Unit 2 - Functions of a Business Flashcards
When a labour market is competitive, companies use —- to attract employees from other firms.
PERKS
What are different types of perks?
- Casual Dress code
- Daycare services
- Gym facilities
- Food
- Reading rooms/nap rooms
What is the Role of Production?
is important in business as it is the process and method of transforming raw materials, into ideas, information, or know how, into goods or services
What is the Role of Human Resources?
is important in business as they are the people who work to create the goods or services
- Provide Employment
- Provide Training
- Manage HR Information Technology Systems
- Ensure Positive Employee Relations amongst Staff
What is the Role of Sound Management Practices?
communication skills, orientation, training methods, improving productivity, resolving conflicts, improving employee relationships, doing performance appraisals
What is the Role of Marketing?
to sell what a business makes and to manage a business’s brand/brands
What is the Role of Accounting?
to ensure the statements and documents the company produces are accurate and most recent
What is the Role of Information Technology?
has to manage and monitor everything that affects the business
What are the types of Interviews?
- Employment Interview
- Exit Interview
- Corrective Interview
What is an employment interview?
Human resources meets with applicants to ask questions and determine the applicants personality, work habits, values and interests
What is an exit interview?
completed when an employee leaves the business, discusses future goals
What is a corrective interview?
discuss problems with employees
What is employee turnover?
the rate at which employees of a business leave their position, reasoning could include participating in a different job or retirement
Why is it a good idea for businesses to maintain a health and safety environment?
- To keep productivity levels high
- To avoid going to court
- To create positive employee attitudes
What are psychometric tests?
A way to measure the ability of a candidate to perform well in a job role, measure a range of skills from cognitive abilities, knowledge, and assessing your personality
What are the functions of management?
Leading – Motivating employees to do their best
Controlling – Control their resources (Employee discipline, perks, appraisals)
Planning – Setting goals
Organizing – Arranging people and tasks
What are the different levels of management?
- Upper Management
- Middle Management
- Lower-level Management
What is Upper Management?
–> (CEO, COO, CFO, V.P.)
Sets long term company goals, new products, new markets
What is Middle Management?
–> (Plant Manager, Regional Manager)
Interprets plans from upper management and puts them into action
What is lower-level management?
–> (Team leader, foreperson, assistant manager)
Implements plans from above
What are the 3 types of leadership?
Democratic
Provides opportunities for employees to contribute to the decision -making process
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Autocratic
Takes control
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Laissez-faire
Leaves employees alone
(mature and experienced employees)
What are the first 4 types of compensation?
Hourly Wages: most often used for part-time employees
Salary: a fixed amount of money that an employee receives on a regular schedule such as weekly or monthly
Salary Plus Commission: employees get paid a base salary plus a percentage of their sales
Straight Commission: employee only gets paid a percentage of their sales
What are the 5 last types of compensation?
Incentive Bonus: a bonus or reward offered for good performance
Performance Based Pay: employee gets paid for each product they create
Fee for Service: used by construction, catering and cleaning businesses
Royalty/Licensing Fee: if you write a book, record a song or have an idea you can sell
Stock Options: businesses offer shares of their company to employees to entice them to work harder
What are the 4 types of Labour?
Unskilled: jobs that don’t need a lot of training
EX –> Kitchen Help
Semiskilled: jobs that need some instruction
EX –> Cashier
Skilled: jobs that need training from educational institutions or previous employment
EX –> Cake Decorator
Professional: highly trained people with specific occupations
EX –> Electrician
