Business Environment and HR Practices

This assignment provides an analysis of the business environment of a company, highlighting the importance of proper interaction between workers and management. It discusses how democratic leadership styles can help maintain equality among employees and promote participation in decision-making activities. The report also touches on the role of human resource departments in introducing high-skilled employees and adopting effective leadership theories to enhance sales performance.

HOW BUSINESS
OPERATES

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 (Covered in ppt.)................................................................................................................1
TASK 2............................................................................................................................................1
2.1 Importance of accounting for business success................................................................1
5.1 Different functions carried out by Human Resource department in business..................1
5.2 Key features of employment legislations.........................................................................2
TASK 3............................................................................................................................................2
3.1 Profit & Loss Account for Marriott Hotel........................................................................2
TASK 4............................................................................................................................................3
4.1 Role of team-members and own.......................................................................................3
4.2 Team Development..........................................................................................................4
4.3 Role of leadership and motivational style in context with different situations................5
4.4 Impact of leadership style on workers..............................................................................5
TASK 5 (Covered in ppt.)................................................................................................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
In today's competitive world, business environment of companies have become more
dynamic in nature. Therefore, it creates many changes in internal and external environment of
business which impacts on operational functions of organisations in large manner (Pereira and
Caetano, 2015). It includes governmental laws and legislations, CSR activities, economical
fluctuations and so on. In this regard, Marriott Hotel of UK has chosen for presenting a report on
how this organisation operates its business. This assignment has majorly focused on different
kind of business structure which are followed by private and public organisations of United
Kingdom. Along with this, accounting workshop also has been discussed with effectiveness of
customer’s service provided by this hotel.
TASK 1 (Covered in ppt.)
TASK 2
2.1 Importance of accounting for business success
Management accounting is an important function of company under which financial
activities are tracked for determining position of business (Dunning, 2014). inance refers to the
most indispensable aspect for an organisation which helps in conducting business operations
smoothly. Therefore, accounting is considered as highly mandatory for success of a business
which helps in following manner:-
Control loss:- Accounting management helps in keeping record of every business
transaction by which managers can control expenditure and prevent organisation from
occurrence of loss.
Prepare budget: Since accounting management majorly focus on preparing financial
statements like Balance Sheet, Profit & Loss Account and more. So, all these things help in
formulating proper budget plan for overcoming from possibilities of business loss in future.
5.1 Different functions carried out by Human Resource department in business
In a company, all divisions have different roles and responsibilities for conducting
business operations (Bernstein, 2015). It includes management and operation, human resource
management, sales and marketing department etc. Among these divisions, HR department plays
crucial role in success of business by hiring best candidates into workplace who are able to
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conduct business operations in desired manner. In addition to this, some major functions
conducted by HR managers in an organisation are given as below:-
 Giving employment to most eligible workers within workplace by using different
methods of recruitment and selection.
 Organising training and development programs for workers for enhancing their skills.
 Designing different motivational programmes for boosting morale of employees so that
they can give high cooperation in success of business (Palattella and et. al., 2016).
 Keeping records of business in confidential manner for preventing the same from
fraudulent activities.
5.2 Key features of employment legislations
In order to prevent employees, form exploitative and abusive activities, Government of
UK has established various laws and legislation (Employment Legislation, 2018). It includes
employment laws which are necessary for organisation to concern while hiring and firing
employees. It will help employees in preventing themselves from unfair dismissals and getting
proper salary. It includes
Health and safety:- It was established in 1974, which assists organisations to provide
appropriate training to workers so that they can become able how to keep become familiar with
working environment and work accordingly (Demuijnck and Fasterling, 2016).
Data and Protection act: This act was enacted in 1998, according to which it is
necessary for all organisation to keep personal information of employees in safe manner and
never disclose the same in front of third without permission.
TASK 3
3.1 Profit & Loss Account for Marriott Hotel
Revenue 12/31/2017
Total Revenue 22894000
Cost of Revenue 19192000
Gross Profit 3702000
Selling General and Administrative 894000
Non Recurring 159000
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Others 290000
Operating Income or Loss 2359000
Income from Continuing Operations
Total Other Income/Expenses Net 726000
Earnings Before Interest and Taxes 3124000
Interest Expense 288000
Income Before Tax 2836000
Income Tax Expense 1464000
Net Income From Continuing Ops 1411000
Net Income
Net Income 1372000
Preferred Stock And Other Adjustments -
Net Income Applicable To Common
Shares 1372000
Interpretation: From this above data, it has interpreted in current year that Marriott
Hotel has gained total revenue 22894000. while at the end of financial year, it has earned net
income 1372000 which is applicable to common shares.
TASK 4
4.1 Role of team-members and own
In order to accomplish targeted goals and objectives in short period of interval, managers
of Marriott Hotel used to assign roles and responsibilities to workers by collaborating them in
group. But for building a strong team, it is required to maintain mutual understanding among
group-members so that they can share opinions and thoughts with each other for completing a
common task (Ward, 2016). As I am working as a manager in this hotel so, it is a prime duty of
mine to determine abilities of each member before assigning them roles and responsibilities.
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Along with this, for identifying strengths and weaknesses of team-members, I used to track
performance of each. It will help in providing training and development to them for reducing
their weaknesses so that a better team can be built.
4.2 Team Development
An effective team always provide better result in a company which helps in keeping
sustainability of business. Therefore, to build a strong team it is required to follow certain steps
as given below:-
Forming: It is an initial step in which managers used to determine behaviour of members
so that roles and responsibilities can be assign to them as per skills of them.
Storming: In this next step, after understanding roles, members show their skills for
completing a ask by competing with each other. So, different types of clashes and conflicts
among team-member has generated in this stage.
Norming: In this stage, employees now try to make effective interaction with each other.
It will help them in working with cooperation so that assign duties can be completed in given
period of time (Palattella and et. al., 2016).
Performing: It is last step in which every team member give best performance for
achievement of targeted goal.
Different types of motivational theory:
Maslow's Need Hierarchy theory: It is considered as most essential theory which
ascertains basic needs of employees like physiological, safety and security, social, esteem and
self actualisation. Therefore, by completing such needs of workers, managers can motivate them
to give high contribution in business success.
Herzberg's motivational theory: It is classified into two main aspects via intrinsic and
extrinsic motivation (Dunning, 2014). It helps an organisation in maintaining a linear
relationship between management ans employees by providing them different types of benefits.
Various kinds of leadership style:
As per current scenario, managers of Marriott Hotel adopt different kinds of leadership
styles for handling situations of workplace (Finch, 2016). It includes autocratic, democratic and
laissez faire leadership styles. For example: In order to increase performance of business, they
use autocratic leadership style in which employees are forced to adopt changes so that demand of
customers can be fulfilled on time. While in case of resolving conflicts among workers,
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democratic style helps in giving them open environment where they get opportunity to express
views and problems.
4.3 Role of leadership and motivational style in context with different situations
Business of companies have become more dynamic, where changes in operations and
other activities are done in regular manner for improving sales performance (Bernstein, 2015).
So, it leads to generate various issues also like resistivity among employees for accepting
changes. Similarly, managers of Marriott Hotel also face same issues when they implement any
new techniques into workplace. Therefore, adoption of democratic style in leadership and
Maslow motivational theory helps in reducing resistivity among workers. This would help in
encouraging employees to accept by creating awareness among them about benefits of the same.
Through Maslow theory, they can fulfil every requirement of employees and democratic style
helps in gaining high contribution towards achievement of targeted goals.
4.4 Impact of leadership style on workers
It has evaluated that autocratic leadership style is most beneficial in case of improving
and increasing sales performance of a company (Adjei and et. al., 2014). But it leads to generate
various clashes among workers and management related to mutual understanding. Therefore,
managers of Marriott Hotel applies democratic style of leadership in order to maintain proper
interaction with employees. It will help in generate feeling of equality among workers by
including their participation in every decision making activity.
TASK 5 (Covered in ppt.)
CONCLUSION
From this report it has concluded that, business environment of a company plays a crucial
role in obtaining success. In this regard, all departments of organisation give their contribution in
achievement of targeted goals and objectives. Among them, human resource department helps in
introducing high skilled employees at workplace. Moreover, in order to get right work from
employees, HR managers adopt effective leadership and motivational theories. It will help in
providing better services to customers by which sales performance can be enhanced.
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REFERENCES
Books and Journals
Adjei, H and et. al., 2014. Assessing the Corporate Social Responsibility Activities of Atwima
Kwawoman Rural Bank Limited and its Impact on the Communities it Operates.
European Journal of Business and Innovation Research. 2(4). pp.36-47.
Bernstein, M. H., 2015. Regulating business by independent commission. Princeton University
Press.
Finch, B., 2016. How to write a business plan. Kogan Page Publishers.
Palattella, M. R. and et. al., 2016. Internet of things in the 5G era: Enablers, architecture, and
business models. IEEE Journal on Selected Areas in Communications. 34(3). pp.510-
527.
Ward, J., 2016. Keeping the family business healthy: How to plan for continuing growth,
profitability, and family leadership. Springer.
Demuijnck, G. and Fasterling, B., 2016. The social license to operate. Journal of Business
Ethics.136(4). pp.675-685. European Journal of Business and Innovation Research.
2(4), pp.36-47.
Bernstein, M. H., 2015. Regulating business by independent commission. Princeton University
Press.
Dunning, J.H., 2014. The Globalization of Business (Routledge Revivals): The Challenge of the
1990s. Routledge.
Pereira, B. A. and Caetano, M., 2015. A conceptual business model framework applied to air
transport. Journal of Air Transport Management. 44. pp.70-76.
Palattella, M. R. and et. al., 2016. Internet of things in the 5G era: Enablers, architecture, and
business models. IEEE Journal on Selected Areas in Communications. 34(3). pp.510-
527.
Dunning, J. H., 2014. The Globalization of Business (Routledge Revivals): The Challenge of the
1990s. Routledge.
Online
Employment Legislation. 2018. [Online] Available Through:
<https://businesscasestudies.co.uk/business-theory/people/employment-
legislation.html>.
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