Management Glossary

  Terms beginning with p
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paperless office
The, so far, largely unattained goal of conducting all business transactions completely electronically, i.e., without creating, storing or handling any paper documents.
Contributed by: Managerwise Staff

parent company/corporation

A company that owns enough shares of another company to legally control that other company.

Contributed by: Managerwise Staff

parental leave
Paid or unpaid time off that is granted to a new mother or father after the birth or adoption of a child. If the mother and father are both working for the same employer, parental leave is usually (but not necessarily) granted to only of the two at a time, but they may be allowed to split the leave period, with each taking a portion of it. The term "parental leave" does not denote whether the time off will be paid (full or, more likely, partial salary) or unpaid, nor is there any universal standard as to how much time off is granted, but inherent in the definition of "parental leave" is the understanding that the person's job or an equivalent job will be guaranteed to be available for the employee at the end of the leave period.
Contributed by: Managerwise Staff
See: maternity leave, paternity leave

paternity leave
Paid or unpaid time off that is granted to a new father after the birth or adoption of a child. The term "paternity leave" does not denote whether the time off will be paid (full or, more likely, partial salary) or unpaid, nor is there any universal standard as to how much time off is granted, but inherent in the definition of "paternity leave" is the understanding that the person's job or an equivalent job will be guaranteed to be available for the employee at the end of the leave period.
Contributed by: Managerwise Staff
See: maternity leave, parental leave

pay equity
Paying equal compensation to different employees within the same company who perform work of equal value. This term might be used in discussing employment compensation inequalities of any type, but it is most often used in reference to correcting inequities in compensation levels of males and females.
Contributed by: ManagerWise Staff

payables
Short form for "accounts payable".
Contributed by: ManagerWise Staff
See: accounts payable

payroll tax

Any tax that is based on employees' compensation, including salary, wages, bonuses, tips, benefits and/or any other form of payment for employment. Depending on the tax, a payroll tax may be paid exclusively by the employer, exclusively as a deduction from employees' paychecks or a combination of the two.

Contributed by: Managerwise Staff

PEO

Professional Employer Organization

Contributed by:
See: professional employer organization

per diem rate

A flat daily amount that is paid to an employee to cover expenses, such as travel and entertainment expenses, incurred by the employee in the course of his or her work. Being a fixed daily rate, a per diem rate does not require an employee to file expense claims for individual items. Because a per diem rate is a fixed amount per day without regard to the actual expenses incurred, a per diem rate in effect rewards employees who economize and penalizes those who don't.

Contributed by: Managerwise Staff

percentage rent

Typical in shopping mall rents, percentage rent is based on a percentage of the store's sales. Percentage rent is typically only one component of the rent that the retailer must pay. There is usually also a fixed rent component as well.

Contributed by: Managerwise Staff

performance appraisal
The process of measuring and evaluating the performance of employees.
Contributed by: ManagerWise Staff

performance bond
A policy issued by an insurance company that guarantees that a contractor (typically, but not necessarily, a construction company hired to construct a building) will successfully fulfill a contract. If the contractor does not satisfactorily complete the project, the insurance company will compensate the client for some or all of the losses it incurs as a result.
Contributed by: Managerwise Staff

personal service corporation

Commonly abbreviated as "PSC," a personal service corporation is a company in which the owner(s) act effectively in the same capacity for their client(s) as they would if they were employees of that/those client(s). The main and often only difference is the establishment of the personal services corporation, primarily to give the appearance of independence.

In many jurisdictions, if the tax authorities deem a company to be a PSC it will be denied the tax advantages normally given to companies. Instead, the PSC's employee(s) will, from a tax standpoint, be treated as if they are employees of the client.

Different countries have different criteria for deciding whether a company is a PSC and different tax treatments of a PSC. If in doubt, contact the tax authorities or a reputable accountant.

Contributed by: ManagerWise staff

personnel
  • The people who work for a company.
  • The department that assumes primary responsibility for managing issues that arise with the hiring, firing and ongoing issues invovled in employing people in a company.
"Personnel" has generally been replaced by the term "human resources".
Contributed by: ManagerWise Staff

PERT
Program Evaluation Review Technique
Contributed by: ManagerWise Staff
See: program evaluation review technique



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