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March 29, 2024, 09:54:19 pm

Author Topic: business studies human resources essay  (Read 2805 times)

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twelftholmes

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business studies human resources essay
« on: July 18, 2020, 05:43:08 pm »
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hey !! this is the first really proper answer I've done to a business studies section four question (I wish I started earlier haha) so I was hoping if someone could please go over it for me and give general feedback? thanks!

Analyse how an understanding of the key influences on human resources can contribute to business success.

An understanding of the key influences on human resources impacts which strategies human resources management (HRM) choose to implement and thus determines the success of the business (depending on the appropriateness of the strategies). Key influences relevant to the contemporary business world include the economy, technology, and the current legal framework. The approach of the Australian airline company Qantas to these influences largely contribute to their success, as observed through indicators of the effectiveness of HRM.

Economic influences
An understanding of economic influences and their impact on the business world (human resources in particular) can allow management to improve their ability to adapt to fluctuating external influences out of their control and therefore be able to succeed as a business. For instance, a fluctuating economy influences the supply of labour. During a boom or periods of economic growth businesses can face labour shortages, as businesses compete for employees who are needed to sell the goods and services that are now in high demand (due to consumer confidence). On the other hand, a downturn or recession means that less goods and services are sold and less employees are needed, resulting in mass retrenchment (and the funds associated with this process like redundancy pay). There are rare instances where the condition of the economy severely influences businesses and the human resources function. During the Global Financial Crisis (GFC) of 2008 Qantas and many other companies were forced to stand down many of their employees. Executive pay was frozen and demand for flights decreased. Analogous to today’s current events (COVID-19), people were hesitant to travel not out of fear of getting sick but because it was impossible to afford. It is likely that an understanding of the need to anticipate the ability of worldwide events (like a major pandemic) to impact human resources stemmed from this extreme worldwide recession. During COVID-19, Alan Joyce has stated that although domestic and international travel may be stagnant for some time, Qantas’ reserves of cash in the bank “gave [them] enough runway to get to the end of 2021 with no borders opening.” Such an amount of backup money means that it is not as vital to retrench hundreds or thousands of employees out of a lack of funds to adequately remunerate them. This reduces voluntary staff turnover (employees may leave because of looming threat of redundancy) and increases worker satisfaction (wages aren’t as significantly reduced and monetary rewards still can be given, although sparingly), contributing to business success despite the influence of the economy.

Technological influences
An understanding of technological influences and their direct impact on the human resources function of a business allows HRM to reduce the negative effects on employees and therefore contribute to business success. In today’s contemporary society new advances in technology are happening at a rate never seen before, simultaneously improving operations while complicating human resources. New areas of work are created while other job titles are easily made redundant. A company like Qantas whose business purpose and global reputation is dependent on safe and up-to-date technology are always implementing new systems like the dreamliner, self-serve kiosks and inflight entertainment systems. These are cost-effective but reduce the need for many employees, creating a corporate culture where workers are viewed as easily disposable. Understanding that technology therefore reduces worker satisfaction and increases levels of disputation (through possible claims of unfair dismissal), businesses will find it necessary to implement a system of training and development which not only increases the quality of current skills but also prepares for the future skills involved with new technology that are necessary for a business to be successful.

Legal influences
A close understanding of the current legal framework in relation to human resources allows businesses to create strategies that closely align with laws and regulations. The legal framework governs the industrial relationship between employers and employees and has the purpose of enforcing social justice, defining employer/employee responsibilities, and settling disputes. All businesses including Qantas are subject to these laws. Employment contracts are legally binding, formal agreements that are built on common law, the 10 National Employment Standards and minimum wage rates. It is around these that awards and enterprise agreements are designed. Awards cover the basic rights and obligations of an entire industry/occupation while enterprise agreements cover the terms and conditions of employment particular to each business. Qantas is a party to 33 awards and 44 enterprise agreements. Although this may become complicated an understanding of common law and any updates is necessary to avoid workplace disputes and increase worker satisfaction. In addition an understanding of Work Health and Safety laws (like the Work Health and Safety Act 2011) allows HRM to implement training programs that will help protect the health and safety of all stakeholders in the workplace and cover legal requirements. Qantas’ WHS program has meant an 80% reduction in employee injuries since 2011. As one of the indicators of effectiveness of human resources management, a reduced rate of accidents indicates a value placed on each individual employee and a positive corporate culture, instrumental for business success.

Business success is largely dependent on an extensive understanding of the main influences that are particular to the human resource function. A thorough understanding of these influences allows Human Resources Management to implement strategies that are particular to these influences. An understanding of the fluctuating nature of the economy means that staff can still be retained, and an understanding of the technological and legal impacts on HR will allow management to implement adequate training and development programs. Qantas’ understanding is evident through the success of their strategies and indicators of effective HRM such as increased worker satisfaction, reduced staff turnover, lower accident levels and positive corporate culture, all of which are fundamental to the airline company’s success.

961 words
HSC 2020: English Advanced [71], Maths Adv [74]+ Ext [21], Physics [80], Ancient History [79], Business Studies [67]
ATAR: 68.50

round 2!!
HSC 2021: eng adv, math adv, physics, ancient history