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MNE3701 Assignment 6 (COMPLETE ANSWERS) Semester 2 2024 - DUE 8 November 2024
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,MNE3701 Assignment 6 (COMPLETE ANSWERS)Semester 2 2024 - DUE 8 November 2024; 100%
TRUSTED Complete, trusted solutions and
explanations.
acquired sufficient knowledge and skills on entrepreneurship
and small business management, you must demonstrate
practical competencies in managing small businesses. You
should also be able to identify deficiency in the small business
management practices and be able to provide
recommendations for improvement. Visit one small business in
your area with an estimated annual turnover of R2 million. Have
interview with the owner. In your interview ask him how he
manages the human resources and finances of his business. You
should also ask him to what extent he utilises technology to
support customer relationship management of his business.
Use the information that you have gathered through the
interview and answer the following questions:
1. Discuss how the owner of the small business you have
visited, manages the business’s human resources. Do you
think is there a need for improvement? If yes, provide
recommendations for improvement. (15)
To answer your question effectively, it would be best to
structure your response as follows:
1. Management of Human Resources
,Overview of Human Resource Management Practices: During
the interview with the small business owner, several key
practices regarding human resource management (HRM) were
discussed:
Staffing and Recruitment: The owner shared that they
primarily recruit through local job boards and referrals
from current employees. They prioritize hiring individuals
with relevant skills and a positive attitude.
Training and Development: The owner indicated that
training is limited and mainly consists of informal on-the-
job training. While they believe in the importance of skill
development, budget constraints limit formal training
programs.
Employee Motivation and Retention: The owner
mentioned that they provide a friendly work environment
and some informal rewards, such as employee of the
month recognition. However, there are no structured
incentive programs or performance reviews in place.
Communication: The owner emphasized open
communication but admitted that structured meetings or
feedback sessions are infrequent, which may lead to
misunderstandings or lack of clarity on job expectations.
Assessment of HR Management Practices: While the owner
displays a good understanding of the importance of human
, resources, there are several deficiencies in their HR
management practices:
Lack of Formal Training Programs: Without structured
training, employees may not develop their skills to their
full potential, which could hinder business growth.
Limited Employee Engagement Initiatives: The absence of
formal performance reviews or structured motivation
programs can lead to low employee morale and high
turnover rates.
Insufficient Communication Structures: Regular feedback
and communication channels are essential for ensuring
employees feel valued and aware of their contributions to
the business.
Recommendations for Improvement
1. Implement Formal Training Programs:
o Develop a training plan that includes both onboarding
for new employees and ongoing development
opportunities for existing staff. This can include
workshops, online courses, or partnering with local
training institutions.
2. Establish Structured Performance Reviews:
o Introduce regular performance evaluations to provide
employees with constructive feedback. This will help
in recognizing achievements, identifying areas for
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