sources of info, recruitment, critical issues in bus success & failure Flashcards
why have good relationship with professional advisers? how?
accountant, solicitor, bank banager
keep in touch on regular basis
management consultants when restructuring business/changing core bus activity
professional adviser benefits
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
accountants
valuable advice on all financial managment issues & tax obligations
-access latest changes to tax and financial report requirements
solicitors
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
bank managers
provide info and advice on financial services, sources finance, basic management
-wide range experience
-access bank resources
management consultants
bus management prob arises owner cant deal with for advice
-from outside business
-objective view problems, unbiased
-when outsourcing, check credentials & experience
gvt agencies (bus connect)
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
tech advice
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,
1st stage HR cycle and definition
acquisition
attract & recruit right staff to fill job vacancy
what to conduct before recruitment
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
info provided by job analysis
- JOB DESCRIPTION
-written statement describe tasks, responsibilities of job
-summarise
-job title, purpose, placement within bus, responsibilities & tasks, working conditions, performance standards - JOB SPECIFICATION
-lsit key qualifications need to perform job
-edu, skills, knowledge, exp
-personal attributes necessary
recruitment steps
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
internal recruitment
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
advs internal recruitment
- employer knows employees –> easier choice
- applicants familiar with bus and objectives, culture, processes
- managerial, career path to reward talented employees
- ad costs rediced. no external agencies paidd
disadv internal recruitment
- no one suitable within
- conflict betw employees if 1+ internal applicant
- successful applicant may be replaced externally anyway
external recruitment
find suitable applicants from outside bus
-need new position
-exisitng employee resigned/retired
-previous transferred/promoted new position within
external recruitment adv
- wider range applicants to choose
- outside applicants for new ideas & approaches
- diff qualifications/experience from already within specified in ad process
- rapid growth (increase staff no.s)
external recruitment disadv
- applicants unknown, choice diff
- costs to ad
- field larger, selection time consuming
- qualified employees within resent, esp managerial
recruimtmet method depends on
size bus
type pos available
nature of labour force in bus area
to advertise position as widely as posslbe and greatest no. applicants
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)
recruitment agency
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
job ads online (seek provides online recruitment services)
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
fastest growing recruitment methods today
via social networking sites (linked in)
social media platform for recruitment
- raise awareness of positions available (job vacancy),
- reasearch applicants,
- complete bg checks
- network potential candidates
to add credibility to bus recruitment strat and reinforce culture
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
SEEK
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
after recruitment of potential candidates
employee selection
emplyoer chooses most suitble applicant for vacancy
-identify skills, qualifications, experience of each applicant
-relate in job specification to achieve closest match
to select most appropriate candidate
written/onine application
* basic personal info, qualifications, exp, names of referees
* resume(summary of previosu employment exp), shortlist suitable no.
- 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 - INTERVIEW
-most important procedure of selection
-well strucutred and cover common question to ensure consistency betw applicants - BG CHECKS
-referees contacted to verify accuracy of previous experience and assess performance in previous position
employee selection
gather info abt each applicant for position –> use to choose most appropriate
why are business plans essential for managers
- allow owner define goals and future projections
- assist secure finance from FIs/investors
- reflect skills & abilities of owner
2 things management must do
- make best use limited resources
- responsible for bus achieving goals
what is most critical factor determining bus success/failure
managers skill
management for staffing & teams
- employee satisfaction & motivation –> productivity
- outsourcing staff recruitment for sme
- teams for all bus sizes esp flatter org structures
- how teams managed crucial for success
trend analysis
- investigate changes over time and looking for pattern to predict future
- assist sme to succeed
identiffy + sustain comp adv
bus success/ failure long term
- bus ability to develop strat to gain comp adv over other comps in market, dynamic management
comp adv
bus ability to gain edge over rivals/other bus
comp adv achieved by
- price/cost strat
-lowest prod costs to reduce product price - differentiation
- offer custoemrs sumn not already offered by comp - long term success
-sustain comp edge by limiting advances of comp
price/cost comp adv best achieved by
- operational efficiency
- low labour costs
- ecos of scale
- tech
avoid overext of finance
- hire purchase/leasing overcommitments
- purchase excess stock
- employing too many staff for bus current needs
HIGH RISK
avoid overext financially
- thorough planning
- avoid overdependence on debt finance
- long term financial planning
- grow sustainable rate
overextension of stock effects
bus cash, lose rev
using tech
- 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
eco conditions
- boom & recession periods
- strong eco activity (consumer spending, sell g&s, prod & profits rise)
eco conditions promoting success
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
eco conditions lead to failure
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
