business

• Human resource management


  refers to the formal management of the relationship between the employee and employer
• HR management responsibilities

  • Recruitment and selection
  • Induction of policies and procedures
  • Motivation
  • Training
  • Performance management
  • Termination management
  • Awards and agreements
  • Dispute resolution
  • Culture
• Employees are often considered to be a business's most important recourse
• The Employment Cycle

  • Establishment phase
  • Staff planning in line with business strategy
  • Job analysis and job design
  • Recruitment
  • Selection
  • Employment arrangements and remuneration
  • Maintenance phase
  • Induction
  • Training and development
  • Recognition and reward
  • Performance management
  • Termination phase
  • Termination management
  • Voluntary termination and involuntary termination
  • Entitlements
  • Transition
• Employees are a crucial input of a business

  It is staff who will achieve the objectives of the business
• Well-designed strategies related to the management of employees


  Help to ensure that employees contribute effectively to the achievement of business objectives
• Human recourses will be involved in determining business objectives


  They will work closely with other areas in the business to support them in achieving objectives
• The human recourse departments focus on positive work and employment relationships


  Should lead to a motivated staff, increased productivity and the achievement of business objectives
• Commonwealth bank was named Australia's best company to work for in an employee survey
• The store offered career advancement and training(professional development) opportunities to employees
• Satisfaction of 36,000 employees


  Lead to increase in its market share in the banking industry, therefore allowing the business to consistently achieve its objectives and remain rated as Australia's top bank by employees and customers
• Motivation


  The willingness of an individual to expend energy and effort in completing a task
• Maslow's Hierarchy of Needs

  • Developed by Abraham Maslow (1908-1970)
  • Believed all individuals exist in a hierarchy of five needs
  • One level must be satisfied before moving onto the next
  • Once a need is satisfies - it no longer has the effect of motivating employee behaviour
• Maslow's Five Needs


  • Physiological needs
  • Safety needs
  • Social Needs
  • Esteem Needs
  • Self-Actualisation
• Physiological needs


  The essentials/basics of life including food, water and shelter
• Business application of physiological needs

  • Providing the employee with a job
  • Remuneration (wages or salary)
  • Example: Australia Post pays its employees generously, according to the Australia Post Enterprise Agreement
• Safety needs


  • Physical and emotional wellbeing
  • Shelter and clothing
• Business application of safety needs

  • Creating job security by providing long-term or permanent/ongoing contracts
  • Ensure safe work conditions (OH&S)
  • Providing fair levels of superannuation and insurance
  • Offering counselling as required by staff
  • Competent, consistent and fair management
  • Example: Australia Post has safety as a core value. It has regular training programs regarding safety and a COVID safe plan helped them during the pandemic
• Social Needs


  Love, affection, sense of belonging
• Business application of social needs


  • Friendly work associates
  • Organised employee activities such as birthday, celebrations, meals, parties, sporting activities
  • Example: Australia post has core values of Trust and Inclusivity and regularly facilitate team discussions and activities, each aiming to foster a welcoming environment
• Esteem Needs


  Feeling recognition respect, being rewarded, sense of accomplishment
• Business application of esteem needs


  • Job title and task responsibilities
  • Good performance management rating
  • Performance-related pay
  • Promotion
  • Pay linked to status of position
  • Delegating tasks
  • Empowerment
  • Example: Australia Post rewards high performing employees through bonuses. In the 2021 financial year, the business spent $79 million on financial bonuses
• Self-Actualisation


  Personal fulfilment, reaching full potential
• Business application of self-actualisation


  • Challenging work allowing for creativity
  • Participative decision making
  • Promotion
  • Opportunities for personal growth and advancement
  • Paying for employees' further study (such as a master's degree)
  • Example: Australia Post's graduate program trains successful applicants in the digital and technology field. The program involves mentoring to build a successful career
• Disadvantage of Maslow's Hierarchy of Needs - it's hard for a business to recognise which level their employee is and it's because this is a psychology theory not a business theory
• Advantage of Maslow's Hierarchy of Needs - easy to follow
• maslows hierarchy of needs


  is a motivational theory that suggests people have 5 fundamental needs and their sequential attainment of each need acts as a source of motivation. Once a need is satisfies – it no longer has the effect of motivating employee behaviour. 
• safety and security needs


  Physical and emotional wellbeing 
• social needs


  belonging and forming connections
• esteem needs


  feeling recognition & being rewarded