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Bus Man > HRM & Finance > Flashcards

HRM & Finance Flashcards

0
Q

Recruitment and selection of staff

A

Investigating trends in the current labour market. Forecasting future staffing needs & identifying future skills required, providing induction training

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1
Q

Role of Human Resources

A

Recruitment and selection of staff, promoting a corporate culture, managing staff welfare, managing employee relations

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2
Q

Promoting a corporate culture

A

Sharing the mission and vision, facilitating communication systems, providing CPD (continuing professional development)

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3
Q

Managing staff welfare

A

Team-building
providing fringe benefits
work-life balance & health skills

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4
Q

Managing employee relations

A

Designing, implementing & managing appraisals, dealing with discipline & grievances, managing redundancy

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5
Q

Objectives of HR

A

See sheet

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6
Q

Role of HR department

A

FACES

Facilitator, Auditor, Consultancy, Executive, Service

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7
Q

HRM: Facilitator role

A

HR staff must provide or facilitate training to other members of staff in the organisation

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8
Q

HRM: Auditor role

A

HR staff must monitor and report on how effectively individual staff and departments are following HR polices and procedures

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9
Q

HRM: Consultancy role

A

HR staff must provide specialist guidance and information to managers on how to deal with particular staffing situations

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10
Q

HRM: Executive role

A

In this role, HR staff assume the role of ‘resident expert’ in all staffing matters

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11
Q

HRM: Service role

A

HR staff must provide useful information and to be able to do so must keep up with current legislation and other changes that may affect staff

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12
Q

Role of Finance

A

See sheet

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13
Q

Uses of financial information to an organisation

A

To: control costs & expenditure, monitor cash flow, forecast trends, monitor performance, inform decision making

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14
Q

Finance: to control costs & expenditure

A

Financial info allows managers to identify where costs/expenses have increased in order to help them take corrective action

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15
Q

Finance: to monitor cash flow

A

A business will pay close attention to cash flow to ensure that it has enough funds coming in to pay bills as they arrive. Producing cash budgets assists with this

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16
Q

Finance: to forecast trends

A

Managers analyse the firm’s annual accounts over several years to help them plan likely future costs, revenue and profits

17
Q

Finance: to monitor performance

A

Managers use the firm’s annual accounts to asses how the firm had performed compared to previous years & competitors. This allows corrective action to be take if problems are found

18
Q

Finance: to inform decision making

A

Financial info allows budgets to be prepared for internal uses to assist with decision making & planning. Using ratio analysis allows an organisation to decide where improvements need to be made

19
Q

Users of financial information

A

Managers, owners, creditors, employees/trade unions, citizens, banks/lenders, inland revenue, financial journalists

20
Q

How managers use financial info

A

See sheet

21
Q

How owners use financial info

A

See sheet

22
Q

How creditors use financial info

A

See sheet

23
Q

How employees/trade unions use financial info

A

See sheet

24
Q

How citizens use financial info

A

See sheet

25
Q

How banks/lenders use financial info

A

See sheet

26
Q

How inland revenue use financial info

A

See sheet

27
Q

How financial journalists use financial info

A

See sheet

28
Q

Who wants to use financial information?

A

Shareholders, management, employees, customers, competitors, government, analysts, creditors/lenders

29
Q

Why Shareholders want to use financial info:

A

See sheet

30
Q

Why management want to use financial info:

A

See sheet

31
Q

Why employees want to use financial info:

A

Interested in viability of business & ability to pay their salaries, want to monitor cash flow

32
Q

Why customers want to use financial info:

A

May have ethical/environmental issues, may simply want to know if the company will continue to trade

33
Q

Why competitors want to use financial info:

A

Interested in plans for expansion, want to know if business has increased/decreased market share

34
Q

Why Government want to use financial info:

A

Want to know future plans for business and how much it is making in order to collects taxes

35
Q

Why analysts want to use financial info:

A

Collate information and make comparisons with other business in same industry/research sector for research and statistical purposes

36
Q

Why creditors/lenders want to use financial info:

A

Assess the viability of the business and whether it is in a good position to pay back any loans & meet it’s commitments

37
Q

Effects of ICT on staff

A

See sheet

38
Q

Effects of ICT on organisation

A

See sheet

39
Q

Data Protection Act (1998)

A

Controls the way organisations can use the data they hold and give certain legal rights to people whose information is stored

40
Q

The eight data protection principles are:

A

See sheet

41
Q

Computer Misuse Act (1990) makes it an offence to:

A

See sheet

Bus Man (18 decks)

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