Termination Management Flashcards

Flashcards covering key vocabulary and concepts related to termination management, including retirement, redundancy, resignation, dismissal, entitlement considerations, and transition considerations.

Termination (n.)

The process whereby a business and an employee end their employment contract with one another.

Retirement

A voluntary form of termination that occurs when an employee decides to permanently leave the paid workforce.

Redundancy

Happens when an employer either doesn't need an employee’s job to be done by anyone, or the business becomes bankrupt or cannot afford to pay its staff; it can be voluntary or involuntary.

Resignation

Voluntary termination that occurs when an employee chooses to leave the business, usually to go to another job.

Dismissal

The involuntary termination of employment by an employer if they fail to meet required work standards or if they display unacceptable or unlawful behaviour.

Unfair dismissal (n.)

When an employee is dismissed for harsh, unreasonable, or unjust reasons.

Corporate social responsibility (n.)

The ethical conduct of a business beyond legal obligations, and the consideration of social, economic, and environmental impacts when making business decisions.

Entitlement considerations

Include any outstanding wages, pay in lieu of notice, accrued leave, time off instead of overtime, and redundancy pay the employee is eligible for.

Transition considerations

Include outplacement services such as counseling, skills development, resume writing, interview techniques, and job search assistance; also includes assisting employees with superannuation, lifestyle planning, and farewell arrangements.