Development is a broad concept that is future orientated ...



Discuss?James?Kennedy’s?entrepreneurial?characteristics/skills?with?reference?to?the?text. ?(20)?James is a moderate risk taker. He would take calculated risks, which have been minimized. These would be financial and a person’s reputation. He is not afraid of failing. Some people are excited from taking risks; He is prepared to take calculated risks in pursuit of business success; seizing opportunities and doing something new.James Kennedy established Medway Devices in 2014.??James is independent. He has the ability to stand alone, create a job for one’s self and be in control without relying on others for employment. The entrepreneur gains a sense of freedom from being their own boss/control over their own lives.Having?previously?worked?as?a?product?engineer?for?US?giant Medline, James?left to?pursue?his?ambition?of?running?his?own?businessJames is innovative and looks for something original which will not be in direct competition with other firms. Entrepreneurs look for products and ideas that will set their firm apart. Having identified a gap in the market the entrepreneur gains satisfaction from doing something new and bringing it to market.He?saw?an?opportunity?to?develop?implants for?the?hip?replacement?sector.James is realistic and recognises his shortcomings and takes appropriate action to overcome these shortcomings. An entrepreneur does not try to achieve the impossible. They put availability ahead of desirability. James was aware how difficult it?would?be?to?compete?with?major?global companies.?(B) (i)?? Evaluate?the?management?skills?displayed?by?Maria?Gill?in?Medway?Devices.Leadershipis the ability to influence others and to direct them towards achieving goals. It allows a manager to have a positive impact on how others behave. The authority of the leader must be recognised by the group. The group must have a shared common objective.Maria Gill is an autocratic leader.Maria is a leader who likes to be in control of things and does not delegateThere is little consultation with employees, frequently dictating instructionsAll major decisions are made by the leader and orders are issued and directives are made to be obeyed without question.The?management?team?feels?frustrated?with?Maria’s?approach?to?decision making?because?Maria?takes?full?control?of?all?munication is the exchange of information between people. There is a sender and a receiver involved and it is important that the message sent is fully understood. The most common types are verbal, written, visual and electronic. Managers spend about 75% of their time communicating and poor communications is a major cause of conflict. Good communicators make better managers.Maria is not a good two-way communicator.She?regularly?gives?instructions?to management,?without?taking?any?valuable?feedback.??Her?main?method?of?staff?communication is?via?e‐mail.?Motivation is recognition of the factors, which cause people to put real energy and drive into their work. They remain continually interested and committed to a job. Reward is essential but does not necessarily mean monetary payment.How to improve motivation in an organisationPleasant working conditions.Interesting and challenging work\Good communicationsGood pay and benefitsRecognition of achievementJob security.Maria has attempted to motivate staff using the social belonging stage of Maslow’s Hierarchy of needs.?On?noticing?this,?Maria?has decided?to?ensure?that?more?staff?social?activities?are?arranged,?together?with?extra?funding?for the?staff?social?club.?EvaluationIn my opinion or judgement Maria has shown a poor leadership style. A democratic style would be more appropriateA weak communication style of emailing staff could be replaced by a series of face to face meetings with employees.Maria is trying to improve motivation by funding the sports and social club as a reaction to the high labour turnover.(ii) Outline?one?implication?for?the?business?of?the?management?style?displayed?by?Maria. ? (30)?Maria is an autocratic leader with a poor communicating styleOne implication of this style is that subordinates get little experience of management and morale can be low among staff and staff turnover can be high.?As?a?result,?some?employees?have?left?to?pursue?opportunities?in?other?medical?companies.Discuss?the?functions?of?the?Human?Resources?department?at?Medway?Devices. (30)The firm will need to use manpower planningThis is the assessing of the firm’s people needs and the forecasting of people needs for the future. Human Resource managers must stick within certain budgetary requirements as set out by the cost accountant. A staff audit is carried out and this analyses the skills and expertise that exists within the firm.The HR manager must forecast the demand for labour, taking absenteeism into account.Overstaffing loses the firms competitive advantage as it is wasteful and expensive.Understaffing loses economies of scale such as specialisation of labour and reduces orders sales and profits.The?Human?Resources?(HR)?department?of?Medway Devices?looked?at?the?need?for?staff?for?the?new?plant.?The firm will engage in Recruitment and SelectionThis process is essentially concerned with finding, assessing, and engaging new employees.Recruitment is concerned with attracting a group of candidates to apply for a given vacancy.Selection is the process of choosing the most suitable candidate from a pool of candidates identified through recruitmentWhile?many?of?the?staff?from?the?Irish?plant?will?be?relocated,?the?HR?department?predicts?they?will?need?to?recruit?120?staff?within?the?next?six?months.?The?department?advertised?on?recruitment?websites?in?a?wide?range?of?countries?to?attract?the?best?candidates?for?every?position.The firm will use Performance Appraisal and reviewThis is a systematic approach to evaluating employee’s performance, characteristics, or potential with a view to assisting with decisions in a wide range of areas such as pay, promotion, employee development and motivation. A performance review is held once or twice yearly.The?quarterly?staff?appraisals?at?the?Irish?plant?have?been?postponed.The firm uses rewardingThis refers to the compensation practices at a firm. It is more than just wages and salaries. There are three aspects: Pay i.e. basic salary Incentives (reward for performance beyond normal expectations) Benefits which refer to indirect rewards e.g. Free health insurance.The?job?advertisements?highlighted?the?excellent?salaries?offered?by?the?business.The firm uses Training and DevelopmentTraining is the acquisition of the knowledge skills and abilities required to perform effectively in a given roleInduction training prepares new employees for the tasks ahead. It familiarises the person with the working of the firm. The person is familiarised with the company ethos. Training should include the firm’s overall staffDevelopment is a broad concept that is future orientated and concerned with the growth and enhancement of the individual. It helps the person to blend into the firm’s corporate culture. It focuses on the individual’s potential and future role in the workplace.It focuses on ability, understanding and awareness of the existing staff.This?is?largely?due?to?the?HR?department?planning?an?induction?programme?for?new?staff?and?organising?training?for?existing?staff?who?will?be?relocating?to?Singapore. ................
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