Business Management Unit 3 AOS 2

business management unit 3 aos2

Business objective

a desired outcome or specific result that a business intends to achieve

Motivation

the drive to apply effort in order to achieve an objective

Maslow's Hierarchy of Needs

a motivational theory that suggests people have five fundamental needs, and their sequential attainment of each need acts as a source of motivation

Self actualisation

employees are motivated to reach their full potential

Esteem

a sense of accomplishment through responsibility and recognition

Social needs

having a strong sense of love and belonging

Safety

feeling and being physically and mentally safe when at work

Physiological

following and providing for basic human needs

Lawrence and Nohria's Four Drive Theory

a motivational theory that suggests that people strive to balance four fundamental desires.

The drive to acquire

includes the desire for material goods, status, power and influence

The drive to bond

includes the need to form relationships with other individuals/groups

The drive to learn

includes the desire to satisfy curiosity, learn new skills and explore the world around us

The drive to defend

includes the desire to remove threats to our safety and security and to protect what we regard as 'ours'

Locke and Latham's Goal Setting Theory

a motivation theory that states that employees are motivated by clearly defined goals that fulfil five key principles.

Performance related pay

where an employee receives a financial reward based on meeting or exceeding performance standards

Career advancement

where an employee is given greater responsibilities or more leadership roles in the business

Investment in training

refers to the direction of finances, or resources such as time, into the teaching of skills to employees

Support

When a business is individual assistance and services (like counselling and mentoring) designed to help employees cope with problems that may negatively impact their lives or work performance

Sanction

is a penalty or form of discipline imposed on an individual

Training

is the process of providing staff with the knowledge or skills required to be efficient and effective in their role

On-the-job training

occurs when employees need to learn a specific set of skills to perform particular tasks in the workplace

Off-the-job training

occurs away from the workplace

Performance Management

aims to improve both business and employee performance by relating the business' performance objectives to the employee's performance objectives

Management by Objectives

a process where management and employees agree on a set of goals, with these goals contributing to the objectives of a business

Appraisals

are the formal assessment of how well an employee is performing their role in the business over a set period of time

Self-evaluation

is when an employee self assesses both their performance related to their predetermined objectives and their contribution to the business

Employee observation

is a strategy where a variety of opinions on the performance of employees is sought with the aim of arriving at a more comprehensive picture of past and current performance

Termination

the ending of the employment of an employee

Entitlements

are the rights to benefits that employees have when leaving the workplace

Transitional Issues

relating to the process of changing from one job to another

Resignation

involves an employee voluntarily terminating their own employment, usually to take another job position elsewhere

Retirement

is voluntary termination where an employee decides to leave the paid workforce

Redundancy

occurs when an individual's job no longer exists, usually due to technological changes, restructuring, or a merger or acquisition

Voluntary redundancy

when the employee is given the option to decide to leave the business due to their job no longer existing

Involuntary redundancy

where employees are told they will no longer have a position within the business, and they are forced to leave their job and the business

Dismissal

occurs when the behaviour of an employee is unacceptable and a business terminates their employment

Workplace relations

is the interaction between employers and employees, or their representatives, to achieve a set of working conditions that will meet the needs of the employees as well as allowing the business to achieve its objectives

Human resource manager

someone concerned with the motivation of employees with the aim of ensuring that business objectives are met

Employees

the people working for a business in return for wages or a salary

Employer associations

groups that represent and assist employers

Unions

organisations formed by employees in an industry to represent them in efforts to improve wages and working conditions

Fair Work Commission (FWC)

Australia's national workplace tribunal that has the power to carry out a range of functions under the Fair Work Act 2009

Awards

legal documents that outline the minimum wages and conditions of work for employees across an entire industry

Agreements

legal documents that outline the wages and conditions of employees and are applicable to a particular business or group of businesses

Collective bargaining

the process of negotiation between employers and employees, or their chosen representatives, to reach an agreement regarding employee wages and conditions of employment

Dispute resolution

a series of steps that disputing parties follow in order to resolve a disagreement and reach a resolution

Mediation

is the confidential discussion of issues in the presence of a neutral, objective third party who helps the involved parties to work towards an agreement without offering suggestions or solutions

Arbitration

a means of dispute resolution involving an independent third party hearing both arguments in a dispute and determining the outcome

Human resource management

the effective management of the formal relationship between an employer and employees