Resources / Glossaries / Terms & Definitions / Lump sum payment
Lump sum payment refers to a one-time large payment of money given to an employee, usually instead of a series of payments made over time.
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Lump sum payment definition
Lump sum payment refers to a one-time large payment of money given to an employee, usually instead of a series of payments made over time.
Lump sum payment has a lower value when provided to pay for an asset or service because the sum total of the funds is being paid upfront.
Benefits and risks of lump-sum payment
The main benefit of a lump-sum payment is that an individual gets a large sum of money upfront and can use it to invest in something of his/her choice. The biggest risk is the possibility of losing the money if invested wrongly.
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Let's delve into the concepts mentioned in the article:
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Lump Sum Payment: This term refers to a single, substantial payment given to an employee at one time instead of multiple smaller payments distributed over a period. It can be used as compensation or settlement, providing a large sum upfront.
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Applicant Tracking System (ATS): A software application that streamlines the recruitment process by managing job postings, applications, candidate communication, and hiring workflows.
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Recruitment Marketing: Strategies and techniques used to attract and engage potential candidates, similar to marketing principles applied to attract customers.
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Talent CRM (Customer Relationship Management): A system designed to manage interactions and relationships with potential job candidates, facilitating better communication and relationship-building.
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Availability Analysis: An assessment of the workforce's availability for work based on factors like skill sets, schedules, and resource allocation.
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Request for Proposal (RFP): A document soliciting proposals, typically from vendors, outlining requirements for a particular service or product.
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Veteran's Preferences: Policies or regulations providing advantages in hiring to veterans.
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Human Capital Management: A strategic approach to managing an organization's workforce, focusing on acquiring, developing, and optimizing talent.
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Mobile Recruiting: Utilizing mobile technology for recruitment purposes, such as reaching candidates via mobile devices or applications.
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Americans with Disabilities Act (ADA): Legislation ensuring equal opportunities for individuals with disabilities in various aspects, including employment.
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Inbound Recruiting: A methodology focusing on creating compelling content to attract and engage candidates organically.
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Outsourcing: Contracting tasks or functions of a business to external parties rather than handling them internally.
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Diversity, Equity, and Inclusion (DEI): Initiatives and policies aimed at fostering diversity, equity, and inclusion within an organization.
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Recruitment Agencies: Firms specializing in finding and matching candidates with job opportunities on behalf of client companies.
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Employee Retention: Strategies and practices aimed at retaining employees within an organization.
These terms cover a wide spectrum of HR and recruitment-related concepts, highlighting the multifaceted nature of talent acquisition and management in today's workforce. If you need more detailed information or specific insights into any of these concepts, feel free to ask!
