business management Flashcards
the relationship between the performance of staff and achieving business objectives
Staff performance significantly influences goal attainment by impacting productivity, innovation, customer satisfaction, cost control, and employee retention. High-performing employees align efforts, drive efficiency, and directly contribute to meeting business objectives.
The relationship between the performance of staff and achieving business objectives.
Staff performance directly influences the attainment of business objectives by impacting productivity, innovation, customer satisfaction, and overall operational effectiveness.
business objectives
Business objectives are specific, measurable goals that a company sets to achieve its vision and mission
how staffing decisions relate to specific business objectives.
-skill alignment
-Innovation and growth
-customer satisfaction
-Operational efficiency
market share
Market share refers to the portion or percentage of total sales within a specific industry or market that a company controls.
distinguish between knowledge and skills
Knowledge:
Definition: Knowledge refers to the information, understanding, and awareness acquired through education, experience, or learning. It involves knowing facts, principles, theories, or procedures.
Skills:
Definition: Skills are the practical abilities, competencies, or proficiencies acquired through training, practice, or experience. They involve the capability to perform specific tasks effectively.
knowledge impact
Knowledge Impact: Businesses benefit from employees’ knowledge by leveraging it for innovation, problem-solving, and strategic planning.
skills impact
Skills Impact: The impact of skills is more immediate and operational. They directly influence day-to-day operations, efficiency, and the quality of work performed.
job analysis
systematic study defining roles, responsibilities, skills, and requirements essential for effective job performance within organizations.
job design
structuring tasks, duties, and responsibilities to enhance productivity, job satisfaction, and employee performance within organizations.
job descriptions
Concise document outlining roles, responsibilities, qualifications, and expectations for a specific job within an organization.
job specifications
Detailed description specifying the qualifications, skills, experience, and attributes required for a particular job role.
job posting advantages and disadvantages
Job Postings: Advertising open positions on company websites, job boards, or in newspapers to attract applicants.
Job Posting: Adv - Wide reach. Disadv - High competition, limited targeting.
direct applications advantages and disadvantages
Direct Applications: Receiving applications directly through the company’s website or through direct contact with the HR department.
Direct Applications: Adv - Candidates show genuine interest. Disadv - Limited reach, diverse pool.
conditions of employment
Clear and fair terms defining job roles, responsibilities, and expectations.
remuneration
Fair compensation commensurate with responsibilities, skills, and market standards.
job security
Assurance of a stable work environment and reasonable protection against unexpected job loss.
Occupational Health and Safety (OH&S) Regulations:
Responsibilities: Ensuring a safe work environment, free from hazards, providing proper training, and adhering to safety standards.
Compliance: Following regulations that protect workers from health risks, ensuring proper equipment, and maintaining a safe workplace.
work life balance
Opportunities for flexible work arrangements and support for personal well-being to balance work and personal life effectively.
Equal Employment Opportunity (EEO) Legislation:
Non-Discrimination: Upholding laws that prohibit discrimination based on race, gender, age, religion, disability, or other protected characteristics.
Fair Employment Practices: Ensuring fair recruitment, hiring, and promotion practices without bias or prejudice.
job training
Providing job-specific training to equip new hires with the necessary skills and knowledge to perform their roles effectively.
facility tour
Conducting tours of the workplace to familiarize new employees with their physical work environment, facilities, and amenities.
Ethical Recruitment Practices:
Ensure fair and transparent recruitment processes, avoiding exploitation or unfair treatment of overseas candidates.
Adhere to international labor laws, avoiding practices such as forced labor or child labor.
Diversity and Inclusion:
Promote diversity and inclusivity in the recruitment process, respecting cultural differences and embracing diverse perspectives.
Offer equal opportunities for all applicants, regardless of nationality or background.
human resources
Human resources oversee recruitment, training, performance, relations, compensation, and legal compliance within organizations.
Performance management
Improving employee performance, setting goals, providing feedback, and fostering professional development for better outcomes.
soft skills
Non-technical, interpersonal abilities enhancing communication, teamwork, problem-solving, and adaptability in the workplace.
the employment cycle
establishment, maintenance and termination
employee expectations
Employees expect fair treatment, good compensation, job security, growth opportunities, work-life balance, and a supportive work environment.
employer expectation
Employers expect employees to perform well, exhibit reliability, adaptability, teamwork, professionalism, and initiative, contributing positively to the company’s success and fostering a conducive work environment.
corporate social responsibility
Corporate Social Responsibility (CSR) involves integrating ethical, social, and environmental concerns in business operations, ensuring sustainable practices, and contributing positively to society, beyond mere profit-making objectives.
domain name
The address of a website on the internet.
anti competitive practices
cartels, misuse of market power, exclusive dealing and resale price maintenance.
outline several purposes for employee induction.
- Introduction to Company Culture and Values
- Clarification of Roles and Expectations
- Familiarization with Policies and Procedures
- Building Relationships and Networks
- Training and Skill Development
- Boosting Employee Engagement and Retention
- Reduction in Time to Productivity
- Feedback and Adjustment Period
ways in which a business can aim to be socially responsible when making staffing decisions.
prioritize ethical, fair, and socially conscious approaches.
* Diversity and Inclusion Initiatives
* Equal Employment Opportunities
* Fair Wages and Benefits
* Health and Safety Measures
overseas recruitment and the benefits of this.
“Overseas recruitment broadens talent pool, brings diverse perspectives, and fosters global competitiveness in organizations.”
