Human resources Essay

Sales and profits Human resources can improve sales and profit within the business. This is because the HR department itself are in control in terms of Hiring (including recruiting candidates, the interview process, negotiations, and signing contracts. ) So technically speaking if the HR department hired a sales man that was not up to satisfaction and was lacking sales. Then this may have been down to HR department not being thorough enough at the interview or their person specification. I believe the business should overlook the HR department and see what may need tweaking. I believe doing this would potentially help the measurement of sales and profit within the business. Because hiring a well-earned applicant for the job would be there will be more sales/profit. There are many technical resources that may help aid sales and profits to increase within a business. One technical resource that could potentially increase sales and profits is the use of software for a development of a website. Nowadays the majority of the population has some type of computer. Having a website for your business can be very effective, businesses may use a website to either sell their products/items or they might just use it for promotion and advertisement purposes. One may be effective more the other depending on the type of business. Although at the end of the day both ways in which you use a website for your business is effective. As it will promote it to a wide range of audiences that have access to the web, this then would result in sales and profits potentially increasing. Physical resources may be necessary if the business may need publicity for it to operate. For example, having a branch. More customers are more likely to join a ‘firm’ if you have a branch and by this time the finance could potentially increase gradually, therefore improving sales & profits. Financial resources can help monitor the finance within the business. A business needs to insure that they have enough money so that they are able to order stock/products e. c. t. They also have to insure that they are monitoring the money effectively so that they have money for bills, wages and other expenses. I believe using financial resources can help aid a business’s profit and sales just by monitoring effectively. Customer base The HR department are in control of the Promotions and raises within the business. If for example a group of customers come on a regular basis to buy various products for a specific price. Then if one day HR decides to raise the cost of product doing this could potentially damage the customer base. This is why it is important for the HR department to ensure that they have regular promotions within the business they should also only raise the product items if it is completely necessary, otherwise it could affect suppliers or other customers that are In businesses ‘customer base. ’ Carrying this entire out could defiantly aid the customer base. Having technical resources available means that the business is able to keep a customer base. This can be done by customers be able to use a website for latest information or they can get updated emails e. c. t. I believe ensuring a business has an email system and website is important as it can maintain a customer base for people that are interested. A business should use physical resources to set up a customer base. There are many physical ways in which you can set up a customer base or help get one together. As a business you should always be on the hunt for new customers and seeking methods to bring them to your door. If you are not consistently looking for opportunities-s to build your customer base, your business could fall off of the growth track. One really popular way to start up a new customer base is it to use Twitter, Facebook, Google+ or LinkedIn. It all depends on whom you are targeting for business. Managing financial resources is about getting the most from the resources you have available. It involves implementing resource management procedures and it also controls and can include managing costs and maximising opportunities. A customer base can be managed and improved by using a bank loan or some type of finance resource. Using this investment business should use it to promote/advertisement their company, doing this could potentially help create or increase a customer base. Employee satisfaction and staff turnover HR department could potentially help aid the employee satisfaction within a business. This is because HR are in control off the employee, HR have the power to dismiss an employee they also have the power to promote an employee. The HR should ensure that all the employees are comfortable in their job they should do this by using questionnaires at the end of the month for employees to fill in, I believe doing this could potentially increase the employee satisfaction that they have on the business. HR should include special days once a month and include a paid meal for all employees; this could potentially raise employee satisfaction. Staff turnover is controlled by the HR department and Therefore they are in control in terms of employing new employee’s e. c. t. Although HR should be well aware and only employ employees that meet the full requirements for the job. Technical resources can make the work place more appealing and may satisfy employees. For example having computers in an office for employees to work on will satisfy them. Although if for example the work place did not have computers, employees may feel unsatisfied and they may feel uncomfortable this then may result in employees quitting their job. That is why it important for every work place to ensure that they have technical resources within the work place if necessary. Ensuring that the work place has computers and other technical resources may positively affect the staff turnover within the business. It may result in receiving a good reputation in terms of having good equipment and resources within the work place. Employee Job Satisfaction surveys allows an organization to understand their employees. Employees often act on the basis of their environment, the behaviour of their colleagues, and management policies. Employee satisfaction and retention surveys can give management the knowledge and tools that directly impact the bottom line and business outcomes and doing this could potentially build positive employee relations and a positive work environment. This could later down the line increase staff turnover as employees by feel comfortable and like their job more this therefore will potentially increase staff turnover. Finance within a business can increase employee satisfaction. For example if the work place is poor businesses should use financial resources to sort it out, if left poor employees may feel ‘unsatisfied. ’ This also could result in staff turnover to decline. Customer satisfaction The HR department are responsible for hiring employees with respect. The HR department should ensure that before hiring an applicant that they show good customer communication and they should also have a good experience with customers. Also ensuring that the applicants have these qualities is important especially as a sales man. Having attitudes towards customers would defiantly affect the businesses customer satisfaction in a whole. Tasks in hand cannot be completed without these vital technical Resources. For instance; if computers or any other technical resource is damaged or not working for a particular reason then, this may effect customer satisfaction. With physical resources there would be no customer satisfaction. Physical resources are known to be the resources made by man through his abilities and skill. The technology, buildings, and many more products. Therefore if the building layout is poor this could result in customers not being satisfied. Finance resources can be used to aid customer satisfaction. A small group of member can be funded by finance resources to carry out customer surveys this can be used to help manage customer satisfaction within the business. Customer satisfaction is down to the service and the quality of the service. This can be managed and potentially increased by using financial resources to improve the quality and the service. Levels of efficiency Human resources departments play a critical role in contributing to the Overall productivity and efficiency of an organization. As HR helps to build a stronger workforce through better recruiting, training and retention, the Workforce helps drive the efficiency of the business as a whole. Levels of efficiency can be improve and measured. This can be measured by using technical resources. For example using a piece of software such as ‘excel’, this type of technical resource can help businesses record figures e. c. t. Also using this piece of software could potentially improve the levels of efficiency within the business. Levels of efficiency can be measured using technology (physical resources. ) Businesses can measure the efficiency using computers. Measuring the levels of efficiency is important as business are able to see an overall view of the businesses performance/efficiency Finance resources can help increase the levels of efficiency. There are a number of ways in which this can be increased. The business should see where which area is falling and they should invest money into this to resolve the problem. 2 June 2013 From: UkAdvisers Subject: Measures of performance and resources Introduction Definitions: Performance measurements: A sale is something that is sold for generally money. Although profit on the other hand, is money that is made through services it also excluding all expenses. A customer base is group of customers that come on regular basis and is serve by the business or service. Employee satisfaction is important is any business without it a business will lack employees working. What is does it mean? Employee satisfaction is how an employee feels in terms of their workplace/job role. Staff turnover is the amount of staff joining and leaving the business. Customer satisfaction is similar too previous performance measurement, although customer satisfaction in a whole is how a customer feels about the business overall. The definition behind the levels of efficiency within a business is in other word the overall performance of the business, for example efficiency within a workplace is the time it takes to do something. Efficient employees and managers complete tasks in the least amount of time possible with the least amount of resources possible by utilizing certain time saving strategies/methods. Resources: Physical resources are known to be the resources that are made by man through his skill. The technology, buildings, and many other products that are made by man are just some examples of physical resources. Financial resources concern the ability of the business to finance its chosen strategy. An example of this is a strategy that requires investment in is things such as new products; distribution channels and working capital these will all place great strain on the business finances. Human resources (HR) is a department within the company that is responsible with finding, screening, recruiting and training job applicants, as well as employee programs. Technological resources are such things as software, designs, music or text. Findings: I believe for ‘sales and profit’ the important resource for this is technical resources, the reason I have chosen this as the most important resource for this performance measurement is because within this resource businesses will fail to get the business on-line they will also will be unable to measure the sales and profit within the business this potentially could then damage the business. I have chosen finance resource as the least important resource for sales and profit, the reason I done this is because although finance could potentially help a business it can also damage a business in terms of paying back interest, businesses may out take various loans or other types of finance and then struggle paying it back due to the large amount of interest (%) attached. A customer base is important in a business and in my personal opinion I believe that again ‘technical resources’ are the most vital compared to the others. This is because nowadays a large percentage of the population have internet and visit social websites such as; Twitter and Facebook. If a business had the right technical resources available then depending on the business having Facebook for example and starting up a Facebook fan page or customer page could potentially increase a customer base or it could maintain a longer existing customer base. The least important resource that would slightly affect a customer base is using finance resources. I believe that using finance wouldn’t maintain a customer base or increase a customer base unless used for promotion etc. Employee satisfaction is important if businesses want employees to stay working. This is why I believe physical resources are the most important resource. The reason I believe this is because handing out questionnaires to employees for feedback and improvement’s will reassure customers and make them feel more comfortable it will also give an opportunity to employees to get their point across about something they may not like within the business. The least effective resource for this is technical resources, having few technical resources may not mean that employees will be unsatisfied, also the business may not necessarily need technical resources for its purpose. Human resources (HR) in my opinion is the most important resource for satisfying customers, this is because HR are responsible for hiring well-respective and well suited people for the job. Without this customers may feel unsatisfied with their service or their talk with an employee. I also believe that ‘finance resources’ are the least important; this is because you can’t realistically fund customer satisfaction. Levels of efficiency again HR are responsible for who is hired and therefore if HR are not thorough enough with their recruitment process it may result in the company receiving an employee that is not suited enough for the job role this then would mean that the levels of efficiency within the business may decline. Conclusion: In conclusion, In my opinion I believe that human resources is the most important resource within a business and the most effective this is because HR are in charge of employee and their motivation and it also improves organizational productivity, if employees are well remunerated, with good salaries, wages, bonuses, and other fringed benefits such as housing allowance and medical allowances. This type of attitude motivation drives an employee to work as if it where his company, and thus in the long run the business will start too increase productivity. I believe that having a good motivation for something helps a person succeed. Evaluate the adequacy of accounting ratios as a means of monitoring the state of the business. (UNIT 2 D2) This is an informal report and the structure of the main section is as follows: (a) Introduce the accounting ratios. Which main areas do they measure? (Profitability, efficiency, liquidity). Why are these important? (b) How are these used to monitor the state of the business? (compare to last year, to plan, to similar businesses, to industry average) What problems might there be in using the ratios in these circumstances? (c) What can’t be measured with ratios that would be considered as relevant to measuring the state of the business? (e. g. environmentally friendly, staff motivation). Explain some examples. How important are these things when measuring the state of the business? Conclusion Given all of the above, how useful are accounting ratios to help you measure the state of a business?