Final test yr11 Flashcards
Efficiency
Ability to accomplish a job with low expenditure of time and effort
Productivity
Getting good return for the effort put into a task
Sustainabilty
Ability to maintain a task over a period of time
Interrelationship between efficiency, sustainabilty and productivity
Efficiency increases business productivity, and the sustainability of a task will impact its ability to be efficient over time.
Performance management
-Tool helping managers to monitor and evaluate employee quality of work.
-Often done by measuring employees against key performance indicators (KPIs).
How Performance managment improves efficiency and performance
-Self reflection is undertaken allowing individuals to find errors in their work method
-Common errors across employees can result in the identification of specific training needs
-Expected standards can be communicated
-Good work can be recognised increasing employee satisfaction and thus efficiency
Considerations for individuals in the workplace
Pay- Increased pay may influence longer hours or the fulfillment of higher roles with increased pressure
Conditions- Benefits such as long periods of leave or the covering of individual necessities may make a role more attractive
Ethical considerations
Ethics- A set of rules to guide behaviour
Ethical considerations- Controversial issues faced due to ethics
Code of conduct
A set of rules around behaviour designed to act accordingly to a code of ethics the business deems important.
-Usually created to deal with ethical considerations
Functions of a code of conduct
-A set of internal values for employees to follow
-Define company culture
-Let customers understand the values behind a business
Organisational restructuring
Action of a business changing its hierarchical model to improve efficacy and fit a market more effectively
Reason for restructuring
-New consumer trends
-Innovations redefining the market
-Company market share decrease due to competitors
Organisational restructuring can be difficult because of?
Deeply embeded structures in a business model
RWE examples of organisational restructuring
Netflix introduced streaming services in 2007 to replace their DVD rental service
In 2013/14 Qantas restructured by updating planes and services, as well as looking more modern
Workplace reform
Changes in labour laws to improve working conditions, can also influence a business to undergo organisational restructuring
Organisational restructuring impacts on career development
-Privatisation of a business may result in staff cuts.
-Deregulation can make people working in smaller businesses redundant.
-Work place flexibility can make an employee multi-skilled thereby increasing job satisfaction.
Work life balance
Ability to maintain harmonious relationship between work and personal life
RWE of performance management
conventional approach that looks at performance management as the set of activities that examines an employees performance over the year, eg school reports for students
RWE of unsustainable business model
Last Video Ezy stores shutdown in 2021 due to DVD rentals becoming an unsustainable business model compared to streaming services
RWE of sustainable business model
Netflix is a sustainable business model due to the convenience of online streaming services which will be the most efficient method for an indefinite period time
RWE of code of conduct
Members of the law society are expected to work respectfully and cooperatively, and refuse any attempts at bribery
