Business Unit 2 Revision PDF

[Exam revision] [AOS1] [Key knowledge \#1 - business name] **Business name:** title that a business operates under and what customers use to identify the business. \*register if a business has '.com' or 'the barber'. \*If the owner decides to register a business under their own name, they do no...

[Exam revision] [AOS1] [Key knowledge \#1 - business name] **Business name:** title that a business operates under and what customers use to identify the business. \*register if a business has '.com' or 'the barber'. \*If the owner decides to register a business under their own name, they do not need to register it. 1. **Website domain:** website address that identifies a businesses online site. \*via AuDA website \*business owners should search online to see if their chosen domain name has already been taken or trademarked. **Trade practices legislation:** are laws which govern how a business interacts with customers and competitors. \*Every business is subject to the Australian laws that protect the business and the consumer. \*specific industry related legislation is created so that businesses are engaging with their customers and competitors fairly. \*Competitor and consumer act 2010 (CCA) governs how Australian businesses operate establishment of the australian competition and consumer commission (ACCC) which governs business operations and enforces punishment if a business breaches legislation. **Business tax compliance:** - - - - **Taxation compliance:** Tax is how governments fund their expenditures. **Partnerships and companies** Need to obtain a TFN (tax file number) for the business, separate from their personal one. **Sole trader** Will use their personal TFN (tax file number). **Work safe insurance:** vic the occupational health and safety act (2004) \*health and safety welfare, eliminates risk, provides involvement of employees, aims to reduce injuries, inspect sites, provide employers with insurance cover and cost benefits.\ \*may cover lost income, rehab costs, legal costs, compensation. \*can prosecute/penalise employers [Key knowledge \#2 - professionals] **Freelancers:** any type of independent worker who changes businesses or individuals for work on a per job basis. Eg photographer **Bookkeepers:** assist businesses in keeping records of the businesses financial matters **Accountant**: a professional who manages, updates, analyses and reports a business\'s financial information. **Financial advisors:** professional who provides expert advice to individuals and businesses in relation to monetary matters, personal finances and investments. **Recruiters:** Outsource human resource and recruitment. Eg. hiring. **Marketing advisor:** professional who provides expert advice to the businesses in relation to promoting and selling their product. **ICT specialist:** professional who develops and maintains the technological systems that are used by businesses to store and retrieve data. **Legal advisor:** professional who provides expert advice to businesses regarding their legal responsibilities. **External professionals:** highly skilled individuals that businesses hire to provide expertise in a particular area of operation. [Key knowledge \#3 - financial control] **Bank accounts:** opening and managing a separate account for the business - - - - - - \*a business owner must set up a bank account for the business separate to a personal bank account so that the transactions of the business are performed through the business' bank account. Factors to consider when choosing a bank account: - - - - - **Financial control systems:** processes and procedures used to direct and monitor a businesses finances. \*make decisions, identify risks and prevent, provide and better understanding. Budgeting - predicting or estimating the financial performance of a business for a given period in the future. \*cashflow, sales, income and balance sheets \*can happen monthly, quarterly or annually BENEFITS... - - - - - - Auditing - process of testing and evaluating a business' accounting processes and internal controls \*can be internal or external BENEFITS... - - - Cash Flow management - businesses ensure there is enough cash available to pay debts and expenses on time. (cash flow) BENEFITS... - - - - Inventory control - system business use to ensure that the costs associated with maintaining stock of materials is kept to a minimum. \*barcoding and stocktake **Record keeping -** how you store all the evidence of your system \*businesses are legally required to keep records of their financial transactions for at least 5 years. \*tax invoices, receipts, bank statements and employee contracts Source documents - original paper documents recording transactions \*keep one and give one to customer \*put documents into journals to summarise transactions Cash book - consists of two sections, recording cash receipts on one side and cash payments on the other side BENEFITS... - - - Income statements - a financial report that calculates how much net profit a business has made showing income, costs, profit or loss. \*help answer if revenue is high enough for expenses and whether profit mark-up is sufficient. Balance sheet - provides a snapshot of what the business owns (assets), owes, liabilities and the owners equity. PURPOSE.. - - [Key knowledge \#4 - suppliers] **Factors to consider when selecting suppliers** - - - - - - - +-----------------------------------+-----------------------------------+ | Advantages - | Disadvantage - | | | | | - - - - | - - - - | +-----------------------------------+-----------------------------------+ [Key Knowledge \#5 - policies and procedures] **Policy -** a written set of broad guidelines to be followed by all employees when dealing with important areas of decision making. BENEFITS.. - - - - Typical policies - - - - - - - - - Types of legislation - - - - Business policy - - - - - **Procedure -** a series of actions that enable a policy to be put into practice. Types: paying accounts, handling complaints/unfair treatment, preparing budgets. \*policies must be reviewed regularly, with businesses using a process to develop policies that ensure compliance with legal requirements and establish routine. The process: 1. 2. 3. 4. 5. 6. +-----------------------------------+-----------------------------------+ | Advantage: | Disadvantage: | | | | | - - - - - | - - - - | +-----------------------------------+-----------------------------------+ [Key Knowledge \#6 - technological and global issues] **Customer database:** is a collection of various pieces of information from customers. CHALLENGES: - - IMPROVEMENTS: - - \*businesses collect and track customer data such as personal information, past purchases and buying habits. \*allows businesses to make decisions on what goods and services will be most successful \*used to identify and implement strategies to attract potential customers. **Technological issues:** - - - - - +-----------------------------------+-----------------------------------+ | Advantages | Disadvantages | | | | | - - - | - - - - | +-----------------------------------+-----------------------------------+ **Overseas suppliers -** are individuals or businesses that sell raw materials or resources in a country overseas. Benefits: - - - - Considerations: - - - - - +-----------------------------------+-----------------------------------+ | Advantages: | Disadvantages: | | | | | - - - | - - - - - | +-----------------------------------+-----------------------------------+ **Overseas retailers -** individuals or businesses that sell goods or services directly to customers overseas. Issues: - - - +-----------------------------------+-----------------------------------+ | Advantages: | Disadvantage: | | | | | - - - - | - - - | +-----------------------------------+-----------------------------------+ [AOS2] [Key Knowledge \#1 - Market research] **Marketing plan -** objective of maximising sales and profits, business must develop. **Marketing -** system of interacting activities designed to plan, price, promote and distribute products to present and potential customers. **Customer Base -** identify by conducting market research and creating a customer profile. A basic description of who the ideal customers are: behaviour, location, interests, demographic. \*once profile is created business must ensure: Procust is of value to customers, marketing plan max. Connection to product and customer and promote repeat purchases **Market and business objectives:** Increasing sales - businesses make a profit - - Increase market share - the businesses share of the total industry sales for a particular market or product. - Expanding the size of the business - Increase product mix - incorporating a broad range of products to satisfy the needs of different customers - - - +-----------------------------------+-----------------------------------+ | Establishing objectives: | Performance indicators: | | | | | - - - - | 1. 2. 3. | +-----------------------------------+-----------------------------------+ [Key knowledge \#2 - internal and external factors] **Brand identity -** message that customers receive about the business and its product. Eg, names, symbol, design **Internal environment -** consists of people working within the business, elements that can affect the establishment of customer base. Owners and managers - hire personnel who are able to implement marketing strategies consistent with business objectives Employees - details of marketing strategy have to be instilled in the employees of the business so that the way they act towards customers is in line with the strategy. Culture and policies - beliefs, values and expectations within a business will form the basis of how businesses' actually operate. **External environment -** the outside influences and factors that affect the businesses operations **The external operating environment** Customers - needs and preferences of customers are paramount. Marketing strategies that are not customer focused are doomed to fail. Suppliers - vested interest in success of a marketing strategy. The providers of raw materials or products suppliers depend on the success of those businesses to which they sell their products. Competitors - business owners must be aware of the marketing strategy of competitors to develop a unique marketing plan. **The external macro environment -** little to no control, must be aware of how it'll affect customer databases and brand identity. Economic forces - periods of strong economic growth can be favourable to expand a customer base, consumer confidence means disposable income. In difficult economic times value for money, lower price marketing strategies are more likely to be successful. Legal forces - important to ensure that marketing practices are ethical, socially responsible and do not include illegal practices. Technological forces - making use of the latest tech. can impact marketing plans, online presence, phone apps. Use of social media tech. can also improve customer experience eg. paywave Social forces - Awareness of social issues trends and fashions that affect potential customers need to be considered to ensure the marketing plan takes account of these. [Key knowledge \#3 - Market Research] Market research is the process of gathering information to assist business owners in making informed decisions about the marketing of the business. PURPOSE: - - - STEP 1:Determine information needs = clearly and accurately stating the problem STEP 2: Collecting data tools and techniques =**Marketing data** comprise the information relevant to the marketing problem. 1. 2. STEP 3: analysis and interpretation = gathered data needs to be analysed and interpreted so that conclusions can be drawn. **Statistical interpretation analysis** - focus on the data that represents average, typical or deviations from typical patterns. **[Types of primary data]** 1. 2. 3. 1. 2. 3. 4. \*Once the market has been segmented, the business selects one of those segments to become the target market. BENEFITS: - - - [TYPES of market:] **Primary target market -** customers who are loyal to a particular business and make repeat purchases. Eg. kids aged to buy smiggle products **Secondary Target market -** a smaller and less important market segment. Eg. parents going to buy smiggle products for kids. **Niche market -** a narrowly selected target market segment eg. a pet hotel [Consumer trends] [Consumer behaviour] \*marketers closely examine consumer behaviour to understand what motivates their purchase. Businesses try to influence consumer buying behaviour by developing a mix of marketing strategies. FACTORS INFLUENCING: 1. 2. 3. 4. Marketing Mix - the tools available to a business to gain the reaction it is seeking from its target market in relation to its marketing objectives. **1. Product -** good, service, experience, idea or information that can be offered in exchange for the purpose of satisfying a need or want. - - - - - 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. **3. Place -** about making the product or service available to the customer through distribution channels... - - - - \*market coverage - how businesses choose to cover the market in one of the ways: intensive distribution (convenience goods), selective distribution (clothing, furniture and electrical), exclusive distribution (expensive products). **4. Promotion -** involves the business directly communicating with the customer. - - **5. People -** owners and managers - establish culture Staff - vital in maintaining the business' positive reputation Satisfied customers - advocate for a business **6. Physical Evidence -** Physical evidence is the environment in which the business and customers interact. 1. 2. 3. **7. Process -** customers want. -working processors -short wait times -guaranteed delivery -access to variety of payment methods +-------------+-------------+-------------+-------------+-------------+ | **Product | **Product** | **Price** | **Place** | **Promotion | | life cycle | | | | ** | | phases** | | | | | +=============+=============+=============+=============+=============+ | Introductio | New model | Pricing | Limited | Ads - | | n | or product | penetration | number of | reaching a | | | | (Low) | outlets | wider | | | | | (selective | audience. | | | | Skimming | distributio | | | | | (High) | n) | Awareness | | | | | | | | | | | | Information | +-------------+-------------+-------------+-------------+-------------+ | Growth | Product | Increase | Increase | Reinforceme | | | improvement | price | number of | nt | | | need to be | | outlets | and | | | planned | Lower price | (intensive) | persuasive | | | | | | advertising | +-------------+-------------+-------------+-------------+-------------+ | Maturity | Reinvent - | Competitive | Expand - | High level | | | make | | try | of | | | changes | | different | promotion - | | | | | outlets | build your | | | | | | brand image | +-------------+-------------+-------------+-------------+-------------+ | Decline | Sell off as | Discount | Reduce the | Discontinue | | | much of | | number of | promoting | | | your | | outlets | the product | | | existing | | | | | | stock | | | | +-------------+-------------+-------------+-------------+-------------+ [Key Knowledge \#6 - Product life cycle] Developing the product: 1. 2. 3. 4. 5. **Introduction stage -** period during which a new product is launched into the market. \*business tries to increase consumer awareness and build market share \*building demand for product from consumer, establishing market, promoting product and making it more cost effective and developing the right distribution channels. **Growth -** the product begins to increase sales to customers. \*brand acceptance and market share are pursued by the producers. \*achieved by continued development of consumer demand, promotional activity and reduction of manufacturing costs. **Maturity -** occurs when the product is fully accepted into the market when sales reach their peak. \*sales plateau as the market becomes saturated. \*organisations look for innovative ways to make their product more appealing to maintain/increase market share. **Decline stage -** when it no longer appeals to the customer. \*superseded by newer or more tech. Advance competitors or customer tastes changed. \*demonstrated by the fall in both sales and profits. May still be an opportunity for manufacturers to continue making a profit. **Extension stage -** instead of going into decline, some products can be revived and begin a new cycle of growth and eventual maturity. \*when a product is marketed into new locations, product diversification and enhancement. [Key Knowledge \#7 - customer relations and quality service ] 1. 2. - - - - 3. Good customer relations means welcoming complaints and feedback and using them as a basis for improvement. [Effective complaint system will:] - - - - 4. **Customer loyalty program:** a reward-based program offered by a business to customers who frequently make purchases. 5. Having a friendly website/online presence is crucial in today\'s modern world. If a new business doesn't have a website then the customer is more likely to look at another business. 6. If a business is located in an area where there are a large percentage of people whose first language is not English it may be a good idea to hire staff that speak the popular languages to cater to those customers. **Customer relations strategies-** involves more than just ensuring staff are friendly and helpful in dealing with customers. **Customer relations management -** a business process which uses marketing strategies and activities to develop relationships with clients, gain loyalty and bring value to the brand [Key Knowledge \#9 - Public relations] **Public relations:** the planned and sustained effort to establish and maintain goodwill and mutual understanding between a business and its publics - - - - - Function of public relations 1. 2. 3. 4. Importance of image: A business should be wanting the public to view and have the opinion of their business that is fully intended. BENEFITS: - - - - - Elements that make up a businesses image - - - - - **Technological developments:** are the invention and innovation of tools that solve problems and enhance processes. \*Modern marketing practices allow for campaigns to be personalised and tailored to each customer to ensure their individual wants and needs are met. **Social media:** is the online platform that can be used to connect with others and share content. \*changed the way businesses promote and sell their goods and services to customers. \*Social media marketing can be attributed to the ability of businesses to target ideal customers based on demographics. +-----------------------------------+-----------------------------------+ | Advantages | Disadvantages: | | | | | - - - - - | - - - - | +-----------------------------------+-----------------------------------+ **Email marketing** is the process of sending personalised electronic messages to existing customers to promote a business's goods and services. \*increase brand awareness and connect with customers. \*promotional email and re-engagement emails \*Email marketing can create brand loyalty by reminding and encouraging customers to make frequent purchases from the business. +-----------------------------------+-----------------------------------+ | Advantages: | Disadvantages: | | | | | - - - - | - - - | +-----------------------------------+-----------------------------------+ **Search engine optimization** is a process used by businesses to ensure their website ranks higher in search results when customers search for goods or services related to the business online. \*makes a business more visible when customers search for goods or services related to the business online through platforms +-----------------------------------+-----------------------------------+ | Advantages: | Disadvantages: | | | | | - - - | - - - | +-----------------------------------+-----------------------------------+ **Artificial intelligence** is software that is able to mimic the behaviour of humans. Artificial intelligence is used by businesses to provide the best possible customer experience and enhance the efficiency and success of marketing campaigns. +-----------------------------------+-----------------------------------+ | Advantages: | Disadvantage: | | | | | - - | - - | +-----------------------------------+-----------------------------------+ **Data analytics** is the process of examining information that has been collected by businesses in order to draw conclusions and make effective decisions. \*After collecting data, businesses must analyse the information to be able to understand customer behaviour and implement appropriate marketing strategies in response. +-----------------------------------+-----------------------------------+ | Advantage: | Disadvantage: | | | | | - | - - - | | | | | | | | | | | - - | | +-----------------------------------+-----------------------------------+ **Management of data** is the practice of collecting, organising, using, and storing data securely so businesses can use this information to make effective decisions \*Businesses will adopt appropriate hardware and software tools to help create a database of information about their customers. \*data management ensures that the information collected by the business is secure, backed up, and unable to be accessed by unauthorised individuals. +-----------------------------------+-----------------------------------+ | Advantages: | Disadvantages: | | | | | - - - | - - | +-----------------------------------+-----------------------------------+ [Key knowledge \#10 - planned public relations and crisis management] **Planned public relations**: is a business proactively communicating intended messages to various publics. \*Businesses that engage in planned public relations are able to have a degree of control over how information is conveyed and received in regards to change or new activity. 1. 2. 3. 4. 5. [Crisis situations ] **Risk management** is the process of identifying the risks to which a business is likely to be exposed and determining the best way to deal with them **Crisis communication plan** outlines the policies and procedures to follow when handling unfavourable publicity and news personnel when a crisis occurs - - [Implications of not maintaining a positive relationship with customers: ] - - [Key Knowledge \#11 - CSR] = By satisfying customers, a business may operate profitably. Dishonest or unethical marketing managers ultimately drive customers away. Criticisms of marketing: 1. 2. 3. 4. 5. 6. 7. 8. **Green Marketing:** promoting and selling products based on their real or perceived environmental benefits. Green Marketing could include: - - - - [AOS3] [Key Knowledge \#1 - Staffing performance and business objectives] Staff/Employee - People who work for the business in exchange for payment. = A business owner should consider how staff will influence operations and the achievement of business objectives. *Staff Performance:* is a measurement of how well staff are completing their jobs, both in terms of efficiency and the quality of the work conducted. *Management strategies* = abilities and behaviours of staff can have a significant impact on business productivity and achievement of the objectives. = [Human resource manager -] responsible for effectively managing employees through the employment cycle, which includes three main phases: establishing, maintaining and termination. = Larger business.. [Specialist human resource management staff] - responsibility falls on the owner of the business with the assistance of other existing employees. \*clearly communication goals - clear understanding of how to contribute \*motivating employees - increased production and job satisfaction \*supporting employees - increased job satisfaction *Relationship between staff and meeting objectives* Business objectives (making a profit, expanding the business, increase market share,meet shareholder expectations, fulfil a market need, fulfil a social need) POSITIVES = if you treat staff well through training, benefits and motivation they are more likely to go above and beyond customer expectations encouraging greater sales, meeting business objectives. NEGATIVES = underperforming staff may complete work incorrectly or poorly which may contribute to failing to reach business objectives. *Employment cycle* 1. 2. 3. [Key knowledge \#2 - Identifying staffing needs] *Staffing needs* *\**Require staff and their needs will be unique depending on their size and what they produce. \*Must consider if they are labour intensive or capital intensive as this can determine the amount of staff needed. \*conduct human resource planning which determines the amount, type of staff throughout the business during growth, promotions, termination and downsizing. *Staff Skills and Knowledge* \*businesses may need to recruit new staff when there is a gap in skills and knowledge of the current workforce. = Types of skill or knowledge that can be required 1. 2. 3. *Staff ideas* \*employees provide new ideas and strategies \*newly hired employees provide unique perspectives \*recruiting new staff can also encourage existing employees to constantly adapt their behaviour and way of thinking [Key knowledge \#3 - The effect of technological development on staffing needs] *Impact tech has on staffing needs* 1. 2. 3. 4. *Software effects of tech. on staffing* 1. 2. 3. *Machinery and effects of technology on staffing* 1. 2. 3. *Advantages* 1. 2. 3. 4. 5. 6. *Negatives* 1. 2. 3. 4. [Key Knowledge \#4 - Job analysis and Job design] *Job Analysis -* Is the process of identifying essential duties, tasks and responsibilities of a specific role.  *Performed in a number of different ways:* 1. 2. 3. 4. *FINAL STEP - use collected information to develop the following:* *Job description -* simply a written statement that describes the duties the employee will complete and the tasks and responsibilities they will have. *Job specification -* list of key qualities, skills, experience, qualifications that a person would need to have for a particular job. *Job Design -* the creation of a new job or the restructuring of an existing job 1. 2. 3. Benefits: staff will have necessary skills and knowledge, better recruitment, and lead to motivated employees. Negatives: Time consuming, difficult to capture, as a business grows or changes the job descriptions may change. [Key Knowledge \#5 - Recruitment Methods] *Types of recruitment - Internal and external* *Recruitment -* The process of attracting and selecting qualified candidates for a vacant job position. This can either be completed internal or external. [Internal recruitment:] Provides an opportunity for a current employee to take on a new role and responsibility within the business. \*Employee being promoted to a higher position within the organisation. \*Human resources can use a variety of methods to internally recruit. Intranet - Allows employees to access updates and news regarding the business online. \*HR can use the intranet to advertise job vacancies. \*The intranet advert can often include a job description and job specification which indicates the skills and knowledge required to fulfil job tasks. Word of mouth - Can involve employees and managers verbally sharing information about vacant job positions. \*Human resources manager may fill vacant rules with an existing employee that was directly recommended \*Often used by managers who want to promote junior employees +-----------------------------------+-----------------------------------+ | Advantages: | Disadvantage: | | | | | - - | - - | +-----------------------------------+-----------------------------------+ External recruitment: The process of filling job vacancies with individuals outside of a business Avenues: Advertisements, jobactive, social media, tafe, schools, family members Websites: Businesses can use their own website or an employment marketplace website to advertise vacant job positions. \*Allows business to provide detailed information about vacant roles, the company and job specifications. \*Attract a large number of candidates Online recruitment Agencies: Can advertise vacant job positions to the public through online recruitment agencies. \*Can apply for jobs through online \*access and narrow down a large number of applications before informing the business of the most suitable. Social media: Enable businesses to create their own profile and advertise vacancies \*Allows business to provide detailed information about vacant roles, the company and job specifications. \*individuals can apply via phone or email +-----------------------------------+-----------------------------------+ | Advantages: | Disadvantages: | | | | | Business: advertise to a large | Business: May not fit the | | group of people, more likely to | business culture, may not have | | have correct skills and | required skills | | knowledge, new employees can | | | offer new ideas and improvements, | Employee: Other employees may be | | only need to fill one position | resentful | | whether internal fills 2. | | | | Time: may need to access a large | | Time; save time by not creating | number of candidates, spend | | advertisements | additional time training | | | | | | Money: have to pay to advertise | +-----------------------------------+-----------------------------------+ [Key Knowledge \#6 - Selection methods] Using effective selection methods ensure that they hire the most suitable employees which will increase the overall performance of a business. Businesses can use more than one method during the selection process. (choosing the 'most appropriate' person rather than 'most qualified') \*expensive process - time and effort as well as costs of inappropriate selection Poor selection leads to: Training costs Job dissatisfaction and labour turnover High absenteeism Accident or defect rates, fines, claims if untrained staff are selected Selection processes types: - - - - - - - - Typical steps: Applications received - screen applicants - shortlist candidates - interviews - referee checks - offer job to candidate *Employee selection:* Interviews - a meeting that occurs between an employer and a job candidate to determine whether the candidate has necessary skills, knowledge and ideas to perform the job. Advantage - Provides opportunity to ask detailed questions that inform the selection decision Disadvantage - potential for human bias Psychological Testing - number of tests (aptitude and personality tests). Use information collected to identify characteristics of candidates that are difficult to determine face to face. Advantage - candidates with poor interview skills are able to prove themselves in another way. Disadvantage - candidates may not provide honest responses Work testing - used by a business to assess how well candidates can perform in a work setting. Tests are usually specific and candidates may be required to complete tasks they would perform in a typical day. Eg. hairdresser performing a haircut. Advantage - provides opportunity for existing employees in the business to work alongside the candidate Disadvantage - provides a candidate with the opportunity to demonstrate their knowledge, skills and abilities on the job. Online selection - required to provide information about their background education and work experience. Advantage - can be submitted instantly Disadvantage- potential to have technical difficulties [Key Knowledge \#7 - National employment standards ] *National employment standards -* the minimum entitlements an employer owes its employees, which are set out in the fair work act. (Federal government ensures all australian employees rights are regulated) \*The Fair Work Act 2009 outlines the [11 National Employment Standards], which came into effect on January 1st 2010...The Fair Work Commission (FWC) is the body that ensures businesses comply with National Employment Standards..The FWC creates awards and approves agreements in order to mandate that all employment contracts provide employees with all NES entitlements...Fair Work Ombudsman is a government agency that: provides advice regarding Australia's national workplace relations system and investigates suspected breaches of the Fair Work Act. *National employment standards (NES)* 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Ensures employees across australia: - - - Failure to comply: - - - - [Key knowledge \#8 - Employer Expectations] Employer expectations - various standards and actions that an employer may expect from their employees**.** Employee contracts - Are governed by provisions of the fair work act 2009. \*expectations of employees \*title/classification \*rates \*hours \*superannuation Award - award rates are the minimum set standards for all workers within a particular industry \*minimum wages \*overtime \*penalty rates \*leave details \*superannuation Enterprise Bargaining Agreement - provides an opportunity for employers and employees to negotiate a set of conditions that improve on the standards in an award. Business loyalty - expect employees to be loyal. Not making negative comments, not disclosing any sensitive information. Some contracts can include a prohibition on employees disclosing information for up to 12 months of leaving. Terms of notice - an employer expects that departing employees give a reasonable amount of notice of their intention to leave. Four weeks is usually considered a reasonable amount of time.. - [Key knowledge \#9 - Employee Expectations] Employee expectations, are what an employee reasonably wants from their job or employer. *Conditions of employment -* refer to what an employer has agreed to give the employee in return for the employee's work. (hours, annual leave, sick leave, redundancy) *Remuneration -* refers to the financial payment an employee receives in return for working for an employer. \*business can pay above min. wage, can also provide bonuses, company car, phone, salary sacrifice. *Flexible working conditions -* patterns of work that allow businesses to work more efficiently or allow employees to balance work and family responsibilities. *Work life balance - means achieving the right combination of time devoted to work and time devoted to personal or family life. Flexible hours may help to achieve work life balance.* *Job security -* refers to whether an employee believes they are likely to lose their job either through being made redundant or being dismissed. [Key Knowledge \#10 - Legal obligations for staffing] Legal Obligations: all employees are required by law to maintain.. -workplace that is safe -no discrimination -health and safety legislation -equal employment opportunity [Occupational health and safety act] - a legal requirement ensuring that neither staff members nor customers are at personal risk to their physical well-being while at the workplace. 1. 2. 3. 4. 5. [Equal employment opportunities] 1. 2. [Workplace gender equality] Employers must ensure that men and women are equally represented, required and valued in the workplace. Improves gender equality and provides advice [Key Knowledge \#11 - Employee Induction] Induction - the process of getting new employees to know the business (history, structure, objectives, culture, policies and practices) Purpose: - - - - Method - videos, presentations, meetings, hands on training Benefits: - - - E-learning - information delivered electronically via computer or other digital device. On-the-job training - hands on method where employees develop their knowledge and skills within the workplace Mentoring - senior employee assisting a new employee in developing the knowledge and skills needed for their role Induction Pack - physical or electronic folder containing information for new employees Organising meetings with key staff members - meeting w/ key staff members and new employees. They come together during the induction process. [Key Knowledge \#12 - Corporate social responsibility ] *[Relation to staffing:]* Recruitment and selection: - - - - - - - - - - Employee arrangements: - - - - - - - - Overseas recruitment - the process of filling job vacancies with individuals who aren't currently located in Australia \*when local candidates don't necessarily have the right skills/experience for the job. (engineering/ICT/manufacturing) \*overseas workers will be required to obtain a visa in order to legally work in Australia Visa - official endorsement that allows that individual to stay and work in the country Employer Sponsorship: Business supporting an individual\'s visa application by taking responsibility for their stay in the country - *Employers socially responsible with overseas recruits:* - - - - -