5.3c Impact of legislation Flashcards
what is the cost implication for training on a business?
training may need to be taken to update skills when aw has changed. Training costs include the cost of a training course for staff, the cost of travel and accommodation, or the cost of training coming to the business
what is the cost implication of equipment on a business?
equipment may need to be changed or updated, if the company has to alter the way the work is carried outn
what is the cost implication of wage on a business?
this may need to be increased in line with rises in apprenticeship wage, national minimum wage and national living wage, so changed must be budgeted for
what is the cost implication of administration on an business?
may increases if business has to update website, paperwork, guides and manuals to reflect what the law says. this includes costs of paper and printing as well as time costs
what is the cost implication of licences or professional services?
costs include payment to specialists like solicitors and accountants, who may have to advise a business on any changes in employment and consumer law
what are the positive consequences of meeting legal obligations?
- positive reputation
- stakeholders and employees treated fairly by business
- higher sales as customers buy goods due to good reputation
- better candidates for jobs with the business, because people are attracted to work for business
what are the negative consequences of not meeting legal obligations?
- business may be taken to court, resulting in fines or prison for staff and owners
- negative media stories about business, leading to bad reputation
- customer can be injured or even killed due to not meeting legal standards
- business can be closed down temporarily or permanently
why do businesses need to keep up to date with changes in legislation?
to make sure the way they are operating complies with the law
what is legislation?
it is a set of rules that a business has to adhere to or there will be consequences
costs a business has to pay due to change in legislation
training- This may be retraining staff
new equipment
change in minimum wages means higher costs
consequences of not meeting these legislation
Large fines
temporary of permanent closure
effects of following legislation
a good reputation being formed
effects of following legislation
a candidate will be attracted to the business
consequences of not meeting these legislation
negative media press
consequences of not meeting these legislation
legal action
