Work + Business + Money

productivity

the ability of people to produce useful results at work. Example: Productivity in the manufacturing sector has improved significantly over the last decade

to subsidise

to pay part of the cost of something, usually to help people. Example: The government subsidises public transport to encourage its use

output

the amount of work or goods produced. Example: Industrial output declined during the economic downturn

work-life balance

the ability to work hard while maintaining a good family and social life. Example: Many employees value a healthy work-life balance more than a high salary

to motivate people

to give people positive reasons to work hard. Example: Financial incentives can help motivate people to perform better

pay increments

increases in salary. Example: Employees received annual pay increments based on performance

perks

non-financial benefits provided by an employer. Example: Free lunches and company cars are common perks in large corporations

financial rewards

money received from work, including salary and bonuses. Example: Some professions offer high financial rewards but little job satisfaction

bonuses

extra money paid in addition to a salary. Example: Sales staff often receive bonuses when they exceed targets

incentives

rewards that encourage people to work harder. Example: Employers may offer incentives such as holidays or gift vouchers

job satisfaction

enjoyment of a job for reasons other than money. Example: Many teachers gain job satisfaction from helping students succeed

target-related

dependent on achieving a particular target. Example: Managers often receive target-related bonuses

on-the-job training

training received while working rather than at a college or training centre. Example: New employees benefit greatly from on-the-job training

ongoing training

training that continues throughout a person's career. Example: Ongoing training helps workers keep their skills up to date

day release programmes

training programmes that allow employees to spend workdays studying. Example: The company supports day release programmes for staff development

career progression

the opportunity to advance in a career. Example: Graduates are attracted by companies that offer clear career progression

job prospects

the possibility of promotion or better jobs in the future. Example: Engineering graduates generally have excellent job prospects

to measure

to assess or evaluate something. Example: It can be difficult to measure employee satisfaction accurately

superficial

not dealing with important or deeper issues. Example: The report provided only a superficial analysis of the problem

performance reviews/appraisals

meetings where employers assess an employee's work performance. Example: Staff members attend annual performance appraisals

redundancy

a situation in which someone loses a job because it is no longer needed. Example: Hundreds of workers faced redundancy after the factory closed

to restructure

to change the organisation of a company to improve efficiency. Example: The business restructured its operations to reduce costs

to downsize

to reduce the size of an organisation and employ fewer people. Example: Many firms downsized during the recession

to outsource

to transfer work to another company or country. Example: The company outsourced its customer service operations overseas

the workforce

all the people working in a company, industry, or country. Example: The workforce is becoming increasingly skilled and educated

Human Resources (HR)

the department responsible for recruitment, employment, and training. Example: She works in Human Resources for a multinational compan

to take something into consideration/account

to consider or remember something when judging a situation. Example: Businesses must take customer needs into consideration when developing new products

to break into a market

to enter a market that is difficult to enter because of competition or barriers. Example: It is difficult for new companies to break into the smartphone market

to keep one's word

to do what you promised to do. Example: Successful business relationships depend on people keeping their word

to reach a consensus

to come to an agreement. Example: The board reached a consensus on the company's future strategy

to make the most of something

to use something as effectively as possible. Example: Firms should make the most of technological advances to improve efficiency

to go out of business

to stop operating permanently because of failure. Example: Many small shops went out of business during the recession

to do market research

to collect information about what consumers buy and why. Example: Companies conduct market research before launching new products

to make cutbacks

to reduce spending, staff, or activities. Example: The company made cutbacks to survive the economic downturn

to manage expectations

to establish realistic expectations in advance. Example: Managers should manage expectations by providing realistic targets

to make a calculation

to assess a situation and estimate the outcome. Example: Investors must make careful calculations before committing funds

to pay in arrears

to make payments after goods or services have been provided. Example: Some companies pay employees one month in arrears

to buy at auction

to purchase something through a competitive bidding process. Example: Investors often buy property at auction

to squander a chance/savings

to waste an opportunity or money. Example: He squandered his savings on an unsuccessful business venture

overhead costs

regular expenses required to run a business, such as rent and salaries. Example: Rising overhead costs can reduce profitability

a takeover

the acquisition of a company by buying its shares. Example: The takeover created one of the largest firms in the industry

a merger

the joining together of two or more companies. Example: The merger helped both businesses reduce costs

a heavy workload

a large amount of work that must be completed. Example: Many employees experience stress because of a heavy workload

compensation

money paid to someone for injury, loss, or damage. Example: Workers received compensation after the workplace accident

revenue

the income that a business or government receives. Example: The company reported record revenue last year

white-collar

relating to office or professional work. Example: White-collar workers generally perform administrative or managerial tasks

blue-collar

relating to manual or industrial work. Example: Blue-collar workers are essential to the manufacturing sector

to run your own business

to own and manage a business. Example: Many people dream of running their own business

to earn a living

to earn enough money to support yourself. Example: Millions of people earn a living through small businesses

to enhance public image

to improve how a company or organisation is viewed by the public. Example: Many firms support charities to enhance their public image

to grow a business

to expand a business. Example: The company grew its business from one store to twenty nationwide

to gain a competitive edge

to achieve an advantage over competitors. Example: Innovation can help firms gain a competitive edge

to maximise profits

to increase profits as much as possible. Example: Businesses often invest in automation to maximise profits

to conduct a business

to operate and manage a business. Example: Companies should conduct business ethically to build trust

to be made redundant

to lose a job because it is no longer needed. Example: Hundreds of employees were made redundant after the factory closed

a pension scheme

a system that provides income after retirement. Example: Large companies often offer attractive pension scheme

labour productivity

the rate at which workers, companies, or countries produce goods compared with the time, work, and money needed. Example: Wage rates often depend on levels of labour productivity

unemployment benefits

money paid by the government to someone who is unemployed. Example: During an economic crisis, unemployment benefits can become a burden on the government budget

to acquire experience/knowledge/skills

to gain experience, knowledge, or skills through effort or behaviour. Example: Some school leavers prefer to acquire work experience before entering university

to put knowledge gained into practice

to use acquired knowledge in a practical way. Example: Vocational courses help students put knowledge gained into practice

minimum wage

the lowest wage that an employer is legally allowed to pay. Example: A minimum wage can help protect low-paid workers

to job-share

to share the hours and pay of one job between two people. Example: Some employers allow workers to job-share if their duties are clear

flexible working hours

working hours that can be changed by agreement between employer and employee. Example: Flexible working hours are important for many parents

health and safety in the workplace

safe working conditions that do not endanger employees’ health. Example: Governments should monitor health and safety in the workplace

to take early retirement

to stop working before the usual retirement age. Example: Some older employees take early retirement to give younger people more opportunities

a retirement package

money or benefits received when someone stops working because of age. Example: Good companies often offer a generous retirement package

holiday entitlement

the number of days off work that an employee is allowed as holiday. Example: Workers should check their holiday entitlement before accepting a job

sick leave

permission to stay away from work because of illness or injury. Example: Sick leave is an important benefit for employees

annual leave

a period of time when an employee is allowed to be away from work for a holiday. Example: Parents often take annual leave during school holidays

promotion opportunities

chances to move to a more important position in a company. Example: Promotion opportunities are an important factor when choosing a job

to move up the career ladder

to progress to higher positions in a career. Example: Ambitious employees often look for jobs that allow them to move up the career ladder

to pursue a successful career

to work toward success and increasing responsibility in a particular field. Example: Many graduates hope to pursue a successful career in finance

to take a career break

to stop working for a period of time, often to care for children. Example: Some employees take a career break after having children

to have no career ambitions

to have no desire to become more successful or gain higher positions. Example: Some people have no career ambitions and simply want a stable job

working environment

the conditions in which someone works. Example: A friendly working environment can improve employee morale

supportive work colleagues

colleagues who give help and encouragement. Example: Supportive work colleagues can increase job satisfaction

to be a good team player

to cooperate well with others in a team. Example: Modern employees need to be good team players

labour-intensive

needing a lot of people to do the work. Example: Car manufacturing used to be highly labour-intensive

an internship

a period when a student or graduate gets practical work experience. Example: Graduates should do an internship to gain professional experience

a desk job

an office job where someone sits at a desk most of the day. Example: Some people find a desk job boring and repetitive

to have a steady job

to have a secure job that is unlikely to be lost. Example: Many people prefer to have a steady job and a predictable routine

to dismiss somebody

to officially remove someone from their job. Example: Employers should not dismiss workers without a valid reaso