Business Notes
19 important questions on Business Notes
Influences on deciding source of finance
Cost = rate of interest, cost of selling shares, opportunity costs
Flexibility = can they meet their precise needs, overdrafts often can but expensive
Control = selling shares is selling away control and power
Purpose = how risky, how big etc
Causes of Cash flow problems
allowing too much trade credit
poor credit control
inaccurate cash flow forecasting
Methods of improving cash flow
negotiate improved terms for trade credit
offer less trade credit
debt factoring
arrange short term borrowing
sales and leaseback
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Types of HR objectives
no. and location of the business's workforce
employee engagement and involvement
training
talent developing
diversity
alignment of values
Soft HR management
a long-term view of using the workforce as efficiently as possible,
managers consult with employees and more democratic in nature,
delegation and empowerment, more authority to the worker
Job enlargement and job rotation
Job enrichment and Job empowerment
Job empowerment = give the worker greater control over their working life, eg decide how to carry out their duties and how to organise their work
Factors in organisational design
spans of control = how many workers does each manager control or do they have supervisors in between as another layer
delegation = can speed up and improve quality and reduce the workload of senior managers but costs for training and if autocratic it won't happen
authority
centralisation and decentralisation
Influences on delegation, de/centralisation
external; technological environment, competitive environment, economic environment
Human Resource flow, 3 types...
internal human flow = training, promotions and demotions
human outflow = releasing employees, retirement, redundancy or dismissal
Employee engagement vs motivation
motivation are the factors that cause and maintain the enthusiastic behaviour of the employee
Taylor motivation theorist elements
'normal' times = time and observe the best workers
equipment and training = train until others are at the same standard
piece-rate pay = should improve productivity
Mayo (the hawthorne effect) theorist, motivation
effect of Mayo was in 1940's and 50's when managers often ensured workers social needs were meet, work trips more familiar, more emphasis on team work
How to improve employee engagment
2. recruit the right managers to train them all
3. make managers accountable for ee
4. recognise the value of communication in ee
5. involve senior managers
6. implement actions to help employees value their organisation
7 align employees' values with those of the organisation
Influences on non + financial methods of motivation
the attitude of the management team
training is given to management team
skill levels of the workforce
public's perception of the business
effectiveness of communication
Methods of employee representation
main objectives; maximise pay, safe and secure working conditions, job security, influencing decisions in the workplace
2) workers councils
a forum within a business - workers and management meet to discuss issues, like working conditions, pay and training.
Influences on employees representation impact on decision making
overall or corporate objectives
history and ownership of business
nature of the work and employees hired
employment legislation
Avoiding industrial disputes
ACAS (advisory, conciliation and arbitration service) can help relations
Benefits of good employee - employer relations
helping to develop a strong employer brand
promoting employee engagement
improving the business' corporate image
for the employee:
financial benefits
possibility of greater involvement in decision making
job security
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