Functional Areas In A Business Flashcards
What is production in a business?
Production is the process and methods used to transform inputs like raw materials, semi-produced goods, or ideas and information into goods and services.
What is marketing in a business?
The process of promoting a business in order to sell goods or services
What is finance?
Finance manages resources to ensure a business has the capital for production, expenses, and growth.
What is the role of Human Resources in a business?
Human Resources manage people within the organization.
What are the six areas of Human Resources?
Recruitment, safety, employee relations, compensations and benefits, compliance and training and development.
What is recruitment in a business?
Recruitment ensures staff with the right skills and experience are hired to meet the organization’s needs
What is safety in a business?
HR ensures safe and comfortable working conditions to prevent injuries and ill health, which can be costly for the organization.
What are employee relations in a business?
Employee relations focus on building strong relationships between employers and employees.
What are compensation and benefits in a business?
Compensation and benefits include wages and additional perks like medical insurance, pensions, bonuses, discounts, and company cars providing employees with rewards for their work.
What is compliance in a business?
Compliance ensures the business follows labor and employment laws to avoid costly penalties, legal issues, and dissatisfied employees.
What is training and development in a business?
Training improves skills for an employee’s current role, while development focuses on preparing them for future roles.
