This is a term assigned to a role which has the workload of a person employed full-time (general 38 hours per week) in that position. 

An organization looking to fill an FTE position may do so with one person, or multiple casual or part-time staff depending on the requirements of the business. The term is useful for allocating budgets or resources to be deployed in part of the business; the FTE helps to demonstrate a realistic number of full - time employees on payroll.