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IB Business Management notes topics 2-5 (SL & HL) $11.16   Add to cart

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IB Business Management notes topics 2-5 (SL & HL)

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Conceive, well-written IB Business management notes written by 5 level 7 IB alumni (class of 2022). These notes have all you need to get a level 7 and ignore the extra information found in textbooks. Notes include explanatory paragraph, bullet points, and visual diagrams.

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  • October 25, 2022
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  • 2021/2022
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By: leorunnebaum • 1 year ago

Missing Topics! Structure messy and repeating information!

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YEAR 13 BUSINESS NOTES


2.1 Functions and evolution of human resource
management
Notes:
Human resource management (HRM): the strategic approach to the effective management of an
organisation’s workers so that they help the business achieve its objectives and gain a competitive
advantage.

Human resource or workforce planning: analysing and forecasting the numbers of workers and the
skills of those workers that will be required by the organisation to achieve its objectives human

Resource or workforce plan: numbers of workers and skills of those workers required over a
future time period workforce audit: a check on the skills and qualifications of all existing employees.

Evolution of workforce
→ automation can cause redundancies
→ temporary workers and their flexibility
→ seasonal workers
→ changes in laws and regulations




Workforce plan: numbers of workers and skills of those workers required over a future time period.

First, a job analysis must be done in order to find what skills and jobs are needed for the business. An
audit of personnel is used to examine what a business needs.

,A job description has to be made.
The person specification is then made, seeing what the person needs to have in order to have the job.
Recruitment can be made internally or externally.
Application goes out.
Then, the business undergoes training and appraisal, followed by dismissal or termination.

Workforce audit: a check on the skills and qualifications of all existing employees

Employee appraisal: numbers of workers and skills of those workers required over a future time
period.


External market

State of the economy → heavily influence the ease and cost of recruitment
Demographics → older population = less work force available
Universities → how many universities there are (the language they speak can be influenced)
Brain drain → indicating substantial emigration or migration of individuals

Internal market

Current employees→ cheaper, easier
Age→ do not want to hire if people seem as they are close to retirement
Promotion→ much more motivating for current employees in regards to promotions
Limits pool of potential employees
Creates domino effect→ it leaves a gap for someone else

HR Plan
Employee contract → hours per week, length on contract…
Training → do they need to be trained into new jobs or retraining in the same jobs
Recruitment → where are you going to find them, advertise internally or externally

Types of appraisal

Employee appraisal → the process of assessing the effectiveness of an employee judged against
preset objectives.

Formative appraisal→ is based on a range of formal and informal assessment methods employed by
supervisors not only to monitor an employee’s progress but also to support and provide guidance for
improvement.

Summative appraisal→ This type of appraisal is usually a written description of a staff member's
annual achievements and personal performance.

360 Degree Feedback → is a system or process in which employees receive confidential, anonymous
feedback from the people who work around them. This typically includes the employee's manager,
peers, and direct reports

,Self appraisal →
contract of employment→ a legal document that sets out the terms and conditions governing a
worker’s job

Dismissal→ being removed or ‘sacked’ from a job due to incompetence or breach of discipline

Unfair dismissal→ ending a worker’s employment contract for a reason that the law regards as being
unfair

Redundancy→ when a job is no longer required so the employee doing this job becomes redundant
through no fault of his or her own

Employment legislation →

External recruitment →

Flexible working → refers to non-traditional working arrangements that take into account an
individual's personal needs, often involving some degree of working from home.

Human resource management → the strategic approach to the effective management of an
organisation’s workers so that they help the business achieve its objectives and gain a competitive
advantage.

Human resource planning or workforce planning → analysing and forecasting the numbers of
workers and the skills of those workers that will be required by the organisation to achieve its
objectives.

Internal recruitment →

Job description →a detailed list of the key points about the job to be filled, stating all the key tasks
and responsibilities of it.

Labour productivity →

Labour turnover →

Person specification → a detailed list of the qualities, skills and qualifications that a successful
applicant will need to have.

Portfolio working → the working pattern of following several simultaneous employments at any one
time.

Recruitment → the process of identifying the need for a new employee, defining the job to be filled
and the type of person needed to fill it, attracting suitable candidates for the job and selecting the best
one.

Reasons to recruit staff
● Increasing sales if existing products

, ● Developing new products
● Entering new markets
● Need employees with new skills
● Business is relocating and not all staff want to move

Part time staff and flexible working
Advantages
● Cheaper to employ as entitled to less benefits
● More flexible workforce (easier to reduce kavour horse when sales fall or add hours when
demand increases)
● Wide range of potential recruits

Disadvantages
● Employees feel less loyal to business so less motivated
● Garder for managers to control and coordinate workforce

Audit: examines your business's financial records to verify they are accurate.

Training

Contract of employment: a legal document that sets out the terms and conditions governing a
worker’s job

Dismissal: being removed or ‘sacked’ from a job due to incompetence or breach of discipline

Unfair dismissal: ending a worker’s employment contract for a reason that the law regards as being
unfair

Redundancy: when a job is no longer required so the employee doing this job becomes redundant
through no fault of his or her own.

On-the-job: training taking place in the organisation given by people in the organisation
● Costs less as there are no travel costs and training is done by another employee, not as
expensive external trainer
● Mentoring and shadowing eg. looking at lecture/ teachers
● Less intimidating
● The employee providing the training may be ineffective
● Immediate productivity but low
● Accidents can happen
● As the training is usually provided by other employees, it may mean that more people are
unavailable to work, lowering productivity levels

Off-the-job: training taking place somewhere externally to the organisation, delivered by edprets in
the area
● Accidents are less likely to happen which can be crucial in potentially dangerous working
environments
● can bring new ideas into a business

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