LO1 Flashcards
identify key human resources responsibilities
- compensation and benefits
- employee relations
- employee engagement
- ensuring compliance with employment legislation
- health and safety
- linking with other functions of a business
- recruitment and selection
- skills audit
- training and development
- exit processes
state internal factors which affect human resources planning
- business growth
- diversification into new sectors
- employee skill sets
- finance available from internal sources
- labour turnover rates
- restructuring
- retirement rates
define restructuring
when a business is in financial difficulty it may choose to restructure. e.g. removing a layer of management to reduce costs
define labour turnover rates
percentage of employees who leave a workforce within a certain period of time
state external factors that affect human resource planning
- access to finance from external sources
- advances in technology
- demographic changes
- economic growth
- current EU and UK legislation e.g. data protection act
examples of external sources of finance
family and friends bank loans bank overdrafts share capital venture capitalists
examples of internal sources of finance
money invested from the owner/savings
retained profit
selling business assets
what are current UK and EU legislation relating to human resources
- data protection act
- employment act
- equality act
- health and safety at work act
- national minimum wage act
- working time regulations
- personal protective equipment at work regulations
what are potential consequences of breaching legislation affecting HR processes
- litigation/tribunals
- financial costs of breaching legislation
- difficulty recruiting skilled and experienced employees
implications of implementing legal obligations
- financial costs of meeting the legislation (paying minimum wage, providing safety equipment and training staff)
- time requirements (checking that legislation is being met and training staff)
