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Business Studies IGCSEPDF 12
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● Off-the-job training:
Training that occurs away from the workplace, often at external training centres
or colleges.
● Workforce planning:
Forecasting the number and type of employees a business will need in the
future.
● Dismissal:
When employment is ended against the will of the employee, usually for not
working according to the contract.
● Redundancy:
When an employee is no longer needed, and their job no longer exists, usually
due to reduced demand or restructuring.
● Contract of employment:
A legal agreement between employer and employee listing rights and
responsibilities.
● Wage:
A payment for work, usually paid weekly and based on hours worked.
● Salary:
A fixed payment for work, usually paid monthly and not directly linked to hours
worked.
● Piece rate:
Payment based on the number of units of output produced.
● Time rate:
Payment based on the amount of time an employee has worked.
● Commission:
Payment related to the value of sales made, often used for sales staff.
● Bonus:
An additional reward paid to employees, usually for meeting performance
targets.
● Profit sharing:
A system where employees receive a share of the company’s profits.
● Performance-related pay (PRP):
A pay system where employees receive extra rewards for meeting or exceeding
performance targets.
Fringe benefits (perks):
●
Non-financial rewards given to employees, such as company cars or health
insurance.
Job satisfaction:
●
The enjoyment employees get from their work, motivating them to do better.