updated: 23 August 2007


Financial flexibility
Wage flexibility or financial flexibility refers to a company's ability to vary the compensation of labour according to variations in its financial situation. It may take the form of profit sharing, or of decentralised wage bargaining. It can also refer to the ability to decelerate or freeze traditional annual wage growth agreements or to extract wage concessions from labour.
See Wage flexibility
Firm labour market
See Dual labour market
Flexibilisation of the labour market
Flexibilisation processes make the labour market structure more complex, provoking forms of fragmentation increasingly more difficult to control.
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Flexibilisation of working time
Working time flexibilisation is normally promoted to satisfy two different kinds of need. For the enterprise it is a means to adapt working hours to fluctuation in workloads.
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Flexibility is a broad term which means a great many different things to different people and in different contexts.
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Flexible labour
Flexible labour, sometimes known as 'contingent labour' or 'casual labour', refers to forms of employment with low levels of employment protection providing high levels of discretion for employers regarding the duration and the termination of employment. The term usually designates fixed-term workers, temporary (or 'interim' or 'agency' or rental) workers, marginally employed workers and contract workers.
Flexible specialisation
Flexible specialisation is a modern production paradigm that developed as an alternative to industrial mass production during recent decades.
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Flexible use of employees
See Flexible labour
'Flexicurity' represents a policy strategy that can be defined as follows: a policy strategy that attempts, synchronically and in a deliberate way, to enhance the flexibility of labour markets, work organisation and labour relations on the one hand, and to enhance security - employment security and social security - notably for weaker groups in and outside the labour market on the other.
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This phrase refers to a practice adopted by some organisations with a global division of labour whereby tasks are passed on from teams in one time zone to those in the next time zone (typically with three or four different teams distributed around the globe, for instance in Australasia, the Middle East, Western Europe and the United States) in order to enable round-the-clock working. This can be a form of virtual teamwork .
The term 'Fordism' refers to a type of labour relations for mass production that is based on a Taylorist organisation of work, accompanied by a high level of wages.
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Foreign Direct Invstment or FDI
This term (often abbreviated to FDI) refers to investments made by investors based in one country in another.
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Formalisation refers to the degree to which jobs within the organisation are carried out according to written rules. If a job is highly formalised, there are explicit job descriptions, lots of organisational rules, and clearly defined procedures. Where formalisation is low, employees' behaviour is 'programmed' to a lesser degree.
Functional flexibility
Functional flexibility, also referred to as qualitative flexibility, is the ability of a company to modify the content of (parts of) the work performed by its workers (functions, tasks) in response to changes in demand or technology or with the aim of reducing overall staff levels.
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