Mastering HRM in Small Firms
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Questions and Answers

Which of the following statements is true about human resource management in small firms?

  • HR traps for SMEs are only found in legal environments
  • HRM in small firms is formal
  • Owners must personally deal with HR issues in small firms (correct)
  • HR planning is not linked to successful growth in small firms
  • What is one of the risks associated with micro management?

  • Being results oriented
  • Flexibility
  • Establishing SMARTER goals
  • Delegation and team building (correct)
  • According to the longitudinal study mentioned, when does formal HR policy typically emerge in start-up firms?

  • When the firm becomes a manufacturer
  • When the firm has 576 employees
  • When turnover exceeds US$10 million (correct)
  • When the firm reaches a certain age
  • What is the significance of higher levels of group culture in a firm?

    <p>It strengthens a firm's ability to adopt HRM practices (D)</p> Signup and view all the answers

    When does formal HRM become necessary in firms?

    <p>When the firm has 100+ staff (B)</p> Signup and view all the answers

    Which of the following is responsible for ensuring that the goods they supply comply with mandatory safety standards?

    <p>Suppliers (D)</p> Signup and view all the answers

    Which type of insurance covers the liability of a business for injuries or damage caused to third parties?

    <p>Public liability insurance (A)</p> Signup and view all the answers

    Which firms are generally exempt from the Privacy Act if their turnover is less than $3 million?

    <p>Small firms (A)</p> Signup and view all the answers

    Which of the following is NOT a condition for a contract to be legally binding?

    <p>Both parties are competent (D)</p> Signup and view all the answers

    Which type of insurance covers the liability of professionals for any errors or omissions in their work?

    <p>Professional indemnity insurance (D)</p> Signup and view all the answers

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