Business is a language of its own, just like Arabic, politics, art, poetry, and the human body language.
And whether you’re an HR manager, part of a management team, employed at a firm, studying Business Administration, or merely someone who likes reading about those topics to gain an academic background, you need to be acquainted with some essential business and management terms to guarantee your survival in the workplace. Without establishing a good foundation, you’ll be lost in the business world and susceptible to lack of communication with other workers.
There are millions of important terms out there, some are even self-explanatory, however, we’ve picked out for you the most common ones. Learn them and congratulations! You’re already on your way to being fluent in business.
- Personnel
People or employees who work for a firm or in an organization; staff; labor force.
- Outsourcing
Making a deal and signing a contract with an outside supplier to provide goods or services to a company.
- Human Capital
The skills, experience and knowledge one gains from a job that add to the value of a country or workplace.
- Supply Chain
A particular sequence through which the production processes are organized and distributed.
- Start Up
A newly established business, regardless of its size.
- Equity
The value of shares owned by a company.
- Merger
Combination of two companies or businesses into one.
- Acquisition
When a big firm decides to buy another one.
- Benchmarking
Evaluating the value or worth of a company compared to the standards and its competitors.
- Dividend
Amount of money constantly paid by a company to its shareholders from its profits.
- Paradigm
A widely accepted concept, pattern, or example of something.
- Absenteeism
Failure to show up at a workplace as needed, usually due to a variety of reasons.
- Whistleblower
A person who exposes his employer’s wrongdoings to the public or authority.
- Nepotism
Favoring friends or family members by giving them jobs or picking them over others who are more deserving.
- Embezzlement
Stealing money that people trust you to look after as part of your work.
By: Menna Mahdy
Photography: Mohamed Sherif El Dib
Instagram: @mohamedeldib
EDITOR: Sarah Shalaby