Why is HR data analysed before making decisions?
To compare figures to competitors who utilise their HR better and improve certain areas.
What is labour productivity?
Its the output per worker or per hour worked.
What happens if labour productivity increases?
HR can reward employees w/ bonuses and increased salary, which motivates workers
What happens if labour productivity decreases?
HR can retain staff, offer redundancies and replace employees
What is labour costs?
The amount of money the business has to pay employees to make oneunit of output
How can companies reduce labour cost per unit?
- By reducing labour costs
- Increase labout productivity
What is employee costs as a percentage of turnover?
It shows what percentage of money made is spent on employees
How can emplyee costs be reduced?
By reducing wages and benfits but this can demotivate the workforce.
What is labour turnover?
The rate at which employees leave a company.
What are the external causes of high labour turnover?
- changes in regional unemployemnt levels
- Growth in other local firms using staff with similar skills
What are the internal causes of high labour turnover?
- Poor motivation
- Low wages
- Lack of opportunities for promotion
What are the benefits of high staff turnover?
- Constant stream of new ideas from new staff
- Firms can recruit those trained by competitors: saves money
- Enthusiams of new staff influencces other workers
What are the issues of high staff turnover?
- Lack of loyal and experienced staff who know the business
- Firm can lose trained staff to competitors
- Training costs money and productivity drops while staff get trained
- Recruitments costs are high
What is labour retention?
The goal of keeping talented workers and reducing turnover.
How can HR deal with low retention rate?
By improving induction process. Helping new employees into their role and the environment.
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Business Calculations45
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Business formulas33
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General knowledge4
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3.1.1- Understanding the nature and the purpose of business24
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3.1.2- Understanding different business forms22
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3.1.3- Understanding that businesses operate within an external environment11
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3.2.1- Understanding management, leadership and decision making7
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3.2.2- Understanding management decision making12
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3.2.3- Understanding the role and importance of stakeholders5
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3.3.1- Setting marketing objectives9
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3.3.2- Understanding markets and customers22
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3.3.3- Making marketing decisions: segmentation, targeting, positioning5
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3.3.4- Making marketing decisions: Using the marketing mix28
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3.4.1- Setting operational objectives10
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3.4.2- Analysing operational performance4
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3.4.3- Making operational decisions to improve performance: increasing efficiency and productivity25
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3.4.4- Making operational decisions to improve performance: improving quality9
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3.4.5- Making operational decisions to improve performance: managing inventory and supply chains24
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3.5.1- Setting financial objectives9
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3.5.2- Analysing financial performance22
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3.5.3- Making financial decisions: sources of finance27
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3.5.4- Making financial decisions: improving cash flow and profits4
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3.6.1- Setting human resource objectives13
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3.6.2- Analysing human resource performance15
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3.6.3- Making human resource decisions: improving organisational design and managing the human resource flow45
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3.6.4- Making human resource decisions: improving motivation and engagement26
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3.6.5- Making human resource decisions: improving employer-employee relations11
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3.7.1- Mission, corporate objectives, functional objectives and strategy19
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3.7.2- Analysing the existing internal position of a business to assess strengths and weaknesses: financial ratio analysis31
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3.7.3- Analysing the existing internal position of a business to assess strengths and weaknesses: overall performance9
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3.7.4 Analysing the external environment to assess opportunities and threats: political and legal change8
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3.7.5 Analysing the external environment to assess opportunities and threats: economic change39
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3.7.6 Analysing the external environment to assess opportunities and threats: social and technological15
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3.7.7 Analysing the external environment to assess opportunities and threats: the competitive environment5
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3.7.8 Analysing strategic options: investment appraisal22
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3.8.1 Strategic direction: choosing which markets to compete in and what products to offer17
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3.8.2 Strategic positioning: choosing how to compete16
