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Business and Management (Business and management (Company Mission, Values,…
Business and Management
Business and management
Organizational Structure
- knowing who can help things happen
- exist to know who makes a decision within the org.
Organizational Structures pdf.
Divisional
divides the organization by product lines or
geographic regions.
Functional
separates an organization by
different departments
- Accounting department
- R&D department etc
Reporting is organized by the Department:
sales manager reports to the Sales Director
Matrix
combines Divisional and Functional
- multiple chains of command
- employee reports to multiple managers
- sometimes exist only for project work
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7 Core Business Functions:
Core Business Function pdf.
- Finance: strategic financial planning like an investment portfolio
- Accounting: daily cash flow and bookkeeping
- Marketing: conducts research where to place
products the business sells
- Sales: uses materials marketing creates to convince buyers to purchase a products business produces
- Operations: ensures that business day to day runs smoothly managing the supply chain
- Research and Development : creates new products, considers consumer needs
- Information technology: ensures a business has a connection through the apps, ecommers platforms
Company Mission, Values, and Vision
and service standards
Value-Based Organization:
- Values shape company culture
- Values guides decision-making
- Values guides company interactions
- personal values of employees are
aligned to those of a company
Building on org Values its Mission and Vision
- Mission statement tells you
why a company exists
- exists over the company life cycle
Values
- Organizational Core believes
- guides every decision
- affects shareholders, employees,
and the general public
Vision Statement
- may change over time
- reflects the company ideal state
- based on what the company current objectives are
In helping to craft the company vision HR might ask questions:
- what the company should look in the future?
- in 5 -10 years
- how do we inspire employees around our goals?
- what problem are we trying to solve?
Company Standards:
Hr has to know and support those standards, introduce them in policies and guidelines
- a guideline
- define a a company and customer relationships
- shapes consumer experience
Business structure
Sole proprietorship i
s owned by single person
IRS automatically register you as Sole
- Personal assets are not separated
from your business
- you can be liable for the business debts
Partnership
at least 2 people in business together
2 types:
- Limited Partnership (LP):
one partner is responsible
for all liabilities that business occurs;
the other partner has limited liability and
control over company operations;
The profits will go to each separately
- Limited liability Partnership (LLP):
each partner has limited liability
Corporations
- Costly to have and maintain but
provide the best protection for owners
- Have an easier way to raise money
because they can sell stocks
C Corporation
- exist separately from owners
- profits belong to corp
- corp can be taxed
- corp is liable
S Corporation
- passes profits and losses on shareholders
- shareholders report on their personal taxes
- avoids a double taxation
which C corps sometimes deal with
B Corporation Benefit Corporation
- exists for a public good
- taxed in the same way as C Corp
Kickstarter.com is an example
Close Corporation
- similar to a B Corp
- owned by small group of people
Non-Profit Corporation 501C3
- has non-profit tax-exempt
- established for charity, education,
religious, scientific work
- have to follow the IRS rules about what they do
with money they earn
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Building relationship and influencing
- Personal brand
- Being a Credible activist (who makes meaningful contribution to the business decisions)
Skills are needed to influence in an impactful way:
- expand a network both internally and externally
- be a resource to others
- know what others need
- manage the relationship with key players within the org.
- must interact with all levels
- manage up: manage your manager to get the outcomes you need
- manage relationship with colleagues
- understand who has influence
- Golden Rule
- Platinum rule
Environmental scanning
Michael Potter: "Strategy is about setting yourself apart from the competitions. It's not the matter of being better what you do, it's the matter of being different in what you do"
How the company can be different in the competition
Strategic planning starts with:
Environmental scanning
Gathering information and identifying
themes in a business environment
Environmental scanning techniques:
- SWOT analysis
(Strength, Weaknesses, Opportunities, Threats)
S: What is org Value propositions, what it does better than competitors
W: unethical practices or other arias to address
O: how a company can grow, changing technology
(Cloud computing makes sales easier to use information)
T: an obstacle or challenge (cyber attack)
- PESTLE analysis
- Political
- Economical
- Social
- Technological
- Legal
- Environmental (unexpected wild fire)drivers
affecting an organization
Porter's 5 forces framework is a tool to analyze the competition (Michael Porter from Harvard University)
- Treat of entrants
- Treat of substitution
- Bargaining power of buyers
- Bargaining power of suppliers
- Rivalry among existing competitors
As a result, is a reduction of company profit
HR role to help the company outpace the competition
HR creates an environment where employees can freely share new ideas for financially benefit the org.
Threat of entrants
Barriers to entry pdf.
How new companies that do the same product what you do have an organization revenue generation
as the customers have more options a new company may reduce your profit
Barriers to entry:
- economies of scale
- product differentiation
- capital requirements
- switching costs
- access to distribution channels
- cost disadvantage
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Managing Legal risks
- HR uses the best practices
to reduce the risk of litigation
Legal considerations:
- American Disabilities Act
- Fair Labor Standards Act
- Privacy Act
Wearable technology example
- provide full disclosure
- limit data collection
- limit data explosure
Using Big data to tell a story
HR Data Collection:
- Turnover
- Time to fill
- Grievances
- Harassment complaints
- Compensation
Decisions where HR data is needed
- increasing training budgets
- job advertisement
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To create a story based on a Big Data
- analyse your audience
- chose a communication style
good for you and people you will be presenting it
- decide what information is needed to make a decision
Tell the story
- introduce the problem
- how the problem was discovered
- describe how you analyse the data
- present your findings to senior leadership
supporting a point you are trying to make
with the most relevant information
- solve the problem involving a team
- view the leadership as a clients. they should be a part of decision making process. If the leadership owns the solution it is more likely to be implemented and sustained.
Modeling ethical standards
Hire for character , train fro skill
HR pro guides the executives back to company's code of ethics. A company code of ethics provides guidance to employees on how to handle difficult ethical dilemmas.