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Vacation buy-back plan

A program that allows an employee to sell back to the employer any unused vacation time balances.

   

Vacation buying/selling/trading

A program that allows employees to buy additional vacation time from another employee or sell additional time they may have available to another employee. Some programs also allow for trading of future vacation time.

   

Vacation carryover

A policy allowing employees to transfer a portion of their current year vacation balances for use in the next year. The amount of time that can be carried over is based on the employer’s policy.

   

Validation

The study of an employer's test or selection standards that proves that they are significant predictors of successful job performance (those who score high turn out to be successful on a job and those who score low turn out to be unsuccessful). The study requires a large sample of applicants and must include representatives of groups--such as minorities and women--who may be suffering adversely from such standards.

   

Validity

The general concept of validity is traditionally defined as "the degree to which a test measures what it claims, or purports, to be measuring." Validity is normally subdivided into three categories: content, criterion-related and construct validity. Validity is an essential characteristic for all tests and test ratings.

   

Value-added work

Work that increases the value of a service or product to the employer’s customers.

   

Value statement

A document outlining and representing the core priorities in the organization’s culture.

   

Variance forecasting

A measure that utilizes a demand and availability forecast to determine whether an organization has the ability to meet future manpower needs.

   

Vertical disintegration

Used to describe organizations that over time shed layer after layer of full-time permanent employees and replace them with temporary workers until their workforce primarily consists of temporary employees.

   

Vertical management

A traditional organizational structure consisting of primary functions (i.e., engineering, manufacturing, finance, etc.), with each function having its own manager.

   

Vertical organization

An organizational structure consisting of many layers of management or other positions of authority.

   

Vesting

An employee’s right to receive present or future pension benefits, even if the employee does not remain in the service of the employer.

   

Vestibule training

A form of training conducted outside of the workplace to acclimate newly hired employees with procedures and equipment or tools to be used in their jobs.

   

Veterans Benefit Improvement Act of 2004

An act signed into law by President Bush on December 10, 2004 that amended portions of the Uniformed Services Employment and Reemployment Rights Act (USERRA), imparting certain reemployment and benefit protections to individuals who are and employees engaged in military service. The act requires that employers extend the period for continuation of health care coverage and requires employers to provide covered employees with appropriate notice of their rights, benefits and responsibilities under USERRA.

   

Veterans Employment Opportunities Act

This statute extended the affirmative action and reporting responsibilities of federal contractors and subcontractors, which previously protected veterans of the Vietnam era and special disabled veterans, to include any other U. S. veteran who served on active duty during a war or in a campaign or expedition for which a campaign badge was authorized. It also raised the reporting threshold from $10,000 to $25,000 and added the requirement to report the maximum and minimum number of persons employed on the VETS-100 report.

   

Vietnam Era Veteran

Defined as an individual who served on active duty for more than 180 days, any part of which occurred during the period between August 5, 1964, and May 7, 1975, and who received other than a dishonorable discharge, as defined in the regulations implementing the Vietnam Era Veterans Readjustment Assistance Act of 1974.

   

Vietnam Era Veterans Readjustment Assistance Act of 1974 (VERA)

Federal law requiring federal contractors or subcontractors with contracts of $10,000 or more to take affirmative action to employ and advance in employment disabled veterans or those who served during the Vietnam era.

   

Virtual HR

The use of technology to provide HR programs via an employee self-service platform. Typically includes use of such items as voice response systems, employee kiosks, etc.

   

Virtual mentoring

A form of mentoring whereby the mentor and mentored communicate from a distance, utilizing either e-mail or other forms of electronic conferencing.

   

Virtual office/workplace

The work site of employees such as sales reps or other types of employees who work off company premises and communicate with their respective workplaces via telephone or computer.

   

Vision statement

A vision statement is a description of what an organization wants to become or hopes to accomplish in the future (typically in the next 10 years).

   

Voluntary leave/layoff

Leave without pay that is taken on a voluntary basis by employees for specified duration. Often used as an alternative to layoff.

   

Voluntary reduction in hours

Allows employees to voluntarily reduce their working hours as well as their pay for a specified duration. Also used as an alternative to layoff.

   

Volunteerism

Organizational support, often in the form of paid leave or sponsorship, for employees pursuing volunteer opportunities or performing community services.

   

V-time

An alternative work schedule that allows employees to voluntarily agree to reduce their work time and pay.

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