MNE3701 Assignment 5 (ANSWERS) Semester 2 2024 - DUE 25 October 2024
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Entrepreneurship and Small Business Management (MNE3701)
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MNE3701
ASSIGNMENT 6 SEMESTER 2 2024
UNIQUE NO.
DUE DATE: 8 NOVEMBER 2024
, Question 1: Management of Human Resources
Introduction
Effective human resource management (HRM) is crucial for the success of small
businesses, as it directly influences employee satisfaction and productivity. During my
interview with the owner of a local retail business, I explored how they manage their
human resources, which revealed both strengths and areas that require improvement.
Body
The business owner employs a hands-on approach to HRM, focusing on open
communication and employee involvement in decision-making processes. Employees
are encouraged to share their ideas, fostering a collaborative work environment. The
owner conducts informal performance evaluations, providing feedback regularly to
maintain employee morale and motivation.
However, while the owner’s approach creates a supportive atmosphere, there are
notable deficiencies. The absence of structured training programs limits employee
development, hindering their growth potential. Furthermore, the informal evaluation
system lacks the rigor necessary for consistent employee performance tracking
(Brewster et al., 2016).
Recommendations for Improvement
1. Implement Structured Training Programs: Establishing formal training
initiatives can help employees enhance their skills and adapt to changing market
conditions (Brewster et al., 2016).
2. Formalize Performance Reviews: Introducing a systematic performance
appraisal system would provide clear feedback and help identify high performers
and areas needing improvement (DeCenzo & Robbins, 2016).
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