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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

BELO Agreement

An agreement between an employer and employee that outlines an alternative salary method of compensation. It includes both standard hours and expected overtime pay, but its use is even more restrictive than the fluctuating workweek method.

Bill Rate

The amount the buyer of staffing services is expected to pay the agency inclusive of the pay, statutory expenses, benefits and agency markup.

Blended RPO

Refers to the inclusion of contingent labor as well as direct hire in a Recruitment Process Outsourcing contract. (See also: Recruitment Process Outsourcing and Contingent RPO)

Blended Workforce

This is a recent term that is gaining momentum especially among large staffing firms that also offer MSP and RPO services. Blended workforce means the planned use of direct-hire personnel and contingent workers to meet the strategic and tactical workforce needs of a corporation. The contingent worker element of today’s organizations continues to grow as an important percentage of the “blended workforce” across multiple industries and skill sets, and can range from non-exempt customer services roles to executive exempt positions in the leadership C-Suite. A “blended” total talent acquisition supply chain solution has the capability to deliver talent in whatever modality/legal form required (direct or contingent) in an integrated solution engagement. (See: Total Talent Management.)

Blockchain

Blockchain is a distributed, decentralized peer-to-peer ledger system. A ledger system is a database of transactions; thus, a blockchain can be thought of as a decentralized database where anyone has write access and no one maintains centralized control. It is the technology that underpins cryptocurrencies such as Bitcoin, though it can be used to create many kinds of decentralized applications and has implications for any industry that is transactional in nature, relies on intermediaries, or is reliant on data (that is, virtually all industries, including staffing).

Burden

The mandatory employer-paid payroll taxes and benefits based on the wage or salary of the employees. In many countries, including the United States, both state and federal authorities collect some form of payroll tax. In the United States, Burden will include workers’ compensation, unemployment insurance (SUTA), employer’s share of FICA (Social Security and Medicare) and state or local taxes, for each temporary employee on assignment. In Europe, mandatory benefits vary per market but will generally include employment tax and social insurances. (Also known as “Statutory Expenses.”) In staffing, Pay Rate plus Burden equal Direct Cost.

Bureau of Labor Statistics (BLS)

The US Bureau of Labor Statistics is the principal fact-finding agency for the federal government in the field of labor economics and statistics. The BLS is an independent national statistical agency that collects, processes, analyzes and disseminates essential statistical data to the American public, the US Congress, other federal agencies, state and local governments, business and labor organizations. The BLS also serves as a statistical resource to the Department of Labor. In Europe, every country has its own statistics authority but, for members of the European Union, national data are also captured and collated by Eurostat.

Business Intelligence (BI)

Business intelligence (BI) is the set of techniques and tools for the transformation of raw data — sometimes from disparate sources — into meaningful and useful information for business analysis purposes. In a contingent program, BI would be used to determine opportunities for program optimization, or rate optimization by comparing internal company data to third party data or external reference points.

Business Process Outsourcing (BPO)

A service segment of the Process Outsourcing Industry, Business Process Outsourcing is the use of an outside business services vendor (and its supervised personnel), either on the customer’s premises or off-site at the vendor’s location, to perform a function or run a department that was previously staffed and supervised by the customer directly. (Sometimes, but not necessarily, limited to situations where some or all of the customer’s previous staff performing that function are hired by the outsourcing vendor.) BPO relationships differ from project work in that the duration of the contracts are typically much longer than one year or more and are not necessarily driven by milestones or deliverables but ongoing provision of services. In Europe, certain legal obligations are placed on the outsourcing company. For example, a formal Transfer of Undertakings Procedure (TUPE) applies to outsourced functions whereby the contracts of employment of all staff within the affected area are automatically transferred to the new employer, which then takes over all rights and obligations arising from those contracts of employment, except criminal liabilities and pension obligations. Outsourcing can be undertaken in a different country, usually to leverage cost advantages and this activity is more commonly referred to as ‘offshoring’. While many offshore projects are outsourced to third-party intermediaries, a company can offshore activities using facilities/resources it owns/controls in another country, such that the term does not necessarily imply outsourcing.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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