unit 2 sac Flashcards
what are business objectives?
the results a business is aiming to achieve in order to accomplish its longer-term company vision
what are the 5 main business objectives?
- to make a profit
- to fulfil a social need
- to fulfil a market need
- to increase market share
- to meet shareholder expectations
what is the definition of making a profit?
a business needs to earn more revenue than its accumulated expenses.
what is the definition of fulfilling a social need?
Businesses can fulfil social needs by using their operations to benefit the community and the environment.
what is the definition of fulfilling a market need?
Businesses can fulfil a market need by offering goods and services that meet customer needs
what is the definition of increasing a market share?
a business needs to increase the total sales it makes within its industry
what is the definition to meet shareholder’s expectations?
businesses should generate consistent profit to return some to their shareholders.
what is the relationship between staff performance and completing business objectives?
when staff performance is high so will business objectives
2
What are some strategies to increase staff performance?
motivating employees, or supporting employees
what are the 3 broad types of employment arrangements?
permanent, fixed-term and casual
what are the types of permanent employment?
part-time and full-time
what are some characteristics of permanent full-time employment?
- 38 hour weeks
- paid salary
- has different types of leave
- guaranteed employment
what are some characteristics of permanent part-time employment?
- set # of hours (less than 38)
- paid salary
- types of leave (with ratio eg.08)
- guaranteed employment
what are the types of fixed-term employment?
full or part-time that has a fixed end date
does fixed-term have the same characteristics as personal except for a timed contract?
yes, they have the same perks
what are some characteristics of casual working?
- employed when the business needs them
- hours can vary from days to weeks to months
- no entitlements
- paid a ‘loading’ of 20-30%
what is the National Employment Standards (NES)?
is the minimum entitlements an employer owes its employees, which out set out by the Fair Work Act of 2009
what are the 3 employer expectations?
contracts of employment, loyalty and terms of notice
what is contracts of employment?
is a legal document that outlines the wages and work conditions of an employee within a business.
what does an employee contract normally include?
job title, hours of work and amount of pay
what is loyalty?
when an employee is committed to supporting the business to achieve its objectives.
what are terms of notice?
written communications that an employee must provide to a business within a certain amount of time before leaving their position.
if the employer’s expectations are upheld what is likely to happen?
The business will be more likely to achieve its objectives
what are the 4 employee expectations?
conditions of employment, remuneration, job security and work-life balance
what are the conditions of employment?
what an employer has agreed to offer the employee in return for the work they complete
what is remuneration?
the money an employee receives from an employer in exchange for the work they complete
what is job security?
the likelihood of an employee keeping their job
what is work-life balance?
the division of a person’s time between the demands of their job and their personal life
what are 3 advantages of work-life balance?
positive reputation, improved job satisfaction and increased productivity
what are 3 disadvantages of work-life balance?
workload distribution, resistance to change and implementing changes
what are 3 ways a business can consider CSR when staffing?
having a gender-balanced workplace, hiring a diverse range of ethnicities, hiring all age groups
gender-balanced workplace, applying CSR
- Businesses can ensure both junior and senior management teams are gender-balanced by introducing gender quotas across the business.
a diverse range of ethnicities, applying CSR
- Businesses can ensure that different ethnicities are sufficiently represented across all levels of staff.
hiring all ages, applying CSR
- Businesses should avoid preferencing particular age groups over others. In particular, businesses can recruit underrepresented age groups, such as seniors and young adults.
