Unit 3
What are the 6 business types?
Sole Trader
Partnership
Private Limited
Public Listed
Social Enterprise
Government Business Enterprise.
What are the 4 types of termination? Are they voluntary or involuntary?
Resignation (voluntary)
Retirement (voluntary)
Redundancy (involuntary)
Dismissal (involuntary)
Identify 2 advantages all 3 theories share.
All increase employee motivation, and lead to an improvement in employee performance as a result.
What are the 4 performance management strategies?
Management by Objectives
Performance Appraisals
Self-Evaluation
Employee Observation
What is a Learning Organisation?
An organisation that facilitates growth and continuously transforms itself.
What are the 5 management styles? Is decision-making centralised or de-centralised?
Autocratic (centralised)
Persuasive (centralised)
Consultative (centralised)
Participative (de-centralised)
Laissez-Faire (de-centralised).
Identify 3 entitlement and 3 transition considerations.
Entitlement (sufficient notice, sufficient reasoning, and annual service leave pay-out).
Transition (celebrations, counseling, and supporting a new job search)
Identify 2 disadvantages all 3 theories share.
All are time-consuming, and can cause unnecessary stress on employees.
What does Management by Objectives involve?
Both manager and employee collaboratively set individual goals that contribute to the achievement of business objectives.
What are the 5 principles of a Learning Organisation?
Mental Models
Shared Vision
Personal Mastery
Systems Thinking
Team Learning
What are the 4 factors contributing to what management style is used (appropriateness of management styles)?
Time
Employee Experience
Nature of the Task (difficulty)
Manager Preference.
Who are the 5 participants in the workplace?
HR Manager
Employees
Employer Associations
Unions
The Fair Work Commission
What are Maslow's 5 fundemental needs (in order)? How must they be attained?
Physiological
Safety and Security
Social
Esteem
Self-Actualisation
Each need must be attained sequentially (one after the other).
What do Performance Appraisals involve?
A manager assesses the performance of an employee against a range of criteria, provides feedback, and establishes plans for future improvements.
Identify 2 advantages of a Learning Organisation.
Increased Levels of Creativity.
Increased Innovation.
What are the 6 management skills? Is each skill high, medium, or low for a persuasive management style?
Communication (medium)
Delegation (medium)
Decision-Making (high)
Planning (high)
Leadership (low)
Interpersonal (medium).
What are the 2 methods of determining employee wages? Identify 2 differences between them.
Awards and Agreements.
Awards are the minimum wage, whereas agreements are agreed upon by both employee and employer.
Agreements apply to a particular business, not the entire industry like awards do.
What are the 4 fundemental desires Lawrence and Nohria suggest people drive to balance? Provide an example of each.
Acquire (achieving rewards or high status)
Bond (participating in social interactions)
Learn (gaining knowledge or skills)
Defend (protect personal security or values of the business)
What does Self-Evaluation involve?
An employee assesses their own performance against a set of criteria.
Identify 2 disadvantages of a Learning Organisation.
Time-Consuming
Some May Struggle to Share Ideas
Identify 4 ways to develop a positive corporate culture (ensure you consider both types).
Official (creating/updating a vision or mission statement, and developing policies).
Real (changing office/store layout, and considering a new management style).
What are the 2 methods of resolving workplace disputes? Identify 2 differences between them.
Mediation and Arbitration.
Mediation involves an impartial third party, whereas arbitration involves an independent third party.
Arbitration has legally binding outcome unlike mediation.
What are the 5 key principles of Locke and Latham's Goal-Setting Theory? What does each one involve?
Clarity (is the goal clear?)
Commitment (is the individual committed to fulfilling the goal?)
Challenge (does the goal challenge the individual?)
Task Complexity (is the goal too simple or too complex to fulfill?)
Feedback (feedback must be provided to seek improvement)
What does Employee Observation involve>
Employees (from different levels of authority) assess each other's performance against a range of criteria.
Who is the greatest business owner of all time(G..B.O.O.A.T)? Worth 500 points!
Cherie Winter of Chez Beauty.