Unit 2 Business Resources M2

| A trade union is an organisation that employees can join, where their rights and interests are discussed and protected. A trade

The features of effective team performance is set up through positive leadership, this is something which is developed and nurtured. An effective team will work together, be focused and all the time supporting each other along the way to achieve and reach goals. For a team to be effective, each team member needs to be clear on their roles and responsibilities relating to their job. Team performance will be more effective if there is respect for the leader/manager and an understanding towards their job role and responsibility. The leader/manager should also be aware of the skills or weakness within the team and be able to provide support were necessary and also utilise their strengths. Training and support will enable staff to improve

Try to stop all the employees from leaving the company because when staff retention is poor when we also higher new employees they are taking time to learn about the company and whenever a new staff comes in must get proper training before they start doing the

The company I have chosen to look at is Primark, the role in this company is a Retail Assistant.

M2 Compare the challenges to selected business activities within a selected organisation, in two different economic environments

In this part of work I will be evaluating what the costs and benefits of managing resource are. The resources I will be concentrating on will be the physical, human and technological.

In a business, there are several different types of budgets that has different department/area the business has to make. For example, in a business, you can find the sales and revenue budget (a financial document that set out the business expected sales and revenue from selling its products or services), the expenditure budget (financial document that sets out the expected expenditures of a monthly basis on those items) and the profit budget (financial documents that sets out the predicted profit that a business could make).

Staff retention is the process of keeping staff in the business; businesses want to keep their employees working for them for as long as they can. During the employees working period, the employee would have accumulated experience and developed their skills whilst working for that business. Finding a new employee will be easy to find however they will not encounter the same knowledge and level of experience. ‘On average the cost of replacing an employee is £30,000, it also takes up 28 weeks on average for a new recruit to get up to speed.’ When employees decide to leave the company, the employer should preform an exit interview. During the exit interview, the employer may discover the reason/s why the employee wants to leave. It may be that he/she feels as if they are not being paid enough. Employers can try to resolve the issues, which may reduce the risk of other employees leaving the company. This improves performance as retaining staff means that you will have more employees working for. A great number of employees mean that you are more likely to make more profit at a faster rate, this will have a positive impact on the business’ financial performance. Retaining staff also means that they will continue to develop their skills and accumulate experience even further. Once a staff member has been there for a long time they may be promoted to a managerial role.

The author agreed that during replenishing the workforce, the process must be very detailed and transparent to ensure that only competent people are added to the existing team of workers. In terms of methodology, the one that is heavily relied on is the personal interviews because the panel of interviewers will be able to evaluate the candidate face to face to determine his/her competence. According to Burkholder, Edwards & Sartain (2004), the written curriculum vitae are also relied on because it provides detailed information about the applicants.

able to communicate with clients to attract and keep business as well to be able to best understand

Employees are the backbone of any organisation. They are the human capital that operates the functions of the organisation. Employees enable an organisation to function with its day to day operations. According to the Global Talent Trends and Issues for the Travel & Tourism Sector report by World Travel & Tourism Council (WTTC), global employment in hospitality is over 100 million jobs. This figure is expected to rise 2% yearly. Hospitality industry will grow faster in upcoming years. Global and national employee demand and supply pool will be affected. More hospitality industry employees will be needed to fulfil the demand. Therefore, retention of employees for a stable workforce in an organisation is important.

His views on employee retention continue to be a guide within the company. If fulfilling customer needs is the desired goal of the company then employee performance and productivity are the means by which this goal can best be achieved.

[How psychometric testing and assessment centres help to make the selection process more effective in providing evidence of whether an applicant has the necessary skills and competencies needed to perform well]

By managing human resources effectively, and ensuring that teams remain motivated, the successful execution of goals is almost guaranteed. Praising achievements, monitoring their actions and making sure they have the necessary skills and tools to perform their tasks leads to a happy, loyal and productive team. This is achieved through good leadership skills and it can be seen in organisations that nurture these values have teams that become a formidable force, always seeking improvement for their own and companies benefit.

Workers and employees are the most important assets of any organization. Therefore, the retention of them is quite crucial to keep the business running smoothly. To achieve that different strategies are implemented, regardless the size of the organization