Small Business Encyclopedia
Category: Employee-managementFlexible Work Arrangements
Arrangements that allow employees to have a more variable schedule as opposed to complying with the standard 8-hour workday
Goal Setting
Establishing short- or long-term objectives, usually incorporating deadlines and quantifiable measures
Employee Handbook
A document that includes information that employees may need to refer to frequently in order to meet the terms and conditions of their employment
Employment Contract
An agreement entered into between an employer and an employee at the time the employee is hired that outlines the exact nature of their business relationship, specifically what compensation the employee will receive in exchange for specific work performed
Job-Sharing
An employment option that lets two people share the responsibilities of one full-time position
Exit Interview
The formal conversation that takes place between an employee and an HR or other manager to determine the reason(s) the employee is leaving
Mentoring
Educational and/or professional development support provided by experienced colleagues
Motivating Employees
Using both tangible and nontangible rewards to keep employees enthusiastic, loyal and interested in continual improvement
Terminating an Employee
A document that outlines the procedures involved when employees are fired, with or without cause
Training Programs
Programs designed for training employees in specific skills
Noncompete Clause
Contracts between you and your employees in which your employees promise not to take what they learn while working for you and use it against you while working for a competitor. A typical noncompete agreement says the employee agrees not to work for rivals, solicit business from current clients, or otherwise compete with you for some period of time, such as a year, after leaving your company.
Severance Pay
Money in addition to wages and any other money that employers owe employees when their employment ends, such as through a layoff or firing. Severance pay is a form of what's generally called "separation," "termination" or "final pay."
Popular Articles
Are Your Business's Local Listings Accurate and Up-to-Date? Here Are the Consequences You Could Face If Not.
Why accurate local listings are crucial for business success — and how to avoid the pitfalls of outdated information.
Day Traders Often Ignore This One Topic At Their Peril
Boring things — like taxes — can sometimes be highly profitable.
Want to Be More Productive Than Ever? Treat Your Personal Life Like a Work Project.
It pays to emphasize efficiency and efficacy when managing personal time.
'Passing By Wide Margins': Elon Musk Celebrates His 'Guaranteed Win' of the Highest Pay Package in U.S. Corporate History
Musk's Tesla pay package is almost 140 times higher than the annual pay of other high-performing CEOs.
He Immigrated to the U.S. and Got a Job at McDonald's — Then His Aversion to Being 'Too Comfortable' Led to a Fast-Growing Company That's Hard to Miss
Voyo Popovic launched his moving and storage company in 2018 — and he's been innovating in the industry ever since.
I Left the Corporate World to Start a Chicken Coop Business — Here Are 3 Valuable Lessons I Learned Along the Way
Board meetings were traded for barnyards as a thriving new venture hatched.
