The job market is full of industry-specific terms that can be confusing, whether you're a job seeker, employer, or HR professional. From application tracking systems to Zoom fatigue, understanding these terms can help you stay ahead in your career. This A-to-Z guide breaks down essential job market terminology, making it easier for you to navigate the ever-evolving world of work.
Let’s dive in!
A to Z Job Market Terminology and Their Definitions
A – Application Tracking System (ATS): A software used by employers to manage and filter job applications efficiently.
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B – Blue Collar Job: Jobs typically involve manual labor, such as construction, manufacturing, or maintenance.
C – Compensation Package: The total pay and benefits an employee receives, including salary, bonuses, and perks.
D – Disciplinary Procedure: A formal process followed by employers to handle employee misconduct or policy violations.
E – Employment Contract: A legal agreement outlining the terms and conditions of a job between an employer and an employee.
F – Follow-Up: A professional way of reconnecting after an interview or job application to show interest and initiative.
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G – Gig Economy: A labor market where short-term, freelance, or temporary jobs are common instead of traditional full-time employment.
H – Headcount: The total number of employees in an organization at a given time.
I – Inclusive Hiring: A recruitment approach that ensures equal opportunities for diverse candidates, regardless of gender, race, or disability.
J – Job Description: A detailed document outlining the responsibilities, qualifications, and skills required for a specific role.
K – Key Performance Indicator (KPI): Measurable goals that track employee’s or company’s performance.
L – Layoff: The termination of employees due to company downsizing, financial issues, or restructuring.
M – Minimum Wage: The lowest legal salary an employer can pay an employee as per government regulations.
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N – Notice Period: A period that an employee must work after resigning or being terminated before officially leaving the company.
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O – Offer Letter: A formal document sent by an employer to a candidate outlining job details and employment terms.
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P – Probation Period: A trial phase for new employees to assess their performance before confirming permanent employment.
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Q – Qualitative and Quantitative Assessment: Evaluation methods that measure skills and performance using subjective (qualitative) and numerical (quantitative) data.
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R – Resume: A summary of an individual’s skills, work experience, and qualifications used for job applications.
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S – Succession Planning: A strategy for identifying and training employees to fill key leadership roles in the future.
T – Turnover Rate: The percentage of employees leaving a company within a specific period, indicating workforce stability.
U – Upskilling Program: Training initiatives that help employees improve or gain new skills for career advancement.
V – Visibility: The degree to which an employee’s contributions and work are recognized within a company or industry.
W – White Collar Job: Professional or office-based jobs that typically require formal education and involve administrative or managerial work.
X – Xenial Workplace: A work environment that is welcoming, friendly, and supportive of employees.
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Y – Yardstick Assessment: A performance evaluation method that compares employees or processes against a set standard or benchmark.
Z – Zoom Fatigue: Mental exhaustion caused by excessive virtual meetings and prolonged screen time.
Thanks for reading this far! As a little extra, here are five bonus job market terms to expand your knowledge:
Employer Branding: The reputation and image a company builds to attract and retain top talent.
Ghosting: When an employer or candidate suddenly stops responding during the hiring process.
Golden Handshake: A large financial compensation or severance package given to an employee upon departure.
Lateral Move: A job change within the same company or industry at a similar level, rather than a promotion.
Soft Skills: Non-technical skills like communication, teamwork, and adaptability that are crucial for workplace success.
Hope these extra terms add value to your understanding of the job market!
Thank you for reading this blog. We hope it helped you to understand the essential job market terms. For more job-related tips, you can subscribe to our newsletter, The Best Career Guide, on LinkedIn so that you can get a step ahead in your job search as well as in your career.
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