Human capital management (HCM) is a set of practices and tools used to recruit, develop, and manage employees as valuable assets while optimizing their contributions to organizational success. … HCM transcends traditional HR functions by taking a strategic approach to workforce management. It encompasses everything from talent acquisition and development to performance optimization and employee …
Type: Glossary
PLATFORM SOLUTIONS USE CASES RESOURCES WHY VELOCITY GLOBAL COMPANY …
Type: Component Page
An affiliate company is a business entity with a partial ownership or controlling interest held by another company, the parent company. … This relationship allows the parent company to influence the affiliate's operations and strategic decisions while maintaining a separate legal structure. Affiliate companies can help businesses expand into new markets, diversify business operations, or manage …
Type: Glossary
Legal entity rationalization (LER) is the strategic process of simplifying a company’s legal entity structure to minimize costs and increase tax savings, usually by reducing subsidiaries, branches, and affiliations across multiple jurisdictions. … Global expansion often requires companies to establish new legal entities or work with foreign subsidiaries in each country to ensure compliance. This …
Type: Glossary
An acquihire occurs when a company acquires another organization primarily to obtain its talented employees rather than for its products, services, or other business assets. … The term "acquihire" combines "acquisition" and "hire," reflecting a strategic approach to talent acquisition that has become increasingly common in competitive industries. This practice enables companies to rapidly scale …
Type: Glossary
Global workforce management is a strategic and coordinated approach that allows organizations to oversee and optimize their workforce globally. … Global workforce management includes a range of functions such as recruitment, onboarding, payroll, compliance, and performance management, all tailored to meet the diverse needs of a geographically dispersed workforce. As businesses expand …
Type: Glossary
A digital nomad visa is a temporary visa that allows employees to live and work in a foreign country. … It usually lasts 12 months—much longer than a traditional tourist visa. Employees can obtain digital nomad visas from either their employer or if they own a business that can be managed from anywhere in the world. Digital nomad visas have only grown in popularity since the COVID-19 pandemic as …
Type: Glossary
14th-month pay is an additional month's salary that employers provide beyond standard annual wages and 13th-month bonuses, typically distributed at year-end or during holidays. … 14th-month pay is a mandatory benefit in some countries and remains a customary practice in others, reflecting the diverse standards of global compensation. While nations like Portugal, Spain, and Greece mandate this …
Type: Glossary
A secondment is a temporary work arrangement where an employee is assigned to a different organization, department, or location while maintaining employment with their original employer. … An international secondment occurs when an organization assigns employees to work in a different country, typically to support global expansion initiatives or share expertise across international offices. This …
Type: Glossary
Shadow payroll involves creating a parallel payroll system in the host country to ensure compliance with local tax laws and regulations. … Shadow payroll employees continue to receive their primary salary from their home country. This system allows employers to fulfill tax obligations in both countries without disrupting the employee's regular pay structure. The purpose of shadow payroll is to …
Type: Glossary
