Theme 2

• Gross profit is the profit a firm makes after the deduction of making the product
• Net profit is the profit made when all expenses have been paid
• Ways of working:

  • part time
  • full time
  • flexible hours
  • Zero hour contract
  • Permeant contracts
  • temporary contracts
  • Freelance contract
  • Remote working
• Documents used for recruitment :

  • Job advert
  • person specification
  • job description
  • application form and CVs
• Recruitment process:

  1. Recognising a job role
  2. Job advert
  3. Person specification
  4. CV and application form
  5. Short listing
  6. Interviews
• Freelance contract - when a self-employed person is called into a business for a short period of time to work on a specific project that they specialise in.

  Remote working - Working from home due to the advancement of technology.

  Adv - more flexibility for staff

  Dis - may not work as hard, might not be able to ask for help, demotivate staff as no interaction with others
• Ways to communicate instead of face to face to improve efficiency.

  • Emails
  • Text messages
  • Online chats
  • Telephone calls
  • Video communication
• Person specification is a document listing the required qualifications, experiences and skills that is required by the business for a job role
• Job description - A document that describes the job.

  • Job title
  • Payment
  • Hours of work
  • Location
  • responsibilities
• CV is a summary of a person's work history, education, and skills
• Application form - A form that is completed by an applicant for a job which has a series of questions.

  Adv - quick , business get the answers they want, more relevant to job
• Internal recruitment - recruiting current employees to a new job role which is advertised within the business.

  Adv:

  • quick and cheap
  • Business know person already
  • Dis:
  • Previous role is needed to be filled
  • No new ideas is brought to business
• External recruitment -Recruiting people outside business. Advertised on employment websites or job centres

  Adv

  • Wider range of applicants
  • News skills and ideas

  Dis

  • Expensive
  • Time consuming process
• Types of training:

  • Ongoing training
  • Self learning training
  • Informal training
  • Formal training
• Ongoing training is regular training that happens weekly

  Adv

  • retain staff
  • Develop in how to do their job

  Self learning training is teaching yourself or having independent training. Business give access to videos, apps and courses.
• Benefits of providing training:

  • Boost staff motivation
  • Improve efficiency
  • Wide range of skills
  • Increase staff retention
  • DIS
  • Staff may leaver to better jobs
  • Slows production
  • Expensive
• Informal training - When training is done on the job

  • Being shown how to do job then practise
  • Training given by others workers
  • Cost effective
  • Bad working practises may be passed on
• Formal training is having a specific plan and schedule of training that is given by a professional.

  • More expensive
  • High quality training
  • Slows down production
  • Could be away or in workplace