HR employee resources HR Acronyms

This is a U.S. federal law enacted in 2002 to improve corporate transparency and prevent fraud by imposing stricter financial reporting and auditing requirements on public companies. This document is a narrative of the information on the ERISA plan’s IRS Form 5500 that is distributed to all participants. This is a critical indicator of progress toward an intended result. It is a measurable value that demonstrates the effectiveness of how a company achieves its business objectives. How many times have you heard a new acronym or word in a meeting and thought, «huh. I’ve been around a while, and that one’s new.»

Employers that had 50 full-time employees or more last year (including full-time equivalent employees) are most likely designated as an ALE for the current year. In an ASO arrangement, your company can choose which HR and payroll services work best for you. You can choose the full-service ASO or take advantage of individual HR solutions.

This ebook is designed to help you decode the world of HR acronyms, providing simple explanations and practical examples to make them easier to understand. HIPAA is a federal law that safeguards the privacy and security of individuals’ health information. It sets rules and standards for healthcare providers, health plans, and other entities that handle protected health information (PHI). COBRA allows employees and their families to continue group health coverage provided by their employer when they would otherwise lose it due to events like termination or reduced working hours. If an employee is laid off, COBRA ensures they can maintain their health insurance for a limited period as long as they pay the full premiums.

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• This ensures all individuals have fair access to jobs, benefits, and promotions, regardless of race, gender, age, religion, disability, or other protected characteristics.
• To my surprise, the project was closed because it was a limited-time research.
• This is a flexible spending account that pays for eligible medical, dental, and vision care expenses not covered by an insurance plan.

This is wage replacement coverage that provides financial benefits equating to a portion of an employee’s earnings due to long periods of illness, injury, or an accident. This is the U.S. government agency responsible for collecting taxes and enforcing tax laws. This is a suite of software applications that helps manage the human resource function and its various processes. This is an employer that agrees not to discriminate against their employees or applicants due to race, color, sex, religion, national origin, disability, age, or genetic information. This refers to the income generated when a user successfully completes an application process, typically in contexts like financial services, job platforms, or subscription-based services.

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PTO is a comprehensive leave policy that provides employees with a specific number of days off that can be used for various reasons, such as vacation, illness, or personal days. Many employers prefer PTO as it simplifies scheduling and tracking by eliminating the need to categorize sick days and vacations separately. For instance, an employee planning a trip to Hawaii would use their PTO to enjoy the beaches without designating the absence as either sick leave or vacation. This is a workplace benefit offering confidential support services to employees, including counseling, mental health resources, and assistance with personal or work-related challenges. ADA prohibits discrimination against individuals with disabilities in all areas of public life, including employment. Employers are required to provide reasonable accommodations to qualified employees with disabilities unless doing so would cause undue hardship.

I always thought that at some point in the future AI chatbots would be so fluent as to be indistinguishable from humans.

HRMS – Human Resource Management System

This is the total number of days it takes to fill human resources acronyms a position, starting from when a job opening is posted to when a candidate accepts the offer. It’s a key metric for evaluating the efficiency of a recruitment process. This is the ideal balance where resources, time, and effort are utilized most efficiently to achieve maximum output without overexertion or waste. It ensures sustainable performance while maintaining quality and minimizing burnout. This is a U.S. law that protects patient health information and ensures privacy and security in healthcare.

WC – Workers’ Compensation

The PEO provides human resource services and assumes partial liability for the employees. The PEO arrangement is a comprehensive HR and payroll solution that offers additional protection for your company. The FLSA establishes overtime pay, minimum wages, recordkeeping, and youth development standards for employees in the private sector, and federal, state, and local governments. This is a federal law that governs how employers give benefit plans to their employees and protect their retirement savings.

Although usually offered by an employer, individuals can also purchase policies on their own. This is a tax-advantaged savings account designed to help individuals with high-deductible health plans save for medical expenses. This provides life insurance coverage to a group of people, typically employees, under a single policy. This is a tax-free account hosted by your employer to pay for out-of-pocket health care expenses. The individual decides how much they want to contribute, and the money is withdrawn from their paycheck before taxes.

This is the head of the human resources department and is considered the top management executive in charge of employees. From compliance terms like FLSA and COBRA to technology abbreviations like ATS and HCM, understanding these acronyms is key to navigating the HR landscape effectively. Acronyms are used to simplify communication about complex employment laws, benefits, and HR processes. An HRMS is a software program or suite of programs for managing business processes related to human capital management (HCM). The ACA put in place comprehensive health insurance reforms and the “Patient’s Bill of Rights,” which gives Americans the stability and flexibility they need to make informed choices about their health. The Supreme Court rendered a final decision to uphold the health care law on June 28, 2012.

• Acronyms are used to simplify communication about complex employment laws, benefits, and HR processes.
• Oh, and by the way, if you’re trying to negotiate a whole bunch of legal jargon in a contract or similar, there are AI tools that can help with that.
• In the meantime, check the glossary for common and not-so-common HR and business terms.

This refers to the stages an employee experiences during their time with an organization, from recruitment and onboarding to development, retention, and eventual offboarding. It represents the complete journey of an employee within a company. CHIP is a low-cost health insurance program for children in families that make too much to qualify for Medicaid.

FSA (Flexible Spending Account)

It applies in situations where an employee needs time off for personal or family health issues or for the arrival of a new child. For example, if an employee’s parent undergoes major surgery, FMLA allows them to take time off to provide care with the assurance of job security. Keep reading to learn how human resources refers to employees’ benefits and job performance with various HR abbreviations.

For employers and employees, there are myriad HR terms to know and understand. For business owners navigating the HR landscape, the key is to stay informed and seek guidance when necessary. Partnering with an HR solution like The Payroll Company (TPC) can alleviate the burden of decoding these acronyms and managing HR functions. TPC integrates services from recruitment to retirement, ensuring compliance, efficiency, and a focus on strategic growth. Strategic HRM is the practice of identifying a company’s current and future HR needs and then attracting, developing, rewarding, and retaining employees for the benefit of both the employees and the business.