Discover the meaning of the latest PH payroll and HR terms and abbreviations with this free glossary.
Talent Talent is another name for staff, employees or the people who work within the business. It can also be used to describe new candidates that HR teams are interested in hiring. The use of the term can also imply employees who have special abilities.
Talent acquisition Talent acquisition describes recruiting new staff from outside the business. In today’s competitive recruitment environment, talent acquisition has become far more strategic and sophisticated. Employers need to keep an eye on their current and future staffing needs, using data analysis to predict potential flight risks and identify potential leaders.
Talent management Talent management is the name for the range of HR processes used to attract, hire, develop, engage and keep high-performing employees. Talent management also highlights practices to boost staff productivity and so optimise businesses.
Talent management software Talent management software is a system that automates and streamlines an organisation’s staff management activities, helping them attract and develop the best people.
Talent management system A talent management system (or talent management software) is a solution that enables employers to recruit, onboard and develop employees. In a competitive jobs market, employees are increasingly discerning about where they want to work. It’s vital to have the best processes in place to recruit and retain talented people.
Taxable income Taxable income is the portion of a company’s or individual’s gross income which must be paid to the government in any tax year. It includes wages, tips and bonuses, as well as investment income and other forms of unearned income, such as child support or benefits.
Tax codes Tax codes are part of the Pay As You Earn (PAYE) system, and are used to calculate how much tax to deduct from an employee’s pay or pension. When you hire staff, you use their P45 to determine their tax code. Your payroll software will help you to work this out. The full list of tax codes and their meanings is on the UK Government website.
Time and attendance services Time and attendance services are third-party services provided to businesses to accurately monitor employee time and attendance, plus pay and absence costs. They give companies more control of staffing costs, so they are free to drive up productivity, boosting the bottom line.
Time and attendance solutions Time and attendance solutions refer to software used by businesses to monitor staff time and attendance. The software automatically calculates hours worked, plus holiday time, sick leave and overtime.
Time management services Time management services act as an employee attendance tracking system. The software helps organise teams by using one cloud-based dashboard to monitor activity.
Time management solutions Time management solutions are software to help businesses automate time and attendance. Rather than risk manual input errors, with teams trying to keep track of staff allocations across the business, the software ensures easier and more accurate scheduling.