Small Business Encyclopedia

Category: Employee Management

Flexible Work Arrangements

Definition: Arrangements that allow employees to have a more variable schedule as opposed to complying with the standard 8-hour workday

Goal Setting

Definition: Establishing short- or long-term objectives, usually incorporating deadlines and quantifiable measures

Employee Handbook

Definition: 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

Definition: 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

Definition: An employment option that lets two people share the responsibilities of one full-time position

Exit Interview

Definition: 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

Definition: Educational and/or professional development support provided by experienced colleagues

Motivating Employees

Definition: Using both tangible and nontangible rewards to keep employees enthusiastic, loyal and interested in continual improvement

Terminating an Employee

Definition: A document that outlines the procedures involved when employees are fired, with or without cause

Training Programs

Definition: Programs designed for training employees in specific skills

Noncompete Clause

Definition: 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

Definition: 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."

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Discounted Cash Flow

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