What is labour turn over?
The rate of employees leaving the organisation.
What is the formula for labour turn over.
Average number of employed
Mention 3 benefits and cost of high labour turn over
- The business will have lower operational costs, new recruits may contribute new ideas, and replace with better workers.
- Cost of recruiting(Training & selection), poor output levels and quality management, no customer loyalty
Define Workforce planning
Forecast of the number of workers and skills required by a firm
What are the functions of managers
- Planning(Establishing objectives)
- Organising resources to meet business objectives.
- Commanding & motivating employees
- Coordinating activities
What are the roles of the managers
- Interpersonal: Motivating employees
- Informational: Acts as a source reciever, and transmitter of info.
- Decisional: make decisions and allocate resources.
Mention the 4 management styles
- Laissez faire
- Democratic
- Autocratic
- Paternialistic
Define Paternialistic
Paternialistic refers to the management style where managers acts as a parental figure but similarly to autocratic does not allow employees to make decisions.
Define Autocratic
Autocratic management refers to the management style where a manager is the one in control and is the only one who has the authority to make decisions.
Define Laissez-faire
Managers takes a hands off approach and give the employees the freedom to make decision.
Difference between laissez faire and democratic
Whilst both are allowed to make decisions, in democratic aftermaking a decision they must consult with their manager.
