May 11th test Flashcards
What is a multi-national
A very large business which has outlets or production facilities in a number of different countries, while maintaining a definite home base.
Four advantages of a multi-national
Host countries may offer grants and financial incentives such as tax breaks to entice them to open a facility in the country Costs of land and labour can be considerably lower in the host countries, thus reducing costs and increasing profits Can sell more in the host country than they could if they had been exporting as they are not restricted by quotas and tariffs. Corporation tax may be lower in host countries which means owners can keep more of their profits
What are four disadvantages of multi-nationals
The local currency may be too weak to allow profits to be converted back at a good rate Technical expertise and local infrastructure may be poor, requiring a lot of investment The host country may be politically unstable Local legislation may restrict business practices that are legal in other countries
What are appraisals
Appraisal and training helps motivate staff and so improves staff retention. Staff appraisal is a yearly performance review between an employee and their line manager. They reflect on the year just passed, and then: identify training needs identify areas for improvement discuss if specific targets from the previous aprraisal have been met Where the appraisal shows previous targets have been met, the employee may receive a bonus or another financial reward.
What are three appraisal methods
one-to-one 360-degree peer-to-peer
What is one-to-one appraisal
This is a regular and formal review of an employee’s performance by their line manager, which normally takes place at least once a year. One-to-one appraisals involve a review on an employee’s progress towards their targets. Time is taken to set targets for the coming year. There is an opportunity during this appraisal to identify training needs and future career plans.
What is 360-degree appraisal
This is an evaluation of an employee’s performance that considers feedback and opinions from: line managers peers subordinates the employee themselves Each person asked to take part in a 360-degree appraisal will be given a set of identical questions about the employee. The answers will be used to compare and analyse how the employee is performing. This will help them with self-evaluation and improvement. A 360-degree appraisal allows for different viewpoints to be considered when reviewing your performance and identifying future training needs.
What is peer to peer appraisal
This type of appraisal excludes an employee’s line manager. Other workers in the same or similar position are asked to provide feedback on different aspects of an employee’s performance.
What are four benefits of appraisal
can motivate employees as employers have a chance to acknowledge any good work or improved performance training needs can be identified which will lead to a higher standard of work targets can be set for employees which will lead to increased motivation and purpose good practice can be identified and shared across the organisation
What are three costs of appraisal
can be time consuming to carry out appraisal with all members of staff negative appraisals can lead to demotivated staff employees may feel under pressure during an appraisal and take on too many development tasks
What are virtual learning environments
This is a web based resource which staff can access from home or from work. This includes all notes, tasks, videos and assesments. It operates like a classroom and the learner can be put in touch with a trainer, teacher or supervisor if they need help with their learning. This can be done via a chat facility, bulletin board or by email This is a cost-effective way of providing training although it is at the mercy of internet and computer avaliability and some staff may not like the lack of human contact when undertaking training
What are four advantages of a virtual learning environemnt?
Easy Tracking and Assessment: With your virtual learning environment software, it’s easy to tell which employees have completed the activities. Built-in assessments like quizzes can help you ensure they’re absorbing the material. Seamless Delivery: Every employee has access to the same material, no matter when he or she gets hired. Your message is consistent through the years; when you make a change in company policy, that can be updated in your learning system, and all employees have access to it. Time Savings: You don’t always know when you will have to hire a new employee. If someone quits unexpectedly and is replaced, you might not have time to train the new employee properly. She might have to wait for a yearly seminar; in the meantime, she’s under-prepared and overwhelmed, which puts the position at risk again. With a virtual learning environment, your new employees receive thorough training immediately. Financial Savings: With an investment in virtual learning platforms, you’re paying someone (or taking the time yourself) to develop curriculum once, which can then be used over and over again. Compare this to the expense of hosting workshops every time you hire new people or make changes in your business: paying speakers and instructors, arranging venues and travel, and losing productivity when employees are out of the office. It’s easy to see how cost-effective a virtual learning environment is.
What are four disadvantages of a virtual learning environment
Dwindling Attention Spans: How many browser windows do you have open right now? Many people are programmed to multi-task when they’re on the computer, despite studies showing that 98% of people are not good at multi-tasking. This could lead to skimming articles or starting a video that turns into background noise as they try to complete another project at the same time. Of course, you can help prevent that by keeping lessons and videos short and simple. Getting Lost in the Material: Depending on each employee’s learning style, some might feel lost when they can’t ask an instructor for clarification in real time. Others might require lessons that are more hands-on, visual, or auditory than what you end up offering on your platform. Discomfort with Technology: Though many industries rely heavily on technology and employees are well-versed in its use, you might be in an industry that doesn’t require that kind of knowledge. In this case, you might have employees who feel they have two daunting tasks ahead of them: taking the training and understanding the virtual learning environment software that allows them to take the training. Limitations: A virtual learning environment might not be the most effective way to teach someone to build or use a complicated piece of machinery. It also doesn’t offer that human-to-human contact, which may limit your opportunities for team-building and role-playing activities, brainstorming, or discussion.
What do liquidity ratios measure
the ability of the organisation to pay its debts
What do performance ratios measure
measure how efficiently the organisation is running
What are three profitability ratios?
Gross profit ratio Profit for year ratio Return on capital employed ratio
