HR glossary of terminology
Human Resources Glossary - P
This refers to the legally mandated benefit an employer provides its employees during holidays.
Paid Time Off
Refers to the policy in most companies that allows employees to accumulate sick days vacation days and personal days for use as needed or desired.
P and L Statement
Also called a Profit and Loss Statement. Refers to the financial statement that summarizes a company’s revenues cost and expenses during a specific period.
A standard time set by the employer for employees who work less than the required full-time hours.
This refers to the payment less than the full amount to be received by the employee.
Someone under consideration for a position by an employer who is not actively looking for work.
The formula used to determine an employer’s gross to net income.
A group of employers who are grouped together for payroll processing.
Refers to the time period used to compute earned wages and determine when employees get paid.
Consist of record keeping new employee reporting check processing state and local tax compilation and payments.
This refers to the amount deducted from an employee’s gross pay to cover taxes and benefits like health insurance.
A service provider that handles payroll calculations payroll tax statements and year-end taxes.
An application that controls automates and manages employee payments.
Payroll Tax Rates
Deductions made from an employee’s paycheck for federal income tax state income tax Social Security and Medicare.
A record of an employee’s wages contributions and deductions.
Patient-Centered Outcomes Research Institute (PCORI) Fees
Fees paid by the employer or health insurance company to fund the research institute.
Latin for “for each day”. A daily allowance an employer provides an employee to pay living expenses while an employee is traveling for business.
This refers to the strategy that helps employees achieve better performance and growth.
The process of making sure activities and outputs are achieved effectively and efficiently.
A formal evaluation of an employee's performance at work.
A contract that has no end date and is in effect until it is terminated by either the employer or the employee.
Personal Income Tax
A tax on an employee’s earnings.
Taken out of an employee’s income before any taxes are deducted.
Preferred Provider Organization
A specific kind of health plan that contracts with physicians and hospitals to build a network of participating medical providers.
Prior Period Adjustment
A change to the time compensation or classification that was reported on an employee's previous payroll.
Refers to the trial period for newly hired or recruited employees.
Professional Employer Organization
An outsourcing firm that provides services to small and medium-sized companies.
Proof of Insurance
A record that certifies someone is protected by an insurance policy.