Theories of Leadership and Motivation - Assignment
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Added on 2020-12-30
Theories of Leadership and Motivation - Assignment
Added on 2020-12-30
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How BusinessOperates
Table of ContentsINTRODUCTION ..........................................................................................................................3TASK 1 ...........................................................................................................................................3Covered in PPT.......................................................................................................................3TASK 2............................................................................................................................................32.1 Explain the importance of accounting for business success ............................................32.2 Describe the different functions of HR department in Morrison.....................................42.3 Key features of employment legislations ........................................................................5TASK 3............................................................................................................................................6Profit and Loss Account.........................................................................................................6TASK 4............................................................................................................................................74.1: Stages of team development............................................................................................74.2: Team roles.......................................................................................................................94.3: Motivation theories........................................................................................................114.4: Different types of leadership styles...............................................................................14TASK 5..........................................................................................................................................15Covered in PPT.....................................................................................................................15CONCLUSION..............................................................................................................................15
INTRODUCTION Business can be defined as the functions or activities which is performed by a group ofindividuals or persons in exchange of money or gainfulness. Main reason behind forming thesefirms is to gain sustainability or growth in the marketplace. In addition to this, when anindividual incorporates a business they have to follow all legislations, business plans so thatmanufactured products by them can be sold to the customers in easy manner. Whereas, Businessoperations includes all the activities which are performed by the business for generating profits.In order to operating the business functions in proper manner, business owners have to considerall the factors that can be internal or external and can influence the brand image or profitability inpositive or negative manner. Chosen organisation for this assignment is Morrisons which is afourth largest chain of supermarket along with headquarters in Bradford, West Yorkshire,England. The company was founded in 1899 by William Morrison and now company has 498stores which all are situated in England, Wales and Scotland. Present report will discuss aboutthe types of organisation in public and private sector in UK along with organisational structureand PESTLE analysis. Importance of accounting for business success, HR functions, features ofemployment legislations, Team development stages along with roles of team members will alsocovered in this report. In the end, assignment will discuss about the leadership styles,motivational theories along with impact of customer service on business success.TASK 1 Covered in PPTTASK 22.1 Explain the importance of accounting for business success Accounting is a process which includes recording, summarising analysing ormanagement of financial transactions of a firm so that economic condition would be known bythe owners or stakeholders. It is very important for the financial department to make properaccounts so that short term or long term decisions can be taken by the management which wouldbe beneficial for the firm in gaining growth and sustainability in the marketplace. Three majorstatements are formed under the accounting system such as income statement, balance sheet andcash flow statements which helps the stakeholders of firm in knowing actual financial condition
so that further plans can be formed accordingly. Some importance of accounting for businesssuccess are given as under:Monitoring costs– Statements like income statement and cash flow provides bettersupports to the owners and management as they can monitored the cost of product and takerelative actions for eliminating the cost. With the help of accounting system, they can easilymeasure Budgeting- Accounting process also provide supports the management in formulatingbudget because with the help of statements like cash flow and income and expendituremanagement of Morrisons can easily identify their actual conditions which will guide them information of budget for a specific time period. Business planning– It is very important for each organisation to form effective plans andpolicies so that all functions will be performed by them as per the regulations of government. Fore.g. through making cash flow statements and Balance sheet managers of organisation can easilymanagers of firm can easily decide their further investments. In case of planning for businessthese accounting systems provides a huge support in the form of optimal utilisation of resourcesso that any difficulty wouldn't be faced by them in future period. From the above discussion, it can be said that accounting systems and financialstatements are very important and provides huge support to the business organisations in gainingsuccess and growth in the marketplace.2.2 Describe the different functions of HR department in MorrisonHR department is accountable for controlling and managing the employees who areworking or providing their services in the organisation so that preset goals or objectives would beachieved in pre-determined time period. Main function of this department is to recruitknowledgeable and experienced employees so that their support can be gained in future and otherone is providing training and development to the new joiners so that their skills and efficiencywill be improved.Functions of HR departmentRecruitment and selection - Main function of HR managers in Morrison is to recruit orselect a suitable candidate from a large number of candidates who can fulfil the expectations offirm and having specific skills and knowledge which can be profitable for future development ofthe organisation. Main objective behind this function is to attract a large pool of applicants so
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