Podcast
Questions and Answers
What is a key reason why workers rely on a business's financial success?
What is a key reason why workers rely on a business's financial success?
What is one potential benefit of a cooperative relationship between labor and management?
What is one potential benefit of a cooperative relationship between labor and management?
What should suppliers consider regarding their relationship with businesses?
What should suppliers consider regarding their relationship with businesses?
How should businesses respond to the changing needs of their customers?
How should businesses respond to the changing needs of their customers?
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Which aspect underscores the relationship between a business and government?
Which aspect underscores the relationship between a business and government?
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What role do welfare organizations play for businesses?
What role do welfare organizations play for businesses?
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Which is NOT a required consideration for ensuring workplace safety?
Which is NOT a required consideration for ensuring workplace safety?
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What is a likely consequence of a positive working relationship between employees and management?
What is a likely consequence of a positive working relationship between employees and management?
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Study Notes
Business Stakeholder Relationships
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Workers:
- Worker's livelihood depends on business success.
- Businesses need to provide training for effective job performance.
- Worker safety is crucial; businesses must prevent accidents and occupational hazards (e.g., falls, radiation, noise).
- Compliance with industrial health and safety laws is mandatory (e.g, Workplace Safety and Health Act). This includes regular consultation with governing bodies.
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Worker's Unions:
- Cooperative labor-management relationships increase productivity.
- Benefits include:
- Increased adaptability to change.
- Reduced conflict, turnover, and absenteeism.
- Better morale, innovation, productivity, and product quality.
- Enhanced job security and stability.
- Positive corporate reputation.
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Suppliers:
- Suppliers need confidence in the business's ability to purchase and pay for products/services.
- Suppliers should keep up with market trends and introduce new products/services to businesses.
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Customers:
- Customers must trust the business's ability to provide goods/services that meet their needs.
- Businesses require innovation to adapt to evolving customer needs (e.g., new mobile phone models).
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Government/Economy:
- Businesses contribute to national economic growth using societal resources.
- Businesses pay taxes to support social policies (e.g., housing, healthcare).
- Businesses are interconnected with the economic system.
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Welfare Organizations:
- Businesses can demonstrate social responsibility through welfare organizations.
- This can involve financial contributions, volunteering, or professional services (e.g., sponsoring gifts, scholarships, or auditing).
- Examples include supporting organizations like Handicaps Welfare Association or Singapore Children's Society.
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Description
Explore the dynamic interactions between workers, unions, and suppliers in a business environment. This quiz examines the importance of safety, training, and collaboration to foster productivity and morale. Understanding these relationships is vital for the success of any business.
