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A geographical or economic area of economic exchange in which workers seek jobs and employers seek workers. Labour markets can be primary labour markets, which provide secure employment with good benefits and good working conditions or secondary labour markets, which are occupations with insecure jobs, little benefits and low wages.
Labour Permit
Provisional status given by the government to immigrants, allowing them to work legally in that country, of which they are not citizens, for a stated period of time. The term Work permit is most commonly used.
Leadership Development
Formal and informal training and professional development programs designed for management and executive level employees to assist them develop the leadership skills and styles required to deal with a variety of situations.
LIFO
In the event of a redundancy situation occurring, the system of 'last in first out' is one method of choosing those who should be made redundant.
Long-Term Bonus
Usually a form of deferred compensation that establishes an income stream in the form of a bonus over time, typically at a predetermined age or upon retirement.
Lump Sum Payment
In a HR Context, a fixed negotiated payment, which is not typically included in an employee's annual salary but given in place of regular pay increases.
Matrix Organization
A matrix shaped multifunctional team organizational structure, where vertical hierarchy is overlaid by some form of lateral authority and where employees from different functional disciplines (e.g. accounting, marketing, engineering) report to more then one manager or supervisor without being removed from their respective positions.
Mediation Services
In a HR context, a system of alternative dispute resolution or the process of intervention by an independent specialist in an employment dispute.
Mentoring
A one-to-one systematic interaction process between an employee and a senior or more experienced individual, who acts as an advisor, counsellor or guide. The mentor provides support and gives feedback to facilitate learning.
Milk Round
The term Milk round is commonly used in the UK to describe the phenomenon of companies touring universities and learning institutions each year, in order to advertise their opportunities and recruit students directly through interviews. Called recruiting presentation or on-campus presentation is the USA.
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