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
'My Whole Life Changed': This 28-Year-Old's Side Hustle Made $10,000 in the First Month. She Quit Her Job and Is About to Hit $10 Million.
Gia Mezz was tired of seeing fast fashion on the rise — so she launched her own business.
70 Small Business Ideas to Start in 2025
We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.
Your Website Traffic Will Vanish in 2025. Do This Now!
The era of easy website traffic is over. AI-driven search slashes organic traffic, but I'll show you how to adapt, optimize, and thrive in 2025!
Citigroup Eliminated More Jobs This Week. Here's Which Roles Were Affected.
Citigroup aims to cut 20,000 jobs by 2026 and is now more than halfway to its goal.
8 Winning Strategies for Succeeding in a Hyper-Competitive Market
This article highlights essential considerations and powerful strategies for excelling in a fiercely competitive and oversaturated market.
Entrepreneurs Should Invest in Service, Not Just Sales — Here's How to Build a Customer-First Business
A customer-first business strategy that prioritizes exceptional service, empowers employees and leverages feedback can transform satisfied customers into loyal advocates, driving sustainable, long-term growth.
