What Is Human Capital Management (HCM)? Human capital management (or HCM for short) refers to the practices that an organization has related to people resource management. Human capital management is vital for hiring employees, training them, and ultimately retaining them. These are generally broken down into 3 distinct categories: Workforce acquisition Workforce management Workforce optimization […]
What Is Time Tracking? At its simplest, time tracking refers to how a business measures the number of hours an employee has worked on a shift, project, or task. It’s primarily used for businesses where the employees are paid by the hour. It’s also often used by freelancers and professionals who charge by the hour. […]
What Is Churn Rate? Companies spend a lot of time and money attracting new customers. An equally important task is finding out how many customers you’re losing each year. That’s what churn rate means. It’s the rate at which you’re losing customers over a period of time. What Is The Churn Rate Formula? Knowing your […]
What Is IRS Form 1042-S? Form 1042-S is a Department of the Treasury Internal Revenue Service form titled Foreign Person’s U.S. Source Income Subject to Withholding. Typically, non-citizens of the United States are subject to tax on any income derived from U.S. sources. Therefore, Form 1042-S is commonly used to report any amount paid to […]
What Is Form 940? Form 940 is a Department of the Treasury Internal Revenue Service form titled Employer’s Annual Federal Unemployment (FUTA) Tax Return. It’s a form used to pay and report federal unemployment taxes. The money received from companies paying FUTA taxes helps compensate unemployed workers that were laid off due to no fault […]
What Are Gross Wages? Gross wages is the amount of money an employee earns before deductions are taken out. Gross wages are set by the employer either with an hourly wage or an annual salary. Hourly workers, also known as non-exempt employees, can calculate their gross wages by multiplying their hours worked by their hourly […]
What is an HR Business Partner? The term Human Resources Business Partner (HRBP) refers to the shift of human resources toward a greater focus on business results. It’s about increasing the effectiveness of human resources by aligning it closely with the business needs and overall strategic vision. Typical functions of HR include recruiting, compliance, safety, […]
What Is Paid Time Off? Paid time off – or PTO – refers to a company’s policy regarding when their employees can and cannot receive paid time off allowances. Paid time off is sometimes called planned time off or personal time off by some companies. The company’s PTO policy sets forth a number of hours […]
What Is a Dislocated Worker? A dislocated worker – sometimes called a displaced worker – is an employee that becomes unemployed due to reasons that are out of their control. While the term sounds like it’s based around geography, it’s more about why someone lost their job. There are several reasons why an employee may […]
What Is a Convenience Product? In the book Principles of Marketing, convenience products are described as a “product that the customer usually buys frequently, immediately, and with a minimum of comparison and buying effort.” Convenience products usually have low prices, and to turn a decent profit, they have to be sold in large volumes. Convenience […]
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