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BUSINESS CHAPTER 5+6 - Coggle Diagram

- - - - achievement
      - recognition
      - personal growth/development
      - advancement/promotion
      - work itself
    - - status
      - security
      - work conditions
      - company policies and admnstration
      - relationship with supervisor
      - relationship with subordinates
      - salary
- - - - Advantages
        
        Workers get paid on regular basis so they don’t have to wait long for some money
        
        If employees work longer, they can usually be paid overtime
      - Disadvantages
        
        The wages have to be calculated every week → takes time and money
        
        Hire wages clerks to perform the task → rise the cost
    - - Advantages
        
        Easier to calculate worker's wages
        
        Workers know exactly how much they will be paid for working a certain period of time
      - Disadvantages
        
        Good and bad workers get paid the same amount of money
        
        A clocking-in system is needed
    - - Advantages
        
        Encourages workers to work faster and produce more goods
      - Disadvantages
        
        If the machinery breaks down, employees will earn less money
        
        workers may concentrate on making large number of products and ignore the quality → damage the reputation of the business
    - - Advantages
        
        It is easier to calculate salary costs for the business
        
        Employer has money in their bank account for longer than if they were paying their worker's wages
      - Disadvantgaes
        
        Workers may prefer to be paid weekly
        
        No payment for extra time worked → workers may be reluctant to work longer
    - - Advantages
        
        Workers consider themselves to be 'recognised' and 'special'
      - Disadvantages
        
        bonuses can become 'expected' every year and if they are not paid → employee disappointment can be difficult to manage
        
        If only one or small number of workers are paid → bad feelings can be caused from other workers
    - - Advantages
        
        Encourages sales staff to sell as many products as possible
      - Disadvantages
        
        it can be stressful for the sales staff if they have a bad month → pay will fall
        
        Too much competition
    - - Advantages
        
        Motivate workers to work harder → more productive work
      - Disadvantages
        
        If business makes very low profits or a loss → no profit share → employee disappointment
        
        higher paid workers will receive higher profit share → bad feeling among lower paid workers who consider they have worked as hard
  - - - discount on business's products
      - free accommodation
      - health care paid for
      - free trips abroad/holidays
      - company vehicle
  - - - Definition
        
        Involves workers swapping around and doing each specific task for only a limited time and then changing around again
      - Benefits
        
        Increases the variety in the work itself
        
        Easier for managers to move workers around if people are ill and their jobs need covering
    - - Definition
        
        Involves looking at jobs and adding tasks that require more skill and responsibility
      - Benefits
        
        Additional training may be necessary → workers become more committed and more satisfaction from their jobs → raising productivity
    - - Definition
        
        Involves using groups of workers and allocating specific tasks and responsibilities on them
      - Benefits
        
        This gives a feeling of control over the tasks and employees feel more committed → increasing job satisfaction
        
        Working as a group helps improve morale as well as giving a greater sense of belonging to the business
    - - Definition
        
        The process of improving a worker's skills
      - Benefits
        
        Workers feel a great sense of achievement if they successfully gain and apply new work-based skill
        
        Workers could now be given more challenging and rewarding work to perform → give them a feeling that their good work has been recognised
    - - Definition
        
        the advancement of an employee to a higher job or managerial level in a business
      - Benefits
        
        Employees will feel recognised, have a higher status and will be given more challenging work to perform
- - - - features
        
        put capital in
        
        take a share of profits
        
        might lose money invested
        
        risk takes
      - objectives
        
        profit+return
        
        growth of business
    - - features
        
        employed by the business
        
        follow instruction, trained
        
        employed on full-time or part-time
        
        might be made redundant
      - objectives
        
        regular payment
        
        contract of employment
        
        job security
        
        satisfaction + motivation
    - - features
        
        control other workers
        
        take important decisions
        
        can expand business
        
        can lead to failure
      - objectives
        
        high salaries
        
        job security
        
        growth of business
    - - features
        
        buy goods and services
        
        business will fail without them
        
        involved in market research
      - objectives
        
        safe and reliable products
        
        value for money
        
        well designed, good quality
        
        reliability
    - - features
        
        responsible for the country's economy
        
        passes laws to protect workers and consumers
      - objectives
        
        wants business to succeed
        
        expects all firms to stay within the law
    - - features
        
        greatly affected by business activites
        
        many products are beneficial to the community
      - objectives
        
        jobs for the working population
        
        eco-friendly production
        
        safe products
    - - features
        
        provide finance
      - objectives
        
        expect business to be able to pay interest and repay capital lent
  - - - meet profit targets set by government
    - - provide a service to the public
      - meet quality targets set by government
    - - protect ir create employment in certain areas