Unit 16: Vocabulary

Please study the 25 vocabulary terms below. Then press the Mark Complete button to continue.
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accommodation
housing, a place to live and stay
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On-site accommodation is a common benefit for employees working in hospitality, especially in hotels.
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benefit
an advantage or profit, year-round in a business context
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Company benefits are meant to ensure the financial, physical, and emotional wellbeing of an employee, and are a must-have for any organization.
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bonus
additional financial compensation given to an employee for their work outside of their normal salary and typically in a regular time interval (e.g. yearly)
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Bonuses may be given as an incentive to reward an employee's particular hard work, but it is also common for companies to give set bonuses to all employees, such as for a holiday.
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child care assistance
employer support for their employee's young
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Child care assistance can range from covering a part of childcare costs to on-site daycare and more.
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commuter benefits
reimbursement for an employee's transportation and time spent on traveling to and from work
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Commuter benefits are important because traveling expenses can be very high, especially for employees who live far away from work.
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company sponsored event
a function that is endorsed by the employer, and where employees are invited to attend at the employer's expense
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Company sponsored events come in many shapes and forms, from team building activities to company getaways, dinners, office parties, to networking events, etc.
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compensation
something that is given to somebody to make up for or balance out a concession on their part - be it invested time, effort, or a loss of any kind
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At the workplace, compensation is commonly thought of as monetary, but oftentimes includes a variety of benefits and perks that go beyond a base salary.
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employee recognition program
an initiative that shows appreciation for members of staff, and socially or symbolically rewards them for particularly outstanding achievements
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Thanks to going above and beyond in her work every day, she was nominated for the employee-of-the-month award as part of her branch's employee recognition program.
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ESO (employee stock options)
the right given to members of staff to buy a certain number of company shares at a set price, or in place of a higher salary
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Employee stock options are a popular form of compensation at startups, because while they may not have the financial means to pay high salaries yet, the possibility of a higher payout later on could be beneficial for both company and staff.
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flextime (flexible work hours)
a job schedule that allows employees to choose when they start and end their workday, sometimes within a given time-frame, on the condition that they fulfill their agreed upon hours
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I am grateful that my office offers flexible work hours because I have a long commute to work, and don't have to worry about being late this way.
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health insurance
financial protection that covers the cost of medical care and services when they arise for individuals
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Depending on which country you live in, health insurance can be a crucial employee benefit, as medical care could otherwise be very expensive.
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job-sharing
two part-time workers splitting the work and compensation of a full-time position between them
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Martha and Katya use job-sharing to be able to spend more time at home raising their children, with Martha covering the position on Mondays and Tuesdays, co-working on Wednesdays, and Katya being at work on Thursdays and Fridays.
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mental health support
help provided to foster a person's psychological wellbeing
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Mental health support used to be unheard of, but has established itself as an immensely popular job benefit, following the rise in mental health awareness.
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mentorship program
a company plan to encourage senior and junior employees to coach and learn from one another, oftentimes with regular check-ins and career guidance
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It is a challenge to find a great mentor, because while it is important to seek a professional match, you also need to click with them on a personal level.
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paid leave
compensated time away from work
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Paid leave typically covers a range of scenarios including vacation, sick leave, parental leave, disability, public holidays, bereavement and more.
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parental leave
extended absence from work in order to care for a new child during which one's job is protected
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Depending on your location and company, parental leave may be unpaid, which sometimes leads to new parents forfeiting this right.
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raise (pay raise)
an increase in salary, could be hourly, monthly, or yearly
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Employers must factor in inflation when determining their employees' annual pay raises, so as to make sure they actually earn more money.
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perk
an informal advantage, non-financial, in business context extending beyond salary and benefits
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Many people argue that benefits are a non-negotiable must-have at companies, whereas perks are simply nice-to-haves.
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promotion
an act where a worker is advanced to a higher position
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He always worked hard and conscientiously, hoping his supervisor would recognize it and grant him a quick promotion.
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remote work
a flexible employment arrangement where employees may do their job from any location other than the designated office
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Some companies like Google have hybrid work models, combining on-site work with remote work, allowing employees to work from home for two days of the week.
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retirement plan
a fund which regularly collects a sum of money during a person's employment, which they can use after they stop working after reaching a certain age
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It's good to have a retirement plan in place, so you won't have to worry about having enough financial means when you're old and unable to work.
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sabbatical
an extended leave from work, typically one year and oftentimes used for traveling, resting, or learning a new skill; could be paid or unpaid
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My high school biology teacher took a sabbatical after he suffered from burn-out.
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salary
a regular, fixed payment made to an employee as compensation for their work, also referred to as wage
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Salaries are usually paid monthly, but referred to as an annual sum, like when I told my mom that I would be making $80,000 at my new job.
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student financial assistance
support to pay for an employee's education at college or university
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Student financial assistance is a very popular benefit in the US, since college tuition is very expensive there.
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wellness program
an initiative offering services to employees that are designed to support their happiness as well as physical and mental health
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It is common for office wellness programs to include on-site fitness centers, healthy snacks, yoga and massages, or napping rooms.
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