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Economics > sources of info, recruitment, critical issues in bus success & failure > Flashcards

sources of info, recruitment, critical issues in bus success & failure Flashcards

1
Q

why have good relationship with professional advisers? how?

A

accountant, solicitor, bank banager

keep in touch on regular basis

management consultants when restructuring business/changing core bus activity

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2
Q

professional adviser benefits

A

immersed in daily ops, diff to remain objective –> examine bus objectively and provide independent analysis of org
* more aware of changes in legal, eco, financial enviro

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3
Q

accountants

A

valuable advice on all financial managment issues & tax obligations
-access latest changes to tax and financial report requirements

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4
Q

solicitors

A

info concerning bus formation & structures, registration, contracts, leases, legislation
-up to date with changes to company law,
-advise small bus owner to deal changes best

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5
Q

bank managers

A

provide info and advice on financial services, sources finance, basic management
-wide range experience
-access bank resources

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6
Q

management consultants

A

bus management prob arises owner cant deal with for advice
-from outside business
-objective view problems, unbiased
-when outsourcing, check credentials & experience

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7
Q

gvt agencies (bus connect)

A

support SMEs to start up, creat jobs through growth, help established SMEs more sustainable and increase bus confidence for NSW
-general, specialist bus advice and gvt info to startups & SMEs
-promote** growth via innovation**, improve resilience, productivity

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8
Q

tech advice

A

establish online bus presence, network no. comp in premises, max use of mobile devices improves efficiency
-purchase equip from dealer who offers advice
-relationship with ICT consultant
-fed gvt Digital Busienss Kits DBK for industry specific info and resources to help SMEs in digital economy,

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9
Q

1st stage HR cycle and definition

A

acquisition

attract & recruit right staff to fill job vacancy

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10
Q

what to conduct before recruitment

A

job analysis, needs to be clear what hiring for/to do

-determine nature of job to recruit right person

it is a SYSTEMATIC study of each employee’s duties tasks, work enviro

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11
Q

info provided by job analysis

A
  1. JOB DESCRIPTION
    -written statement describe tasks, responsibilities of job
    -summarise
    -job title, purpose, placement within bus, responsibilities & tasks, working conditions, performance standards
  2. JOB SPECIFICATION
    -lsit key qualifications need to perform job
    -edu, skills, knowledge, exp
    -personal attributes necessary
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12
Q

recruitment steps

A

ads, referral, private employment agencies
-expensive
-systematic
1. identify need to fill vacancy,
2. analyse requirements of position
3. select internal//external
4. method to attract potential applicants

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13
Q

internal recruitment

A

appoint someone already within bus to vacancy
-opp to take diff duties (promotion) greater responsibility within
-less risk bc employer knows person
-email, staff noticeboard, private secured pc network to share info within bus, communicate

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14
Q

advs internal recruitment

A
  1. employer knows employees –> easier choice
  2. applicants familiar with bus and objectives, culture, processes
  3. managerial, career path to reward talented employees
  4. ad costs rediced. no external agencies paidd
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15
Q

disadv internal recruitment

A
  1. no one suitable within
  2. conflict betw employees if 1+ internal applicant
  3. successful applicant may be replaced externally anyway
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16
Q

external recruitment

A

find suitable applicants from outside bus
-need new position
-exisitng employee resigned/retired
-previous transferred/promoted new position within

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17
Q

external recruitment adv

A
  1. wider range applicants to choose
  2. outside applicants for new ideas & approaches
  3. diff qualifications/experience from already within specified in ad process
  4. rapid growth (increase staff no.s)
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18
Q

external recruitment disadv

A
  1. applicants unknown, choice diff
  2. costs to ad
  3. field larger, selection time consuming
  4. qualified employees within resent, esp managerial
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19
Q

recruimtmet method depends on

A

size bus

type pos available

nature of labour force in bus area

20
Q

to advertise position as widely as posslbe and greatest no. applicants

A

more than one avenue,

emplyoment agencies handle recruitment, which some specialise in industries & do all ads

expensive but effective bc agency does preliminary screening of candidates, present applicants who fit all criterai (exp, edu, train)

21
Q

recruitment agency

A

outcourse recruitment process and hire agency to find suitable employees to decrease time searching new employee
-pay to interview applicants
-rec list potential employees suitable for position

22
Q

job ads online (seek provides online recruitment services)

A

seek PROVIDE JOB SEEKERS SEARCH ONINE FOR JOBS MEET QUALIFICATIONS & expectations
-ad positions online reach wide audience
-ads = bus screen applicants and then interveiw (time consuming) if many applications
-but effective for SMEs

23
Q

fastest growing recruitment methods today

A

via social networking sites (linked in)

24
Q

social media platform for recruitment

A
  • raise awareness of positions available (job vacancy),
  • reasearch applicants,
  • complete bg checks
  • network potential candidates
25
Q

to add credibility to bus recruitment strat and reinforce culture

A

current employees encouraged to use social media to share work created/experience working at bus
-need to be aware target audience and how tjey use bc not all applicants use SM

26
Q

SEEK

A

public comp operating global online employment marketplace for 18 countries including AUS
-use tech, data, AI to meet needs job seekers and employers, match
-allows job candidates to create profile on website, contacted with opp from employers
-job recs

27
Q

after recruitment of potential candidates

A

employee selection

emplyoer chooses most suitble applicant for vacancy
-identify skills, qualifications, experience of each applicant
-relate in job specification to achieve closest match

28
Q

to select most appropriate candidate

A

written/onine application
* basic personal info, qualifications, exp, names of referees
* resume(summary of previosu employment exp), shortlist suitable no.

  1. TESTING
    -written/practical to assess aptitude, intelligence, ability
    -psychological and work testing common
    -psych behaviour, personality affect ability tasks
    -work testing test specific skills needed
  2. INTERVIEW
    -most important procedure of selection
    -well strucutred and cover common question to ensure consistency betw applicants
  3. BG CHECKS
    -referees contacted to verify accuracy of previous experience and assess performance in previous position
29
Q

employee selection

A

gather info abt each applicant for position –> use to choose most appropriate

30
Q

why are business plans essential for managers

A
  • allow owner define goals and future projections
  • assist secure finance from FIs/investors
  • reflect skills & abilities of owner
31
Q

2 things management must do

A
  • make best use limited resources
  • responsible for bus achieving goals
32
Q

what is most critical factor determining bus success/failure

A

managers skill

33
Q

management for staffing & teams

A
  • employee satisfaction & motivation –> productivity
  • outsourcing staff recruitment for sme
  • teams for all bus sizes esp flatter org structures
  • how teams managed crucial for success
34
Q

trend analysis

A
  • investigate changes over time and looking for pattern to predict future
  • assist sme to succeed
35
Q

identiffy + sustain comp adv
bus success/ failure long term

A
  • bus ability to develop strat to gain comp adv over other comps in market, dynamic management
36
Q

comp adv

A

bus ability to gain edge over rivals/other bus

37
Q

comp adv achieved by

A
  1. price/cost strat
    -lowest prod costs to reduce product price
  2. differentiation
    - offer custoemrs sumn not already offered by comp
  3. long term success
    -sustain comp edge by limiting advances of comp
38
Q

price/cost comp adv best achieved by

A
  • operational efficiency
  • low labour costs
  • ecos of scale
  • tech
39
Q

avoid overext of finance

A
  • hire purchase/leasing overcommitments
  • purchase excess stock
  • employing too many staff for bus current needs

HIGH RISK

40
Q

avoid overext financially

A
  • thorough planning
  • avoid overdependence on debt finance
  • long term financial planning
  • grow sustainable rate
41
Q

overextension of stock effects

A

bus cash, lose rev

42
Q

using tech

A
  • essential succeed in modern society
  • allows bus operate processes more efficiently
  • cut costs, productivity
  • e-business use internet to conduct business
  • e-commerce buy & sell g&s via internet
43
Q

eco conditions

A
  • boom & recession periods
  • strong eco activity (consumer spending, sell g&s, prod & profits rise)
44
Q

eco conditions promoting success

A

boom: consumers prepared to ^spending (consumer confidence high) job security and incomes expect to ^, optimistic outlook

high levels consumer spending
* bus greater capacity to sell g&s
* profits maintained/improve
* if sell luxury goods benefit bc consumers have higher lvl disposable income

**falling u/e
* bus can afford to hire more employees when sales & profits growing
* to meet increased demand, increase size of workforce

**increased production
* output increase to meet trends providing opp for future increased sales & profit

45
Q

eco conditions lead to failure

A

downturn: consumers spend less, consumer confidence low, job insecurity/wage wont increase –> reduce profits –> lower prod lvls

lower lvls consumer spending
* bus reduced capacity to sell g&S
* profits decline
*bus sell necessities and budget goods benefit
* consumers more cost conscious, seek g&s best value for money

rising u/e
* bus cant support current employees when sales and profits decreasing/neg
* cut back prod lvls reduce inventory potentially unsaleable
* existing employees redundant

** decreased production
* output decrease due to fall consumer spendingm

Economics (14 decks)

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