Business Practices and Employee Motivation

This assignment delves into various business practices crucial for organizational success. It analyzes the impact of human resource practices, employee relations, motivational theories (like Alderfer's ERG), and different leadership styles (autocratic, democratic, laissez-faire) on boosting employee morale and productivity. The report emphasizes how these factors contribute to delivering high-quality products and services, ultimately strengthening a company's market image and reputation.

HOW BUSINESS OPERATE

Table of Contents
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............................................................................................................................................5
COVERED IN PPT................................................................................................................5
CONCLUSION................................................................................................................................5

INTRODUCTION
Business consists atmosphere which comprises several intrinsic and extrinsic factors that
directly or indirectly impact on operations. Government, suppliers, customers, technology,
economic conditions and competitors are multiple elements that management require to consider
while designing system. current assignment relies on Thomas Cook which is famous tour
operation management company and established in UK and various nations. This assignment
defines information about different kinds of organisation such as private and public which vary
with each other on basis of size, structure and objectives. Management duty is to utilise funds,
material and manpower efficiently; thereby deliver appropriate items and services in
marketplace. This helps them to generate adequate profit and timely accomplish goals and
objectives.
TASK 1
COVERED IN PPT
TASK 2
2.1 Importance of accounting for business success
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: Administration employed accounting procedure in business
activities in order to having a systematic record so that all decisions should be formulate on
relevant data basis not on the basis of observations and hypothesis.
Assess Business Performance: This action helps in anticipating larger market share and
enhanced goodwill. This action sketches portrait of organisation in front of customers.
Protect investors and promote transparency: This type of action provides financial
security to firm by recording all data that is related with stock and entries.
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5.1 Different functions of HR department in business
Human resource practices plays vital and important role in business organisations and
helps in making employee's skills and talents up to date so that all task could be done in most
efficient manner and manpower should be able in facing all challenges.
Recruitment: This type of hiring includes campus placement, management consultants,
media advertisement and agencies that are used to fascinate more candidate for recruitment
process. Main objective of conducting this function is to bringing new talents in association for
making some freshness.
Staffing: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. This function is assignment of tasks and actions that a person could do with highest
efficiency.
Training and Development: When human resource department assesses performance of
all employees and finds that there are some workers whom are not able in working their with
maximum efficiency then company will conduct training and development functions for them.
Employee Relations: This sections focuses upon bond between employer and employee
because this type of behaviour is helpful in developing friendly and healthy competitive
environment which is good for growth of a person as employee.
5.2 Key features of employment legislation
In this section, There are many laws and legislations that are made by government in
order to provide security to human rights specially for those whom are working in corporation. In
context to this, government launched many rules and regulations for reducing many unethical
working like partiality etc. There are some points that would be comprised here and are
illustrated below:
 This action brings work satisfaction and ethics in staff members and also creates positive
image of firm in front of customers.
 This is an Anti-Discimination act that secures all employees from partiality by providing
all task and duties according to skills on on the basis of any other thing.
 When all task and actions are assigned to workers according to their skills and talents
then they will feel inspired and important then conducts all liabilities with high morale.
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TASK 3
3.1 Accounting workshop
Profit and loss Account of Thomas Cook's (2017)
Revenue 2017
Total Revenue 31907000
Cost of Revenue 29919000
Gross Profit 1988000
Operating Expenses Amount
Selling General and Administrative 1207000
Operating Income or Loss 781000
Income from Continuing Operations Amount
Total Other Income/Expenses Net 41000
Earnings Before Interest and Taxes 777000
Interest Expense 165000
Income Before Tax 612000
Income Tax Expense 153000
Net Income From Continuing Ops 414000
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Net Income Amount
Net Income 459000
Interpretation: As per above report, Thomas Cook have total revenue about 31907000 and its
net income is 459000. Income before tax is 612000 as Operating Expenses of firm are 1207000.
TASK 4
4.1 An analysis to determine own and other's roles of team members
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
Construction of team is important as it improvises productivity of association and also
helps in addressing all needs and wants of customers in most satisfactory level. There are many
steps that is comprised in this section for developing teams.
Forming: Team building as per virtues and specialisations of manpower.
Storming: Brainstorming activity should be conducted in order to evaluating ideas and then
allotting task according them.
Norming: Formulation of policies along with strategy making.
Performing: Providence of guidance or direction to staff members for bringing efficiency in task
accomplishment.
Following are some inspirational approaches that are employed in work practices in order
to enhance morale and inspiration among workers.
Alderfer's ERG theory of motivation: According to this theory it is founded that
motivations is a most important factor that is used for enhancing enthusiasm and energy level of
workers and this can be provided by giving some extra benefits that would belong to hiking
current standard of living.
Different leadership style that are utilised by superiors of TESCO are as beneath:
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Autocratic Leadership: In this case all power are kept secured with top management as
they feel that involvement of employees in decision making could sabotage working efficiency
of corporation. Autocratic leadership style is centralisation of power which is not delegated.
Democratic style: This is defined as when system involves all employees in decision-
making and strategy formulation then it will result into high morale of employees towards their
task and duties and this action is helpful in retaining employees for longer duration of time.
Laissez- faire style: In this section, employees are allow to make choice over task among
all actions according to their interest and talent because employees know which task they can do
in best way.
TASK 5
COVERED IN PPT.
CONCLUSION
This report is summarised as running business house is a complex task because business
environment is very complex and dynamic but there are some sort of practices that generates
help and reduces complexities of business. For instance human resource practices, employee
relations etc. Along this, superior uses motivational theories and leadership styles to increase
morale of employees and make them perform tasks effectively. This benefit organisation to
provide quality items and services to customers and enhance market image and reputation.
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