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Abbott-Langer & Associates Business Glossary

This glossary of business definitions contains over 2,000 business terms used in compensation and benefits administration. Continually updated, this specialized business dictionary focuses on definitions of Human Resources terms and business terms.

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W-2 Form

Wage and Tax Statement.

W-4 Form

The Employee's Withholding Allowance Certificate.

Wage

The total of salary and also commissions, or bonuses, paid by an employer for services.

Wage And Price Controls

Wages and prices are limited to some low percentage of growth through government regulation until they are deemed to be under control.

Wage Contour

Developed by labor economist John Dunlop, a way of considering an external wage structure.

Wage Differential

Of location of company, hours of work, working conditions, type of product manufactured, or a variety of other circumstances, there can be differences in wage rates.

Wage Level

The average of all salaries paid to workers in an occupation, department, organization, or industry.

Wage Movement

A decrease or increase in the wage levels for a particular position or occupation in a market.

Wage Rate

The money rate paid to an employee per hour.

Wage Structure

Usually established within an organization, this is the levels or hierarchy of job and pay ranges. The salary structure is also referred to as job grades, job-evaluation points and or policy lines.

Wage Survey

A survey of the going rates for benchmark jobs, in a particular market.

Waiting Period

Several definitions: 1) The duration of time between the beginning of an insured person's disability and the start of the policy's benefits. (2) The period between employment or enrollment in a program and the date when an insured person becomes eligible for benefits.

Waiver Of Coverage

Relinquishing the right to a benefit, especially in regard to health benefits, flexible benefits or early retirement window plans.

Waiver Of Deductible Provision

A provision in some major medical coverage that waives the initial deductible if the medical expenses are the result of an accidental injury.

Waiver Of Premium For Disability Benefit (WP)

A rider which the insurer promises to give up its right to collect the policy's premium if the policy owner becomes unable to work because of an accident or injury.

Waiver Of Premium For Payer Benefit

A rider often included in juvenile policies which provides that the insurer will give up its right to collect the policy's premiums if the adult policy owner dies or becomes disabled.

Walsh-Healey Public Contracts Act Of 1936

A federal law requiring that pay be at least be the federal minimum wage with certain employers holding federal contracts for the manufacture or provision of materials, supplies and equipment.

War Exclusion Provision

A life insurance policy provision that if death were connected with war or military service, it would limit the insurer's liability to pay a death benefit.

Web-Based Training (WBT)

Web-based training (sometimes called e-learning) is anywhere, any-time instruction delivered over the Internet or a corporate intranet to browser-equipped learners.

Webpage

A document on the World Wide Web, consisting of an HTML file and any related files for scripts and graphics, and often hyper linked to other documents on the Web.

Website

Locations where files are located on the World Wide Web that can be viewed through an Internet browser.

Weekender

Weekenders are found in health care environments. These are usually nurses (but may be other health care professionals) that work two 12-hour shifts over a weekend. Weekenders typically do not receive benefits but are paid at the regular base rate plus a substantial premium of 50% or more of base rate.

Weekly Indemnity Plan

A short-term disability income insurance plan which pays a weekly benefit equal to a dollar amount or a percentage of the insured person's earnings.

Weighted Average

The average of the total population or number of incumbents reported. For each job, it is computed by multiplying each company's average salary by their number of incumbents, adding these values, and dividing by the total number of incumbents for each job.

Weighted Mean

Reflects equally the number of incumbents in a survey. If companies participating are truly representative of the market, then the data should reflect the market value of the job. The weighted mean answers the question, 'On average, what are incumbents in a particular job paid?'

Welfare Benefit Plans

ERISA defines welfare benefit plans to include medical, surgical, or hospital care, sickness, accident, disability, death, unemployment, vacation benefits, training programs, day-care centers, scholarship funds, prepaid legal services, or financial assistance for employee housing.

Wellness Programs

Employer-sponsored programs and activities designed to promote and maintain the physical and psychological health of employees.

Whiteboard

Similar to a dry erase board, it is an electronic version. It provides a virtual classroom to view what an instructor, presenter, or fellow learner writes down.

Whole Life Annuity

A term for a series of periodic payments, each is made only if a designated payee is alive, with the payments continuing for that payee's entire life.

Whole Life Insurance

Insurance payable to a beneficiary at the death of the insured, whenever that occurs. Premiums may be payable for a specified number of years (limited payment life) or for life (straight life). The premiums may remain level or decrease (by accumulating cash in the initial years of the policy).

Wide-Area Network (WAN)

A computer network that spans a relatively large geographical area. Also called 'WAN.'

Windfall

An unexpected legacy, or other gain.

Window Pension Plans

Programs that provide incentives for voluntary retirement.

Window Period

The 10-day period, when insiders may exercise their stock-appreciation rights for cash without violating Securities and Exchange Commission rules.

Wireless Application Protocol (WAP)

A global standard for developing applications over wireless communication networks.

Wireless Markup Language (WML)

XML based language that allows a smaller version of WebPages' text to be viewed on cellular phones and personal digital assistants.

Withdrawal

Formal withdrawal or separation from an alliance or contract. See also lapse.

Withdrawal Provision

A life insurance provision that permits the policy owner to reduce the amount in the policy's cash value by taking up to that amount in cash.

Withholding

Income tax withheld from employees' wages and paid directly to the government by the employer.

Witness Duty Leave

Allowing employees to take time off from work to appear before a court of law or other judicial proceeding if they are subpoenaed or a party to the action.

Work-Design Variances

Differences that exist in similar jobs within two or more organizations.

Workers' Compensation

Government-mandated insurance that provides benefits to covered employees and their dependents if the employee suffers job-related injury, disease, or death. For more information, see DLC Course 63: Workers' Compensation.

Working Capital

Assets available for use in the production of further assets.

Works Councils

A council representing employer and employees of a plant or business to discuss working conditions etc. May also be a committee representing the workers elected to negotiate with management about grievances and wages etc.

Workstation

A general-purpose computer designed to be used by one person at a time and which offers higher performance than normally found in a personal computer, especially with respect to graphics, processing power and the ability to carry out several tasks at the same time.

Workweek

Generally a fixed period of 168 hours (7 consecutive 24-hour periods). The employer establishes the workweek. It may begin on any day of the week and at any hour of the day. Under FLSA, a workweek is 40 hours long with no daily hour limit.

World Wide Web (WWW)

A collection of Internet sites that offer text and graphics and sound and animation resources through the hypertext transfer protocol.

World Wide Web Consortium (W3C)

Also called W3O, this is the main body that creates standards for the World Wide Web. Based at the Massachusetts Institute of Technology (MIT), it also produces reference software.

Written Plan

Defined by plan instruments or required under the law of a foreign country, or both.