1.4 Managing people

What is meant by the phrase staff as an asset?

Staff as an asset is when workers bring knowledge, skills, and expertise to the business. This can increase productivity and innovation, as well as enhance customer service

What is meant by the term multi-skilling?

Multi-skilling is the process of trainingworkers to fulfill multiple job roles within a business.

Define the term outsourcing.

Outsourcing is when a business hires a third-party company to perform specific tasks or services

what are the advantages too multi-skilling?

• utilises workforce which reduces labour costs and increases productivity

what are the disadvantages of multi-skilling?

• investments in training

• need a high level of expertise

what are the advantages of part-term workers?

• improved productivity of staff

what are the disadvantages of part time working?

• communication more difficult

• harder to monitor

what are the advantages of outsourcing?

• access specialised skills

• reduced labour costs

what are the disadvantages of outsourcing

• loss of quality control

• could be lower labour standard

what are the advantages of homeworking for employee?

• reduced costs

• more productive

what are the disadvantages of homeworking for employee?