All Of It Flashcards
Restructuring
- When a company makes significant changes to its financial / operational structure typically under financial duress.
- MIGHT INVOLVE: a flatter management strategy. Mergers and exquisite ons more employee autonomy and responsibility.
- PURPOSE: increases employee efficiency, Increases quality of goods / services, promote an enterprising culture
Purpose of restructuring
- Cut down on financial costs
- Termination of redundant employees = increase efficiency / productivity BUT decreases costs
- To increase quality of goods / services = better / optimised employee efficiency when company is restructured.
Acquisition
When a company assumes owner of another
Merger
Joining of 2+ separate businesses to form a new entity
Negative impacts of restructuring
- Decrease morale > many changes occurring in a short period = confused + overwhelmed employees
- Leads to decline in productivity / efficiency > employees may not be sufficiently trained + higher workload
- Lower quality of goods / services > due to a loss in key skilled workers if downsizing occurs.
Positive impacts of restructuring
- Increase pay > less employee due to downsizing means less administrative cost + possibility of pay increase
- Increased efficiency > eliminating unnecessary roles / tasks > teams become better organised + collaborate more effectively.
- Improve decision making > comes with elimination of management layers, leaving to improved communication + more decision making independence.
Codes of conduct & standards
- The practical means which the right of stakeholders are protected
- Leads to the development of protocols applied to systems, processes and other guidelines that reflect and reinforce the nature of work
> can relate to employee BEHAVIOUR including appropriate interpersonal communication
KPI & sustainability KPIs
Key Performance Indicators
- Are QUALITATIVE / QUANTITATIVE measures that gauge a company’s performance against a set of targets, objectives or industry peers
- QUANTITATIVE: Decrease amount of waste and utility costs / Increase RRR materials
- QUALITATIVE: increase job satisfaction, increase employees skills
Purpose of KPIs
- Assist organisations to determine whether or not theyre on track for achieving their desired objectives
- Play a crucial role in measuring monitoring and increasing productivity / efficiency within sn organisation by providing quantifiable measures aligned with organisational goals
KPI examples
HOSPITALITY
Qualitative > guest experience - measure s of how satisfied guests are with their stay at a hotel / resort
Quantitative > occupancy rate - measure of the % of avail. Rooms occupied during a specific time period
FOOD
Qualitative > menu item popularity. Measures of how popular a menu item is among customers
Quantitative > food cost percentage - measures of cost of food sold as a % of total food sales (profit)
Qualitative
Qualitative data is interpretation based descriptive data hard to define with numbers
- job satisfaction
- employee skills
- collaboration
Allows an enterprise to assess efficiency in terms of effectiveness.
Quantitative
Quantitative data is numbers - based countable or measurable
- amt. of waste
- utility cost
- RRR
- renewable energy use
Enables an enterprise to assess efficiency in term of productivity.
Organisational structure
Refers to the division of responsibilities employees, assists and operation within an enterprise
- level of authority
- degree of responsibility
- structure of accountability
Workplace sustainability
- A company’s strategy to decrease negative environmental impacts from their operations
- Also encompasses fair wages, safe working environment + job satisfaction within the workforce.
Efficiency
The quality of achieving the largest of useful work using as title energy/ effort as possible.
Productivity
A measure of economic performance that compares the amount of goods and services produces (output) with the amount of input used to produce them.
Manufacturing technologies
The capital equipment used in the production of a good
Service technologies
The capital equipment used to provide a service
Social media usage policy
Instructs employees on appropriate behaviour / representation when engaging on social media platforms.
The use for social media usage police
- bullying
- diversity and inclusion
- brand prep
- confidentiality
- security
Performance management
Quality process
- involves appraising employee performance > determines whether employees are achieving the goals / objectives of an enterprise.
- performance appraisal allows investigation of employee performance in terms of KPIs
Informal WPC resolution [positive communication]
- Involves positive proactive language + active listening between parties Eg. Instead of “you don’t do anything” > “ i feel overwhelmed and would appreciate help”
- Could look like : one person approaching other outside of work and initiating a casual discussion where issue is brought up to eliminate misunderstanding.
- Only works if both parties willing to solve conflict.
Weakness of positive com.
- May not result in a solid agreement that is FOLLOWED THRU
- Could worsen situation (no guaranteed active listening or participation = misunderstandings or an argument)
Strengths positive com.
- Culminates in a feeling of independence and successful cooperation > because of strengthen bonds = increase productivity and job satisfaction
- More cost effective
Formal WPC resolution [mediation]
- When multi conflicting parties converse with each other in the presence of another individual impartial to issue / people involved
- allows parties to purposefully explore their problems in depth while increasing understanding and empathy.
Strength mediation
- Quicker + can be booked @ various times = flexible; compared to other formal strategies
- Can result in higher satisfaction of both parties because agreed solution often benefits all
Weakness mediation
- Unnecessary costs (parties can speak amongst themselves)
- parties will not be able to use most effective evidence against each other in court because mediation is confidential.
Copyright law
- The legal protection for people who create and express original ideas and info on certain forms
- this makes it illegal to steal someone’s work and claim it as yours or replicate without a license
Eg. audiovisual works
Licensing
- The process of giving / getting permission to have, produce or use a piece of intellectual property that another person / company have the rights to
- PURPOSE: to access / be able to do something LEGALLY
Eg. Business franchising
Age Restrictions
- The age at which a person can / cannot participate in something
Eg. Usage of high risk machinery
Action Plan
- Objective
(What do i want to achieve?) - Action required
( what do i need to do to achieve this?) - Success Criteria
(How will i know if im successful?) - Time frame
(When do i want to achieve this by?) - Resources
(What / who can help me in achieving this?)
Job seeking tools
- Social media
- SEEK
- Cold canvassing (directly approaching employers)
Flexible working arrangement
- Some employees who have worked for the same employer for at least 12 months can request flexible working arrangements.
Eg. Changes to hours, patterns or location of work
Tele - Communicating
- Employees work from home using ICT
- May involve
> video conferencing
> FaceTime/ Zoom
> phone link up - Benefits
> increase work life balance + flexible working hrs
> decrease utility cost in workplace
> Decrease cost of transport
Multi- skilling
- Training employees in a variety of skills > allows max flexibility of deployment
- Benefits
> supports synergy + teamworks
> workers can be rotated thru different work tastes = increasing motivation, job performance / satisfaction
> allows work to be shared during t periods of high workload = employees are trained in a range of different tasks
Casual work
- Employment on a non-permanent basis
- ability to request / turndown particular shifts or reduce hrs as necessary
- higher hourly rate of pay
- minimum working hours 3 hrs p/w
- employer not required to supply leave / other entitlements
- employment can be terminated on short notice
