1. Legislative requirements denotes legal obligations which must be maintained by the business personnel, from the top level to the grass-root level in terms of effective legalized management of business and legalized employee activities(Wilson, 1988).
Practical knowledge and skills are essential in business management. Business personnel within each department should be well acquainted with business dealings, organizational knowledge and basic skill sets i.e. communication, interpersonal, technical etc. to deal with the business problems.
WHS requirements denote certain codes of practice which ensure improvement of work health and safety alongside workers’ compensation arrangements all across Australia. Safe Work Australia is found to be the leading figure in the national policy development comprising the issues of health, safety and compensation of working individuals(www.cwu.org.au, 2016). As creation of a safe work environment is a legal requirement and also plays a pivotal role in the business success, WHS helps the business organization in staff retainment, maximization of employee productivity, minimizing injury at workplace alongside ensuring the business meets employee responsibilities and legal obligations.
2. In order to communicate a new HR policy to the personnel within each department, the business organization must be well aware of the current business management in order to focus on improved internal functioning and better business outcomes (Roseand Kumar, 2006).How to communicate company’s new HR policy to the organizational staff can be listed as:
· Informing employees up-front
· Asking for feedback
· Introducing final product
· Asking employees for reviewing policy manual or employee handbook
· Providing training in case of requirement
· Requesting employee sign-off
For instance, in case of maintaining the Casual Dress Code Policy of the organization, the company management heads need to communicate the HR policy to the workforce through both open discussion and official notifications i.e. emails or office notice(ZellarsandFiorito, 1999). As the company objective is to set up a relaxed, casual and informal work dress code for enabling the employees in comfortably working in the workplace; certain standards need to be established for avoiding any further confusion. Clothing suitable for dance clubs or sorts contests is not appropriate for a professional casual workplace appearance. Neither revealing dressing is appreciated in the workplace nor should clothing be wrinkled or frayed. Similarly wearing jeans is not an everyday affair and should be worn on specified weekends only (OzcelikandFerman, 2006).
3. Strategic planning can be regarded as an organizational process of defining its strategic approaches or directions alongside making decisions concerning the allocation of the organizational resources for pursuing the strategies. Four key elements of strategic planning can be mentioned as:
· Core values
· Clearly defined outcomes
Every organization must have a definite vision and therefore, creating a vision statement happens to be the obvious starting point for the organizational vision. The vision of the organization helps it in unifying its workforce towards a common cohesive goal achievement, driving increased efficiency alongside inspiring stakeholders in investing in the business.
Though values often do not get their deserved credit, but a well-craftedset of values can turn out to be the difference between success and failure regarding the strategic plan of the organization. Core values help the business in its self-assessment alongside making better effective decisions and recruiting better working individualsBarki and Pinsonneault, 2005).
Strategic planning has its basis in a set of clearly defined outcomes for the outcomes help the business in maintaining its vision and focus with working step by step accordingly. Though not all outcomes tend to be immediately quantifiable, but they play a major role in the organizational strategic planning. Accountability is an integral part of strategic planning for the lack of it can destroy the entire strategic execution.
4.Management of employee relationship is an effective process which business organizations tend to use for eloquently managing all interactions with the employees in order to ensure better achievement of the organizational goals(. When analyzing employee relations, there are several things that are considered important for the managers to monitor in order to yield better business outcomes. The things can be listed as:
· Employee performance
· Recruitment issues
· Maintenance of honest and open communication
· Turnover factors
· Issues regarding employee satisfaction
· Review and evaluation of the employee performance
· Allocation of responsibilities
All these factors need to be monitored in consequence of determining the employee performance, both individually and as a team(Hendry and Pettigrew, 1990). Reviewing work in progress on a daily basis can also be of great help in employee relation management for the managers and the employees can discuss work issues directly and without any inhibition.
5. Risk management process can be defined as the decision making process which involves specific considerations of political, social, economic as well as engineering factors with relevant assessments of risk elements in relation to a potential hazard in course of developing, analyzing and last but not the least comparing regulatory options(Dessler et al. 1999). Moreover, the process of risk management involves selecting the optimal regulatory response for safety from the concerned potential hazard.
As far as the sequential steps in the risk management process are concerned, they can be mentioned as:
· Setting up the context: The context needs to be established in order to start on the risk management process in terms of involving planning and mapping out the exercise scope, business objectives and stakeholder interests. The context helps in defining a framework for the plan and also provides the organization an agenda for proper identification and analysis of the issues.
· Identification of the potential risks: After the context is established, there comes the identification of potential risks which can cause problems in the respective business management.Identification of risk is considered to be the foundation of risk management to a great extent(Blyton and Turnbull, 2004). Risk identification is an absolute necessity and requires effective organizational knowledge, details of macro and micro environment, fiscal strengths and weaknesses, manufacturing processes as well as the core business mechanism on which it is found to be operational.
· Assessment of the identified risks: After identifying the risk factors, it is important to assess the risks with regard to their respective potential severity of loss as well as to the occurrence probability. In this regard, it can be added that there is fundamental difficulty in assessment of risk which is determining the rate of occurrence as no statistical information is found to be available on all sorts of past incidents.
· Potential risk treatments: Techniques are followed for managing the identified and assessed risk factors(Huselid, 1995). The categories are inclusive of risk transfer, risk avoidance, risk retention and risk control.
· Creating the plan: The plan involves an effective combination of methods that are to be used effectively for solving all the risk factors. It is to be mentioned here that a good risk management plan must be containing a definite schedule for control implementation and must have responsible workforce for executing the proposed actions.
· Implementation: The plan implementation can take place in lieu of following all the proposed and planned methods for the purpose of mitigating the assumed effects of the risks(Burma, 2014).
· Reviewing and evaluating the plan: It is important to remember that initial risk management plans never tend to be accurate and perfect. Practice, experience coupled with actual outcomes of loss happen to necessitate certain changes I the risk management plans in terms of contributing effective information in allowing different sorts of decision making in dealing with the risk factors(King and Dainty, 2004). Therefore, it is necessary to review as well as evaluate the plan for better implementation and ensuring improved results.
6. Enterprise agreements can be described as agreements that are made at an enterprise level regarding varied and layered employment terms and conditions between employers and employees and the respective union(Gilley et al. 2002). The agreements can involve more than one employer with an employee group. Though awards tend to cover minimum pay as well as conditions for an industry, enterprise agreements can ensure specific arrangements for a particular enterprise.
The enterprise agreement tends to include certain elements and some of them can be mentioned as: rates of pay, employment conditions, consultation with employees and union, wage deduction, procedures concerning dispute resolution etc. to name a few. The employment conditions such as working hours, meal breaks, overtime shifts etc. can be covered under enterprise agreements(Datta et al. 2005). Moreover, how and when the employees and their concerned representatives can be consulted is also inclusive in the agreement. It is to be added in this context that enterprise agreements cannot include anything illegal or unlawful i.e. objectionable or discriminatory terms.
7.The managers need to be well equipped with skills and knowledge for serving the purpose of effective business management. Managerial skills can be defined as the respective knowledge and ability of the individuals in managerial positions for the cause of fulfilling specific managerial tasks. As far as the skills and knowledge required in managers for effectively implementing strategies and policies can be mentioned as:
· Technical skills
· Conceptual skills
· Interpersonal management skills
Apart from the primary managerial skills, the managers must possess sense of objective and direction, leadership skills, emotional intelligence, decision-making capability, motivational incentives, risk-taking capacity, dynamism, controlling skills, communication skills, knowledge regarding business endeavor and last but not the least transparency(Barki and Pinsonneault, 2005). All these are essential in not just managerial success but also in successful implementation of business strategies.
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