Discover the meaning of the latest SG payroll and HR terms and abbreviations with this free glossary.
Background screening Background screening is a series of comprehensive checks made on a job candidate to verify their identity and fitness for the role. These would include criminal record checks, confirmation of past addresses, bankruptcy checks, drug screening and personal as well as professional assessments.
Bad debt A bad debt is a debt that will not be paid, and the creditor is unwilling to take action to recover this debt. This could be because the company no longer exists, or the debtor is unable to pay for another reason. The debt is written off and an allowance for bad debt is made in the accounts.
Bankers Automated Clearing Service (BACS) Bankers Automated Clearing Service, or BACS, is an electronic payment system for making inter-bank payments. They either take the form of a direct debit, where one party is authorised to debit money from another bank account, or direct credit. This is when a party deposits the money in another’s bank account.
Bank reconciliation Bank reconciliation is the term for regularly matching the information in a company’s accounts to the transactions and money in the bank account. This ensures all income and expenditure is accounted for. Any differences between income and expenditure must be settled.
Benefits in kind Also termed non-cash benefits, benefits in kind are taxable items or services provided to employees in addition to their salary. They can’t be converted into cash but have a cash value. Benefits in kind include private healthcare, gym memberships, company cars and travel expenses.
Benefits management Benefits management delivers staff benefits to positively affect their loyalty and performance. To help maintain a healthy work-life balance, employers may offer gym memberships, massage, counselling or life coaching, dentistry, maternity services and personal training.
Binding Corporate Rules (BCRs) Binding corporate rules, or BCRs, are data protection policies. They are for EU companies who wish to transfer personal data within a group of enterprises outside the EU. BCRs are legally binding and enforceable by every member within the group. Companies must submit BCRs to the EU’s competent data protection authority, who will approve them according to Article 63 of the GDPR.
Business Process Outsourcing (BPO) The delegation of one or more IT-intensive business processes to an external provider.