreement that is legally binding between two or more people or companies. A contract is made when promises are exchanged to do something in exchange for something. Each party to a contract is legally obliged to carry out her or his part of the bargain and a party who fails to do so is in breach of contract.
Corporate Culture: The values, beliefs, assumptions and symbols that define the way in which the organisation conducts its business.
Curriculum Vitae: Curriculum Vitae is the Latin meaning for "course of life". It is a personal history of one's education, professional history and job qualifications with a strong emphasis on specific skills relating to the position they are applying for. The document is generally more detailed than a resume as the word ‘resume' is French for ‘summary' and should be more brief than a CV.
EEO: Equal employment opportunities. This means that potential and existing employees must be allowed a fair and reasonable opportunity to succeed, without discrimination, based on unrelated job factors such as age, race, gender or nationality.
Feedback: The process of sharing observations, concerns and suggestions between people or divisions of the organisation with an intention of improving both personal and organisational performance.
Full-time: Full-time employment is regular and ongoing work. Full-time employees generally work up to the maximum hours per week allowed under industrial law.
Incentive: The promise of a reward which will be given if a specified goal is achieved.
Job Description: A document explaining the purpose of a job, the duties that are to be performed, the conditions under which they are to be accomplished and the expected performance standards.
KPI: Key Performance Indicators are tasks that have been agreed between an employee and management, with an expectation that they will be completed satisfactorily within an agreed time frame, or as an ongoing task.
Letter of Offer/Contract of Employment: A document presented to a prospective Employee by an Employer which usually specifies the terms of an employment arrangement, including starting date, salary, benefits, working conditions, legal rights and the obligations of each party. The document should be signed by both the Employer and the person who has been offered a role, once both parties have accepted all of the outlined terms of employment.
Maternity Leave: Leave taken by a female employee during or after pregnancy. Generally, employers provided employees with 52 weeks of maternity leave. Government legislation does not require employers to pay the employee during their maternity leave; however some employers are choosing to offer paid maternity leave as an incentive.
OH&S: Occupational Health and Safety. Relating to the provision of a safe and healthy work environment.
OTE (Opportunity to earn): A projected estimate of the annual gross amount an employee could potentially earn which may include base salary, commission, incentives, bonuses etc.
Package: Includes the total amount of income paid and benefits received.
Part-time: A part-time employee works less days or hours than a full-time employee does and has reasonably predictable or structured hours of work. They receive the same employment entitlements associated with permanent employees, such as sick leave, personal/carer'
Paternity Leave: Unpaid leave taken by a male employee in connection with the birth maternity, paternity and adoption leave of his child or his spouse's (including de facto spouse) child.
Permanent: A situation which has no foreseeable end.
Pro-rata: A proportion of the rates for full-time employees which are dependent on the hours worked which are paid.
Recruitment: The process of sourcing, selecting and employing staff.
Redundancy: Termination of the employment contract by the employer, due to the permanent elimination or significant change of the Employee's position.
Referee: Ideally a Supervisor or Manager to whom an Employee has reported, in a professional capacity and who is able to provide detailed comments and feedback relating to the Employee's skills and performance.
Remuneration: A general term to describe any payment or benefit received in respect of employment, including salary, benefits, short-term incentives, bonuses and long term incentives, including shares and options.
Restructuring: Major changes that generally occur within an organisation associated with downsizing, flattening, elimination of departments and so on.
Salary: A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract.
Skills testing: Tests that are undertaken by candidates or employees in order to determine their level of aptitude in performing a particular task or function.
Superannuation: Is a compulsory benefit paid by Employers to be held in trust for employees and which will assist the Employee to meet their financial needs in retirement.
Temporary: Hired for an undetermined period of time on a casual basis to work on specific tasks or projects.