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Application > Motivational theory + recruitment (P3) > Flashcards

Motivational theory + recruitment (P3) Flashcards

1
Q

What does mazlow believe motivates employees ?

A

Believes in the hierarchy of needs
It depends on type of business

  1. Self actualisation -> job opportunities
  2. esteem-> status
  3. social-> part of a team
  4. Safety
  5. Physiological->food and water`
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2
Q

What did herzberg believe motivated employees

You always want a bigger Berger

A
  1. greater responsibility->less supervision
  2. meaningful work
  3. recognition

May be unmotivated if hygiene factors are not present

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3
Q

What did Taylor believe motivated employees

A

that employees were motivated by monetary reward

and that employees need close supervision

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4
Q

What did mayo believe motivated employees

mayo only works well in sandwiches

A

working in teams and good communication

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5
Q

examples of financial incentives

A
  1. increase in wages
  2. profit sharing
  3. commission
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6
Q

why is profit sharing so good

A

it achieves mayos motivational theory as employees work together to achieve the same goal.
it achieves Taylors motivational theory as employees benefit from greater monetary reward

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7
Q

why can an increase in wages not be motivating in the long term

A

there is no incentive to work harder. (if you gain an increase in wage without working harder there is no point)

if work is boring it may be useful to adopt mayos motivational theory and work in teams.

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8
Q

induction training

A

often offered to new employees
usually consists of a tour, meeting other staff and teaching of specific skills

It can avoid costly mistakes by recruits not knowing the procedures or techniques of their new jobs.

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9
Q

benefits of on the job training

A

can continue output at the same time as training. through a method such as work shadowing.

cheaper than off the job

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10
Q

benefits of off the job training

A
  1. can improve relationship within the workforce if done in groups (mayos motivational theory)
  2. can learn new skills
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11
Q

Negatives of off the job training

A
  1. employees are not at their place of work and therefore the business earns less revenue as output lowers
  2. workers may go to firms willing to pay higher wages after learning new skills in off the job training
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12
Q

what is quality for service sector

A

usually customer service

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13
Q

what is quality in the manufacturing sector

A

products with less faults and errors. if the firm can avoid the cost of recall total costs may decrease as a result

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14
Q

describe the recruitment process.

A
  1. identify a vacancy (recruitment)
  2. write a job description (recruitment)
  3. advertise vacancy (recruitment)
  4. shortlist applicants. (selection)
  5. interview and advertise
  6. hire or re-advertise the vacancy
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15
Q

2 benefits of internal selection

A
  1. less time and money

2. promotion can encourage other workers to work hard. Achieves Herzberg as workers want to take higher responsibility

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16
Q

3 benefits of external selection

A
  1. can introduce new skills and can encourage efficiency
  2. can select from wider range of candidates making it more likely for the firm to find the best fit
  3. may establish authority
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17
Q

internal recruitment

A

the process of filling vacancies within a business from its existing workforce

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18
Q

external recruitment

A

external recruiting, when a business looks to fill vacancies from outside.

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19
Q

how can a firm improve capacity utilisation

A
  1. descale productive capacity (smaller factory)
    May gain money from the assets sold)
  2. increase output (work longer hours)
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20
Q

how can a firm increase capacity

A
  1. increasing storage capacity and factory space

2. increasing number of workers/ delivery vans

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21
Q

negatives of having high capacity utilisation

A
  1. employees may be overworked and demotivated according mallows first hierarchy of need (poor working conditions demotivates employees) making them more prone to mistakes as a result
  2. less able to meet sudden increases in demand which is impactful in a dynamic market such as clothing

capacity utilisation should only be 100% for a short period of time to prevent demotivation

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22
Q

benefits of having high capacity utilisation

A
  1. lower cost per unit- may translate into lower prices
23
Q

factors used to consider a country as a production location

A
  1. quality and quantity of the labour force
  2. cost of factors of production
  3. ease of doing business
  4. whether the country is in a trade bloc
24
Q

factors affecting ease of doing business

A
  1. construction permits
  2. how easy it is to get electricity
  3. getting credit
25
Q

how may increased difficulty to get credit negatively harm a production location

A
  1. if the business is small it may not be able to finance growth using retained profit and may instead choose to use credit. if its hard to get loans the expansion may be smaller
26
Q

how may skills shortages impact international competitiveness.

A

with a smaller quantity of labour, workers may be more able to ask for a higher wage as there is a lower amount of substitute labour.

this may force firms to increases prices to maintain profit margins and exports may become less profitable as a result

27
Q

Porters strategic matrix

A

mass market |—cost leadership–|-differentiation

niche market |—cost focus——–|–differentiation focus

——————–|—-cost—————-|—differentiation

28
Q

What does success of cost leadership depend on

A

price elasticities of demand

If the product is elastic a change in price Is likely to result in a heavy change in quantity demanded

29
Q

How is cost leadership achieved

A

economies of scale
bargaining power from suppliers
high levels of efficiency

30
Q

problems with differentiation

A
  1. little existing experience
  2. little economies of scale
  3. lots of investment required
31
Q

why may lower costs benefit a firm

A
  1. may mean they can lower prices and maintain profit margins.
  2. increased profit margins may be used in product development or advertising
  3. higher dividends to shareholders may stimulate investment in the long term
32
Q

what are employees objectives

A

higher wages. this may benefit the business as according to Taylors motivational theory the productivity of the workers may increase as a result

33
Q

what is physiological pricing

A

pricing below a round number to give a perceived cheaper price

34
Q

cost plus pricing

A

setting prices at a markup above production costs

35
Q

when is price skimming and pricing penetration necessary

A

when the product is new

36
Q

why may high capacity utilisation be bad for a stadium

A

if poorly managed there may be long queues for entrance and customer satisfaction may decrease as a result

37
Q

how may employees legislation effect a business

A
  1. increases costs to abide to laws
  2. mallows first hierarchy of needs states that if sufficient working conditions aren’t present that productivity may be harmed
38
Q

what does the NPV results mean

A

theory suggests that if its positive the business should go through with investment

39
Q

what’s the problem with using payback as a tool to assess business decisions

A
  1. doesn’t account for the future value of money (especially damaging as a result of COVID)
  2. doesn’t take into account cashflows after money has been paid back.
    short term tool
  3. doesn’t take into account how the project is going to be financed
40
Q

benefits of having a shorter payback

A
  1. improved liquidity as money owed can be repaid quicker freeing up assets for other investment opportunities
41
Q

benefits of having average high rates of return

A
  1. earns more money to invest in other projects

2. earns more money compared to interest rate

42
Q

what’s the problem with using ARR

A
  1. doesn’t account for the future value of money
  2. doesn’t take into account timing of the profits which may cause cashflow problems
  3. based on a prediction of positive cashflows
43
Q

when is penetration pricing necessary

A
  1. when the market has high brand loyalty to existing brands
  2. if demand for product is elastic
  3. saturated market
44
Q

when is price skimming necessary

A

when a business with high brand loyalty is releasing a new product
eg ps5

45
Q

loss leadership

A

selling a product below cost to encourage purchase of other goods
eg Nike selling cheaper jumpers but more expensive joggers

46
Q

what are the positive impacts of employee legislation

A
  1. may lower staff turnover- less recruitment costs

2. increased motivation lowered costs

47
Q

what are the negative impacts of employee legislation

A
  1. may be expensive to adhere to changes
48
Q

what are the positive impact of product legislation

A
  1. customers may have better trust in the product and more sales
49
Q

what is the negative impact of product legislation

A
  1. may be more expensive to use different materials
50
Q

benefits of marketing legislation

A
  1. competitors may be less able to copy

2. less chance of being sued

51
Q

why may high capacity utilisation be good

A
  1. gives perception of more demand
52
Q

evaluation of legislation

A
  1. the correct safety measures may already be in place

won’t gain comp advantage as all competition will have to abide by the same rules

53
Q

problems with NPV

A
  1. prediction

2. can use the wring NPV which can give a correct idea of result

54
Q

benefits of NPV

A
  1. quick and easy

2. takes into account future value of money

Application (6 decks)

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