Unit 1 Revison Aid Flashcards
What is the definition of a stakeholder in a business?
A stakeholder is any individual or group that can affect or is affected by the activities of a business. Stakeholders can be internal (e.g., employees, managers, shareholders) or external (e.g., customers, suppliers, government, local community). They have a vested interest in the success or failure of the business.
Identify and explain the roles of five stakeholders in a business.
- Investors: Provide capital to fund business activities and expect a return in the form of interest or dividends. They assess the risks and profitability of the business.
- Employees: Work in the business to produce goods or deliver services in exchange for wages. They contribute skills and expertise and are key to achieving business objectives.
- Suppliers: Provide raw materials, goods, or services needed for production. They depend on timely payment and a reliable partnership with the business.
- Customers: Purchase the products or services of the business. Their satisfaction and loyalty are critical for business success.
- Government: Regulates businesses through laws and policies. It collects taxes and ensures compliance with regulations such as health and safety standards.
What are the types of relationships between stakeholders?
- Cooperative Relationship: Stakeholders work together to achieve mutual goals. For example, employers and employees collaborating to improve productivity and profitability.
- Competitive Relationship: Stakeholders compete with each other to achieve their individual objectives. For example, businesses competing in the same market for customers or suppliers negotiating for the best price.
What are the causes of conflict in a business?
- Wages and working conditions: Disputes over pay, benefits, or unsafe working environments.
- Workplace policies: Issues related to changes in hours, duties, or dismissal procedures.
- Poor communication: Misunderstandings or lack of clear instructions.
- Personality clashes: Differences in working styles or behavior among team members.
Describe non-legislative methods for resolving conflict.
- Negotiation: A process where the parties involved in a conflict meet and discuss to reach a mutually acceptable agreement. This may include compromises from both sides.
- Mediation: A neutral third party, such as a manager or HR representative, helps facilitate a resolution. The mediator does not impose a solution but guides the process.
What are the elements of a valid contract?
- Agreement: Made up of an offer by one party and acceptance by the other.
- Consideration: Each party must provide something of value, e.g., goods, money, or services.
- Intention to Contract: Both parties must intend to create a legally binding agreement.
- Consent to Contract: All parties must agree voluntarily without coercion or misrepresentation.
- Capacity to Contract: Parties must have the legal ability to contract (e.g., age, mental competence).
- Legality of Purpose: The contract must not involve illegal activities.
What is the definition and importance of a trade dispute?
A trade dispute is a disagreement between employers and employees over employment conditions, such as pay, hours, or safety. Legitimate trade disputes are protected under the Act, ensuring employees can take industrial action, like striking, without facing penalties if they follow legal procedures.
Explain the difference between primary and secondary picketing.
- Primary Picketing: Peaceful demonstration by workers outside their employer’s premises during a dispute.
- Secondary Picketing: Targeting another business not directly involved in the dispute, allowed only if that business is helping the employer to frustrate the strike (e.g., a supplier).
What is the role of the Workplace Relations Commission (WRC)?
- Provides dispute resolution services, including conciliation and mediation.
- Offers advice and information on industrial relations and employment law.
- Ensures compliance with employment rights legislation.
What are the grounds for fair dismissal?
- Incompetence: The employee is unable to perform their job to the required standard.
- Misconduct: Examples include theft, violence, or persistent absenteeism.
- Redundancy: The job no longer exists due to restructuring or financial constraints.
What are the forms of redress for unfair dismissal?
- Reinstatement: The employee is returned to their original position with full back pay.
- Reengagement: The employee is offered a new position within the company.
- Compensation: Monetary payment for loss of earnings or inconvenience caused.
What are the nine grounds of discrimination under the Employment Equality Act?
- Gender
- Civil status
- Family status
- Age
- Disability
- Race
- Sexual orientation
- Religion
- Membership of the Traveller community
What functions does the WRC perform to enforce equality?
- Investigates complaints of discrimination.
- Provides mediation and adjudication services for disputes.
- Ensures compliance with equality laws through inspections and penalties.
