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What is a Business?
The state of being busy either as an individual, or as part of an organization, doing commercially viable and profitable work.
Profits are usually financial, or may be even-trade
Most commonly, a business is a legally recognized organization designed to provide goods, services, or both to consumers. The main objective is to generate and receive financial return in exchange for work, and risk. Businesses can be non-profit, or state-owned.
Business categories
Single owners Sole Proprietorship may operate on his own or employ others.
Personal liability for debts.
Business ownership:
Most Businesses are owned by private individuals
Capitalist Society
In some societies, all businesses are owned by the government. Private ownership is discouraged. State provides both goods and services, and keeps profits
Socialism, communism.
Markets
Market the world of commercial activity where goods, services, or information are bought and sold
Any arrangement that allows buyers and sellers to exchange goods Is there a difference between market and trade? What are the different types of markets?
What is a free market? A virtual market? Black market? Prediction market?
In marketing a group of consumers that is interested in one product, has the resources, and is permitted to acquire the product
Market Sector - a set of businesses that are buying and selling such similar goods and services
share similar characteristics In direct competition with each other. can be treated similarly
Industry
A basic category of business activity.
Involves all the people or companies engaged in a particular kind of commercial enterprise Banking industry, telecom industry, music industry
Commercial law
Most commercial transactions are governed by a very detailed and wellestablished body of rules Laws govern:
treatment of labor safety and protection issues, anti-discrimination laws (age, gender, disabilities, race, and in some jurisdictions, sexual orientation), minimum wage laws workers compensation laws, annual vacation or working hours time.
License and trademark laws. Minimum qualification laws Some businesses are subject to ongoing special regulation
investment securities, banking, insurance, health care providers. Broadcast
Organizations
Every business - from sole proprietorship to immense multinational corporations with multiple SBUs - can be seen as a collection of jobs Each job needs to be filled (staffed) Jobs are usually organized according to
Function (job description, departmentalizing) Process Authority Teams
Human Resource Management is the functional area that deals with every process connected to the staffing function.
HRM is the process of acquiring, training, appraising, and compensating employees, and attending to their labor relations, health and safety, and other concerns.
HR management
In keeping with the fast changing trends in the business world, HR functions have been changing rapidly as well.
E.g: Info-technology now plays a huge role in HR
Computerized HR activities are used to test, select, train and track employees The internet has now become the dominant tool used to recruit and hire employees
Management:
The management process has certain basic functions
Planning
Developing plans, forecasting, establishing goals, standards, rules, procedures,
Leading
Motivating, maintaining morale, getting the job done
Organizing
Defining jobs, departments, establishing channels of authority, communication, coordinating work of others.
Controlling
Setting standards, checking to see how actual performance compares with expected performance, taking corrective action
Staffing
Ensuring the right person is hired to do the right job in order to ensure that the above functions are fulfilled.
Staff Function
Duties relating to HRM functions in order to ensure that staffing needs are met
Companies that have an HR department will distinguish between Line managers and Staff managers.
Line managers are authorized to direct the work of subordinates. Their HR functions are authority based, and include:
Placing the right person on the right job Starting new employees in their department (orientation) Training employees Improving job performance Interpreting & implementing company policies and procedures Controlling costs Ensuring health and safety procedures are followed Specifying qualifications required for each job on their line
Staff Managers:
Staff managers are those managers whose primary function deals exclusively with Human Resource Activities. Having separate staff managers frees line managers from a lot of non-functional activities. Non-functional activities are defined as those that are not derived from their area of expertise and training. However, both line and staff managers carry out HRM functions. Staff managers have no line authority in the organization, except within the HR department. They have Staff authority, and are hired to assist and advise line managers in accomplishing basic goals. Three main Staff manager functions:
Line Function
Staff managers exert line authority within their own department (HR department) Maintain communication upwards and downwards in the chain of authority (have the ear of the top management) Ensure that line managers fully implement top managements policies, procedures, objectives and goals Strategy design e.g helping top management analyze labor needs Hiring, firing, promotion etc.
Coordinative function:
Orientation
Employee Counseling
Wellness Programs
Training
Employee Benefits
Safety Manager
Management Development
Special Events
Human Resource Administrative Coordinator Senior Human Resources Coordinator Human Resources Coordinator
Office Generalist.