Whether it's your first job or a career change, its important to know terms certain business terms.
More than just negotiating the right salary, you need to be aware of the job terms that are associated with being an employee. Here are the our top 10 terms you should be aware of before entering the job market.
Brainstorming:
Brainstorming sessions are held at workplaces to generate a pool of ideas and come up with solutions. Keeping a list of ideas is always a good way to start off any brainstorming session and a great way to get your employer's attention.
Paid Time Off:
Instead of segregating the holidays into different slots i.e sick days or vacation days, employees can seek an alternative with Paid time off.
Many people turn PTO into benefits because you don’t have to state a reason for the PTO’s. Be it for a vacation or for getting sick, PTO’s come in handy when you need a longer duration of time off work.
401 K:
401K is a retirement saving plan sponsored by the employer. With this plan an employee can defer their salary. Instead of receiving the whole pay check, their deferred money goes into the plan and it is generally not taxed until distributed.
Floating Holiday:
A floating holiday allows an employee to take any day off according to their specific need. It could be a religious day or simply a day of meaning to you; the advantage is you still receive your salary for the floating holiday.
W-4:
It is a form completed by employees to indicate their tax situation to the employer. Every pay period your net income reduces when your employer takes out the mandatory taxes from your check.
W-4 gives you control over the withholding allowances that you can claim on your paycheck. Usually an employer asks employees to fill out the W-4 when they start their job.
It is important to review your pay check to make sure that you can live comfortably with the withholding allowances.
Pic credit: footage.shutterstock
T4:
T4 is a statement slip issued by the employer that shows how much income an employee was paid the previous year and the amount of income tax deducted.
An employee usually receives three copies of the T4 – One for the federal tax return, one for the provincial tax return and one to keep for themselves.
Human Resources (HR):
The Human resources department take care of the employees’ well-being which involves being responsible for the employees entire paperwork from the job start date to end date. From job application to in-house queries, HR basically ensures that everything between you and the company you're employed with is in order.
HMO:
Health maintenance organization or HMO requires you to receive most or some of your health care from a registered health care provider. When you are enrolled with the HMO, you will be required to select a primary health care physician from the network who will be responsible for managing your health care.
Health And Safety:
The safety of all the employees in the workplace is the employer's responsibility and must be addressed. Every employee needs to be made aware of the hazards around the workplace and adhere to the safety policies of the company.
Performance Review:
This generally happens at the end of each year to review an employees’ performance in the company. Good performance review leads to promotion and salary hikes which are positive reinforcement for an employee.
Featured image: fastbusinessfunding
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