Business in Context Topic 5: The Future of Work and Money

Vocabulary and definitions from Unit 6 (Trends at work) and Unit 7 (Financial trends) covering modern work practices, employment types, bank accounts, and business correspondence.

hot-desking

A system where employees must book a desk to work at because they do not have a fixed workstation due to working from home.

workstation

A specific desk or Arbeitsplatzrechner where an individual works.

time slot

A specific window of time or Zeitfenster available for an appointment or task.

on an ad hoc basis

When something is offered as needed rather than according to a fixed policy.

task at hand

The specific task or survey currently being worked on.

to cut costs

To reduce expenses, such as going paperless to lower printer costs.

overhead

Fixed costs or Mehraufwand, such as electricity prices, associated with running a business.

to operate (in) shifts

When a factory or business works round the clock with groups of employees working during different periods.

staff morale

The general mood or Arbeitsmoral of employees within a company.

remote work(ing)

Telearbeit or working from a location outside of a traditional office.

mutually beneficial arrangement

A setup that provides advantages to both the employee and the employer.

cost savings

The reduction of expenses, often resulting from practices like working from home.

automation

A process where steps are performed automatically by machines rather than people.

threatened by redundancy

Being at risk of losing one's job, especially during a recession.

to offshore

To move tasks to countries with cheaper labor costs.

gig work

Short-term tasks assigned to independent contractors or freelancers, named after music gigs.

temporary work

Work that is for a limited time and offers little job security compared to permanent employment.

contractual

Relating to or signed in a contract by both the employer and the employee.

self-employment

Working for oneself as one's own boss rather than for an employer.

menial

Describing tasks that are low-level, untergeordnet, and usually poorly paid.

statutory payments

Payments such as sick leave that are stipulated and required by law.

overtime pay

Extra compensation for working hours beyond the standard schedule.

redundancy payment

A sum of money (Abfindung) given to an employee when their job is terminated.

to be eligible (for sth.)

To be entitled or satisfy the conditions to receive something, such as a presidency or benefits.

universal basic income (UBI)

A regular payment made to everyone in society to guarantee a certain level of income.

joint

Something shared or gemeinschaftlich, such as a bank account held by two people.

pitch

A sales or advertising presentation given to a panel of experts.

basic account

A bank account that provides fewer features than a current account.

current account

A Gehaltskonto or Girokonto used for everyday financial transactions.

direct debit

A method of payment (Lastschrift) where a company is authorized to take money directly from an account.

ATM (automated teller machine)

A cash dispenser used to withdraw money with a cash card.

overdraft

A deficit in a bank account caused by drawing more money than the account holds, usually requiring interest payments.

interest charges

The costs or Zinskosten paid when borrowing money, especially on an overdraft.

savings account

An account designed for holding money to earn interest over time.

balance

The total amount of money (Saldo) currently in a bank account.

(bank) statement

A record (Kontoauszug) of all transactions in a bank account over a period of time.

beneficiary

The person or entity (ZahlungsempfängerIn) who receives a payment.

IBAN

The International Bank Account Number found on bank statements.

BIC

The Business Identifier Code used for identifying a specific bank in transfers.

mortgage

A specific type of loan (Hypothek) used to buy property.

POS-terminal

The point of sale device used for cashless and contactless payments.

cryptocurrency

A digital currency, such as Bitcoin, that exists as a digital asset.

to rectify

To fix, correct, or beheben a problem promptly.

shortage

A situation where there is not enough of something, such as a food shortage.

to recompense sb. (for sth.)

To compensate or entschädigen someone for losses they have incurred.

at sb.’s expense

When the cost of something is covered by a specific party rather than the customer.

freight forwarder

A reliable person or company (Spediteur) that organizes the transport of products.

overdue

A payment or task that has not been completed by the required date.

due

The status of a payment being required within a specific timeframe, such as $30$ working days.

outstanding

An amount or invoice that remains unpaid despite reminders.

remittance

A formal term for payment or money sent.