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Business > U4 AOS 2 > Flashcards

U4 AOS 2 Flashcards

1
Q

Importance of Leadership in Change

A

Change can be a difficult process for many stakeholders
Leadership has the ability to influence and motivate individuals to achieve business objectives
Good leadership helps reduce resistance of change is stakeholders

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2
Q

Role of a Leader

A

Communicate clear vision
Listen to employee concerns
Resolve conflict

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3
Q

Strategies to respond to KPI’s

A 
Staff training
Staff motivation
Change in management style or skill
Increase technology
Improve production quality
Cost-cutting
Initiate lean production technique
Redeployment of resources
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4
Q

Responding to KPI’s: Staff Training

A

The process of improving an employees skills and knowledge

Impact on KPI's:
Improved Productivity
Improves Sales
Less Accidents
Decreased Staff Absenteeism
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5
Q

Responding to KPI’s: Staff Motivation

A

Motivated employees work harder towards the achievement of objectives

Impact on KPI's:
Improved Productivity Groth
Lowered Absenteeism
Reduced Turnover
Reduced Complaints
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6
Q

Responding to KPI’s: Change In Management Styles or Skills

A

Styles and skills can influence the performance of a business and its culture

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7
Q

Responding to KPI’s: Investing in Technology

A

Technology can be used in numerous ways to improve the business

Impact on KPI’s:
Improves rate of productivity growth
Reduces level of wastage
Increases net profit (reducing operating costs)

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8
Q

Responding to KPI’s: Improve Quality or Production

A

Improving quality of production improves the quality of final good or service produced

Impact on KPI's:
Increased percentage of market share
Increase number of sales
Reduced complaints
Reduced wastage
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9
Q

Responding to KPI’s: Cost Cutting

A

Businesses will look to reduce costs without having a significant impact on the overall value to consumers

Impact on KPI’s:
Increased net profit
Reduced wastage
Improved productivity growth

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10
Q

Responding to KPI’s: Initiating lean production techniques

A

Focus on minimising the waste produced in a business while improving the value of the end product

Impact on KPI’s:
Reduced level of waste
Increased net profit
Improved sales and market share

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11
Q

Responding to KPI’s: Redeployment of Resources

A

Redeployment is the transfer of resources from one place in the business to another.

Impact on KPI’s:
Improved productivity grwoth
Reduced staff turnover
Improved level of wastage

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12
Q

Management strategies to seek more opportunities

A

Domestic and Global Opportunities

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13
Q

Domestic vs Global Opportunities

A

Domestic is when the business is looking to gain more business within the country of operation whereas global is where the business is looking outside the country.

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14
Q

Domestic Strategies

A

Multiple Branding: Where an entity sells multiple brands in the same market

Franchising: Where a business grants someone the rights to carry out commercial activity with their brand

Government Programs: Governments provide assistance via the form of grants

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15
Q

Global Strategies

A

Exporting: Goods or services are sent to other countries for sale

Austrade: Government body that is involved in advancing Australians international trade

Online Presence: Attracts both domestic and international customers

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16
Q

Senges Learning Organisation

A

A learning organization is one that is flexible, adaptive, and productive.
It aims to have a culture where people work together at their best and continually work together at their best

17
Q

5 Principles of Senges Learning Organistaion

A

Systems Thinking: Ability to see the big picture rather than things in isolation

Personal Mastery: When people within the business undertake continual learning

Mental Models: The deeply ingrained assumptions, generalizations and images of how people understand the world

Shared Vision: Being able to develop a vision that the people within the business believe in

Team Learning: Process of aligning and developing the capacities of a team to create results members desire

18
Q

Overcoming Employee Resistance

A

High and low-risk strategies to reduce resistance to change

19
Q

Low-Risk Strategies

A

Communication: Being open and honest about the change so that employees fully understand direction, allowing them to voice concern further building trust

Empowerment: Involving employees in the change process can help them get on board with the change, this shows a level of trust and helps gain support

Support: Those that are affected by the change need to be supported through the process, if employees lose employment they must be supported.

Incentives: Providing something encouraging employees to embrace change such as bonuses or promotions

20
Q

High-Risk Strategies

A

Manipulation: Gaining support by the selective use of facts or deceptions, can reduce resistance as employees are only told benifets.

Threat: Forcing employees to embrace change or receive retribution, possible threats include deomition or loss of promotion

21
Q

Lewins 3 step change model

A

A way for business to implement effect change

Unfreeze
Implement Change
Refreeze

22
Q

Step 1 - Unfreeze

A

Unfreezing is about preparing for change, this includes identifying the change, creating an urgency and address concerns

23
Q

Step 2 - Implement

A

Open communication is key for implementing change, support must be offered and people should be empowered to take action towards change

24
Q

Step 3 - Refreeze

A

Reinforcing the change and implementing it into the culture, without refreezing there is potential change will not be effective

25
Q

Effect of Change on Stakeholders Definition

A

Stakeholders are those with a vested interest in the business, change can pose positive or negative effects.

26
Q

Effect of Change on Stakeholders

A

Managers: Change of management style, change of process, increase or decrease in roles

Employees: Loss of employment, changes to operations

Customers:
Improved quality, lowered price
Stop producing certain product

Suppliers: socially responsible procurement, global sourcing

Community: May have an effect on the general community (employment)

27
Q

CSR Considerations Definition

A

When implementing change businesses need to consider a commitment to social responsibility
CSR Can be a driving force for businesses to implement change

28
Q

CSR Considerations

A

Restructure/Downsizing: When a business look to restructure it should consider impact on emplyoees

Suppliers: Purchasing from local suppliers, consider working conditions

Change in Technology: Businesses can consider the impact technology will have on employees in relation to support and training

Environment: Consider the environment when implmenting change

29
Q

Importance of reviewing KPI’s

A

Businesses use KPIs to evaluate performence
This can drive the business to implement change
This determines the path to make corrections

Business (7 decks)

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