IGCSE & A LEVELS GUIDE

Motivation is the desire of workers to see a job done quickly and well: By meeting their individual objectives, motivated workers drive companies to reach their own goals (MBO). Motivation is a management issue: effective managers are able to align workers' individual objectives to the business goal while maintaining motivation levels high. Highly motivated workers have positive impacts on a business productivity and efficiency. They are also more likely to be loyal (reduce t

Chapter 10 - Human Resources Management Learning Objective: To understand employee appraisal, career plans, and trade unions Human Resources Managers are responsible for a very complicated issue: Appraisal is about evaluating an employee's performance against pre-set objectives; Development, on the other hand, can take the form of new challenges and opportunities, trainings, promotions, etc. - motivation; Development and Appraisal are important parts of employee satisfaction

Chapter 10 - Human Resources Management Learning Objective: To further explore HRM responsibilities To continue with the many responsibilities of HRM, let's now discuss Employee Morale and Welfare - an important concern amongst Human Resources Departments: Services such as advice and counseling to employees in need of support (e.g. family or financial related issues; It boosts employees’ morale and their sense of loyalty towards the company; It can improve productivity and lo

Chapter 10 - Human Resource Management Learning Objective: Understand various responsibilities of the HRM There are different reasons why a business might recruit new workers, for example: Business is expanding and need workforce to support the growth; When workers leave and need to be replaced. That's when the process of Recruitment & Selection comes in - a process made out of various stages that can either be handled by the business itself or outsourced to specialist recrui

Chapter 10 - Human Resource Management To-Do-List: Activity 10.3 Learning Objective: To understand the purpose of Human Resources Management What do you think are the responsibilities of a Human Resources Manager? Human Resources is the business function responsible for activities such as: Recruitment of capable, flexible, and committed staff; Management and rewarding the performance of workers; Development of staff skills given the organization's objectives; The purpose of H

Chapter 5 - Stakeholders in Business Learning Objective: To understand how businesses approach conflicting stakeholders' interests. As you understand now stakeholders have various and conflicting objectives. How should a business go about solving those? Think of the following situations: A factory deemed to close may do so slowly rather than abruptly (business costs keeping this factory will go stretch overtime but this will allow workers to have enough time to find new jobs)

Chapter 5 - Stakeholders in Business Learning Objective: To understand the several stakeholders and their various interests New Airport Near World Heritage Site (p.62) Who are stakeholders? These are the people or groups of people who are impacted or can impact an organization - one way or another. Therefore, stakeholder groups are interested in the business actions - these interests may differ from stakeholder to stakeholder: Consider the following: Businesses, therefore, s

Chapter 4- Business Objectives Learning Objective: Communicating, changing, and translating corporate objectives. We discussed the various different objectives companies can have: Profit maximization; Profit satisficing; Growth... It's important to understand, however, that business objectives change overtime. What are some of the reasons for that? Market recessions and crisis may lead businesses in to having survival as their main objective instead of profit or growth - this

Chapter 4 - Business Objectives Learning Objective: Hierarchy of Objectives Objectives are also of key importance because they allow strategies to exist - set of tactics that will guide the business to reach its objectives. Objectives and strategies, however, are not static and are prone to change. The SMART framework increases the odd of successful objectives. Companies also have so called corporate aims, very long-term objectives that provide purpose to the business activit

Chapter 4- Business Objectives Learning Objective: Business objectives of private and public sector businesses Business objectives are important for directing, controlling, and reviewing the success of the business activity: They give a sense of direction to employees - increasing their motivation; They give targets for strategies to aim for - focus on what to work towards; They make it possible for success/failure to be assessed against. There are a few objectives that are v

Chapter 3 - Enterprise, Business Growth, and Size Learning Objective: Business Growth (3.3) There are many reasons why businesses want to grow: With growth comes higher sales which consequentially leads to more revenue and higher profits. Growth generally brings a higher market share. Companies with more market share have a higher bargain power to suppliers which can result in lower materials cost. As a consequence, businesses become more profitable. Led by growth is also the

Chapter 3 - Size of Business Learning Objective: Small & Family Businesses (Ch. 3.2) Mongolia is a great place for us to discuss small businesses: look around and see the amount of them in our daily lives! What constitutes a small business, though? It depends on where you live, but here is an example: Not only small businesses are heavily present in our daily lives but they are also of extreme importance to countries, customers, and the economy in general. Jobs: although smal

Chapter 3- Size of Business Learning Objective: Looking at Business Size - The Right Way? (Ch. 3.1) What do you call a small business? What would you consider to be a medium-sized business? How about a large business? One of the simplest ways to measure and compare business size is by the Number of Employees each business has - is that accurate though? Have a look at this quick video! AUDI employs very few people in their car-manufacturing plant. Does it mean this is a small

Chapter 2 - Business Structure Learning Objective: Forms of Business Organization (Ch. 2.2) Before diving in to the different forms of businesses organization we have out there we need to have it clear that there are many legal formalities required by governments to protect investors and lenders: Memorandum of Association: this is where the amount of share capital a company has will be describe and so investors will know the relative importance of a single share. This documen

Chapter 2 - Economic Sectors Learning Objective: Structuring an Economy The economy of a country is made of different sectors of its economy: The balance of these sectors in the economies of different countries varies substantially. It depends on the level of industrialization in each country: We now completely understand the different sectors of an economy: primary, secondary, and tertiary. Companies within these different sectors can either be private or public: Most econo

Learning Objective: Introduction to Enterprise Chapter 1: Enterprise Value creation is the sole main purpose of a business. By creating value businesses can then charge more for their products and services and consequentially be profitable. To create value businesses go through various stage of business activity: They identify customers' needs to be fulfilled so that they can meet that demand; Resources are purchased (a.k.a. factors of production) so that products and service