Vocabulary

• Salary – The fixed regular payment, typically paid on a monthly or biweekly basis, made by an employer to an employee, especially a professional or white-collar worker.
• Benefits – Non-wage compensation provided to employees in addition to their normal wages or salaries.
• Negotiation – A discussion aimed at reaching an agreement.
• Base Salary – The initial rate of compensation an employee receives, not including benefits, bonuses, or raises.
• Gross Salary – The total salary before deductions for taxes and benefits.
• Net Salary – The amount of money an employee takes home after all deductions.
• Bonus – A sum of money added to a person's wages as a reward for good performance.
• Compensation – Money received by an employee from an employer as a salary or wages.
• Overtime Pay – Extra pay received for hours worked beyond regular working hours.
• Pay Raise – An increase in the amount of money an employee makes.
• Payroll – The total amount of money a company pays to all its employees.
• Performance Review – A formal assessment in which the employer evaluates the employee's work and productivity.
• Promotion – An advancement in an employee's rank or position in an organizational hierarchy system.
• Commission – A sum, typically a set percentage of the value involved, paid to an agent in a commercial transaction.
• Job Offer – A formal proposal by an employer to hire a prospective employee to fill a specific position.
• Employment Contract – A legal document that outlines the terms and conditions of employment between an employer and employee.
• Severance Pay – A sum of money given by an employer to an employee who has been laid off, dismissed, or has had their job eliminated.
• Stock Options – A benefit in the form of an option given by a company to an employee to buy stock in the company at a discount or at a stated fixed price.
• Pension Plan – A type of retirement plan, usually tax exempt, wherein an employer makes contributions toward a pool of funds set aside for an employee's future benefit.
• 401(k) Plan – A retirement savings plan sponsored by an employer which allows workers to save and invest a piece of their paycheck before taxes are taken out.
• Health Insurance – A type of insurance coverage that pays for medical and surgical expenses incurred by the insured.
• Dental Insurance – A form of health insurance designed to pay a portion of the costs associated with dental care.
• Vision Insurance – A health benefit that at least partially covers vision care, like eye exams and glasses.
• Life Insurance – A contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured.
• Disability Insurance – A type of insurance that will provide income in the event a worker is unable to perform their work and earn money due to a disability.
• Retirement – The action or fact of leaving one's job and ceasing to work.
• Cost of Living Adjustment (COLA) – A periodic increase in wages or salaries, based on changes in a cost-of-living index.
• Wage Gap – The disparity between the wages earned by different groups of people.
• Equal Pay – The legal requirement that men and women be paid the same if performing the same job in the same organization.
• Job Satisfaction – The extent to which an employee is content with their job.
• Telecommuting – Working from somewhere other than the traditional office, usually from home, via telecommunication links.
• Work-Life Balance – The equilibrium between personal life and career work.
• Incentive Pay – A form of compensation that encourages employees to strive for higher levels of performance.
• Profit Sharing – The distribution of a portion of a company's profits to its employees.
• Job Security – The probability that an individual will keep their job.
• Minimum Wage – The lowest wage permitted by law or by a special agreement.
• Living Wage – The minimum income necessary for a worker to meet their basic needs.
• Paid Time Off (PTO) – Time that employees can take off from work and still be paid their usual wages.
• Maternity Leave – The period of time that a new mother takes off from work following the birth of her baby.
• Paternity Leave – The period of time that a father takes off from work at the birth or adoption of a child.
• Sick Leave – Paid time off from work that workers can use to stay home to address their health and safety needs without losing pay.
• Bereavement Leave – A leave of absence from work granted because of the death of a close relative.
• Employee Assistance Programs (EAP) – Work-based intervention programs designed to assist employees in resolving personal problems that may be adversely affecting the employee's performance.
• Tuition Reimbursement – A benefit in which an employer pays all or part of an employee's tuition for courses or degree programs.
• Job Evaluation – A systematic process of determining the value/worth of a job in relation to other jobs in an organization.
• Relocation Assistance – The resources, financial and otherwise, provided by an employer to help an employee move for work.
• Flextime – A flexible hours schedule that allows workers to alter workday start and finish times.
• Trade Union – An organized association of workers in a trade, group of trades, or profession, formed to protect and further their rights and interests.
• Collective Bargaining – Negotiation of wages and other conditions of employment by an organized body of employees.
• Employment Law – The division of law that governs the relationship between employers and employees.