Human Resource Practices and Business Success

This assignment provides an analysis of human resource management practices in a business setting, focusing on team development, motivational theories, and leadership styles. It also discusses accounting processes' implications in business activities and concludes with a summary of key findings.

HOW BUSINESS OPERATE

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
COVERED IN PPT.....................................................................................................................1
TASK 2............................................................................................................................................1
2.1 Importance of accounting for business success.....................................................................1
5.1 Different functions of HR department in business................................................................2
5.2 Key features of employment legislation................................................................................2
TASK 3............................................................................................................................................3
3.1 Accounting workshop............................................................................................................3
TASK 4............................................................................................................................................4
4.1 An analysis to determine own and other's roles of team members........................................4
4.2 Team Development................................................................................................................4
TASK 5............................................................................................................................................6
COVERED IN PPT.....................................................................................................................6
CONCLUSION................................................................................................................................6

INTRODUCTION
Surroundings in which a business runs its business activities which is called as business
environment and there are many factors that are comprised in atmosphere are divided in two
parts one is intrinsic and other is extrinsic. All these points should be consider while planning
business activities. Present assignment is based upon TESCO company which is a retail super
and hypermarket that is operating its operations in and around United Kingdom. Information that
is included in this report is knowledge of various type of organisation along with their
accounting system and human resource practices. All these factors are taken into consideration
when business actions are taking place in market.
TASK 1
COVERED IN PPT
TASK 2
2.1 Importance of accounting for business success
Management developed finance department in venture for managing all activities that are
related with money like formulation of budget, record of all incoming and outgoing cash and
credit. To accomplish all task and duties in most appropriate manner then it is required that all
transactions that are associated with finance that are taking place in association. Accounting
process is defined as recording measuring, analysing, interpreting all information of expenses
and incomes that are necessary for financial decision making. This action aids management in
conveying all information associated with status of corporation to all stakeholders like
consumers, suppliers, government, shareholders etc. This type of action is helpful in increasing
goodwill and reputation of company in marketplace. There are many advantages that are linked
with accounting process are stated as beneath:
 Systematic Record: Management applies accounting process in business operations for
recording all transactions that are happening in day to day business operations like
incomes, expenses, investments and gains.
 Assess Business Performance: Accounting procedure aids management in getting
accurate information related to profit and loss that are generated by TESCO company.
This action helps in anticipating larger market share and enhanced goodwill. This action
sketches portrait of organisation in front of customers.
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 Protect investors and promote transparency: All detailed financial statements are
formulated by departments of finance of TESCO company. This type of action provides
financial security to firm by recording all data
5.1 Different functions of HR department in business
It is required fro human resource department that they hire and maintain adequate number
of employees in an organisation for attaining all targets in limited period of time. TESCO is a
supermarket and able in dealing in services industry and reason of their success is that company
acquired prominent number of employees so that all task are taking place in most appropriate
manner. There are many practices that are subject matter to human resource department and
these are explained below:
Recruitment: This is define as hiring of a candidate in association whom have adequate
skills and talents for accomplishing task that would be assign to applicant. Human resource
department is liable for hiring best person for one or more than one vacant post in order to
maintain smoothness in business activities. This type of hiring includes campus placement,
management consultants, media advertisement and agencies that are used to fascinate more
candidate for recruitment process.
Staffing: Once a candidate is hired then staffing is placement of that person upon blank
position as per his/her skills and talents. This is done for selecting best candidate by taking
assistance of various tools like test interview that includes some set of questions in order to
assess skills and specialisation of person.
Training and Development: Human resource department always assess performance of
all employees and then carry out a result that all task are being performed in most appropriate
manner and if answer is no then HR manager plans training and development program for those
workers whom are not efficient in accomplishing their task and duties.
Employee Relations: Staff members feel themselves more connected with company
when management invites them for participating in decision making procedures. So it is an
initiative of human resource department for enhancing employee and employer relationships.
5.2 Key features of employment legislation
Government framed many regulatory bodies that are provided responsibilities of taking
care human rights at workplace and government also introduced many laws in respect to this like
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health and safety act, Anti-Discimination act, law related to work hours etc. Main elements of
these section are discussed below:
 These laws are helpful in providing adequate working environment by ensuring security
and of workers by applying rules in business activities. This action brings work
satisfaction and ethics in staff members and also creates positive image of firm in front of
customers.
 All workers are assigned task and duties according to their skills and talent not upon the
basis of their religion, community, cast, nationality etc. This is an Anti-Discimination act
that secures all employees from partiality.
 It is required from HR practices that they take care about all requirements of manpower
whom are working in TESCO. This action is done for making workers self motivated.
TASK 3
3.1 Accounting workshop
Profit and loss statement of TESCO for the year 2017
REVENUES 2017
Revenue in Total 55295000
Revenue Cost 52932000
Gross Profit 2363000
Selling General and Administrative 1190000
Total Operating Expenses 54122000
Operating Income or Loss 1173000
Income from Continuing Operations Amount
Total Other Income/Expenses Net -1028000
Earnings Before Interest and Taxes 1173000
Interest Expense -513000
Income Before Tax 145000
Income Tax Expenses 87000
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Minority Interest -24000
Net Income From Continuing Ops 58000
Non-recurring Events Amount
Discontinued Operations -112000
Net Income Amount
Net Income -40000
Net Income Applicable To Common Shares -40000
Interpretation: As per above Profit & Loss statement of TESCO for the year 2017, it is studied
that as company set up their business in various countries; so management has numerous
customer base (Prajogo, 2016). herewith this, management provide distinctive variety of
products and quality facilities to improvise sales volume. Company has incurred total revenue
about 55295000 and net income of firm is (-40000).
TASK 4
4.1 An analysis to determine own and other's roles of team members
In association, staff members are combined in team on the basis of their talents, virtues
and skills so that all task could be performed by them with maximum efficiency. My
interpersonal skills were got improved when a problem solving environment was set up in
organisation and due to this I was able in establishing communication with my co-workers and
because of this leadership and communication virtue of mine has improved and in this situation
proper guidance and instructions were provided for completing all task and duties. Teammates
are able in performing their task in most appropriate manner like attainment of target in shorter
period of time without hampering performance quality if they are allotted duties and actions
according to their virtue and specialisation. Other than this, I am efficient in retaining skilled and
talented people for longer duration of times along with reducing absenteeism. To obtain all
targets, company provides quality wise good products and services to customers.
4.2 Team Development
In TESCO, management formulates teams and groups for improving productivity and to
deliver adequate items and facilities to customers so that client's need and wants could be
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addressed in most satisfactory manner. There are many steps that are counted in team
development that is a task of human resource management.
Forming: Team building according to skills and talents of personnels.
Storming: Brainstorming activity should be conducted in order to evaluating ideas and then
allotting task according them.
Norming: Construction of policies along with strategy formulation.
Performing: Providence of guidance or direction to staff members for bringing efficiency in task
accomplishment.
Below are some motivational theories that are applied in work practices in order to
increase morale and inspiration among employees.
Maslow's need hierarchy: According to this theory, human requirements are set in a
pyramid. As per view points of Maslow, an individual always cater its basic necessities like food,
shelter, security etc. then other type of needs is to be raised like job security, safe working
environment etc.
Herzberg's Motivation-Hygiene theory: Management always try to provide safe and
friendly environment along with effective working conditions so that employees could work with
full enthusiasm and motivated by getting job satisfaction.
Alderfer's ERG theory of motivation: Motivation is provided through giving benefits
like compensation for better living standards to employees. Alderfer also emphasised on
employees and employer relations.
Different leadership style that are utilised by superiors of TESCO are as beneath:
Autocratic Leadership: When all power is centralised with leader and follower have to accept
guidance only and they are not suppose to give their feedbacks and opinions in any matter.
Democratic style: In this kind of leadership, leader delegates authorities and power among all
followers in order to make them more important by inviting them for fundamental decision
making system.
Laissez- faire style: In this type of leadership style, management allows workers to choose task
of their choice and left decision upon workers that what manpower wants to do.
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