Human Resources Glossary - V

Vacation Pay

The term “vacation pay” describes paid time off used only for vacations. However, to boost employee satisfaction, engagement, and turnover rates, it typically consists of a sum paid to an employee for time spent on vacation.

Verbal Warning

A verbal warning is a form of discipline in which an employer addresses a problem with an employee’s conduct, behavior, or job performance. It usually marks the beginning of the disciplinary procedure. Despite being the first step, it can nevertheless have a significant impact compared to a more formal written warning. If circumstances don’t change, it frequently foreshadows the need for actions like suspension or termination.

Virtual HR

Connecting employees to various technology and HR services as needed is the process of virtual HR. Instead of always going via an HR representative, this enables employees to access resources through a self-service platform.

Voluntary Benefits

An employer provides services or goods at a reduced group rate but paid for either totally or partially by an employee through a payroll deduction is known as voluntary benefits. There are no direct costs to the employer associated with voluntary benefits, which are in addition to other customary benefits like retirement and health insurance. Employee-paid benefits and supplemental insurance are other names for voluntary benefits.

Voluntary Redundancy

When an employee willingly accepts redundancy and ends their work in exchange for a redundancy payout, it is referred to as voluntary redundancy. While employees can bargain over the specifics of their voluntary redundancy compensation, they cannot truly opt-out of being laid off.

Voluntary Time Off

Some businesses use the leave category known as voluntary time off to balance personnel needs with rapidly changing workloads. Employees are given a choice to take unpaid time off without impacting their job status when there are more people available to work than is necessary on a particular day.

Volunteer Time Off

Employees who participate in volunteer time off receive their usual pay in exchange for the hours they donate to a recognized nonprofit or community group. Policies allowing volunteer time out can aid in luring workers to a company by allowing them the freedom to make a difference outside the workplace. They also give employers a means to support communities or nonprofits in ways other than just financially.