Effective Team Building Strategies for Modern Enterprises

The assignment explores critical aspects of business management, focusing on recruitment strategies, employee motivation theories such as Maslow’s Hierarchy of Needs and Herzberg’s Two-Factor Theory, various leadership styles like democratic and participative approaches, the role of human resource management in business success, and effective team building techniques. These elements are essential for enhancing organizational performance, fostering a motivated workforce, and achieving strategic objectives in contemporary corporate environments.

How Business Operates
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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: Functions of HR department...........................................................................................1
5.2: Key features of employee legislation..............................................................................2
TASK 3............................................................................................................................................3
3.1: Accounting workshop......................................................................................................3
TASK 4............................................................................................................................................4
4.1: An analysis on determination of roles of team members................................................4
4.2: Team Development.........................................................................................................4
4.3: Need to leadership and motivational style in context with different situations..............4
4.4: The way leadership style and motivational skills are used to influence workers............5
TASK 5............................................................................................................................................5
Covered in PPT.......................................................................................................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Business environment refers to such environment in which an organisation operate their
business functions in order to achieve stability for longer period of time. Business environment
includes internal and external factors which may affects and influences the business operations
of an organisation either in negative or positive way. It includes finance, human resource, raw
material and many. The present assignment report is based on Marks and Spencer which
operated its business in United Kingdom and across worldwide and has provided quality
clothing, home and food products.. The project also covers different types of organisation
includes private and public sectors along with their structures. Importance of customer services
and team work in achieving growth and success of an organisation has also been discussed under
this report. In addition with this, importance of accounting, different departments and key
features of employment legislation (Adjei and et. al., 2014).
TASK 1
Covered in PPT
TASK 2
2.1: Importance of accounting for business success
The company should required to prepare data about assets, reports on transactions, debts,
liabilities and more in order to operate business in more effective and efficient manner. Through
this, the company able to identify true and fair financial position of company of accounting year.
Recording all transactions happened on daily basis help management of M&S in knowing cash
inflow and outflow. These all activities are done by the accountant department of an
organisation. The person who carries all such activities is known as accountant. In M&S,
accounting department are helps in identifying and monitoring the economic information which
helps in analysing proportion of equity and debt in a systematic manner. Along with this, it will
also help management in preparing future budget with the resource the company have at present
(Dijkman and et. al., 2015).
5.1: Functions of HR department
Human resource department is an important function of an organisation which plays a
valuable role in achieving growth and success in market for longer period of time. Therefore,
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M&S should have an effective management who are capable of identifying the skills and
knowledge of human resource along with their weak areas on the basis of which different HRM
practices should be adopt. HR managers are liable to manage and monitor performance of
employees so to improve their productivity. It will directly help in improving the overall
performance of an organisation. There are various functions which need to be performed by HR
departments which are described as below:
Recruitment and Selection: The main function of HR department is to recruit skilled and
knowledgeable candidates who contributes maximum efforts in achieving desired goals and
objectives of an organisation. In M&S, HR manager need to adopt various method of recruitment
and selection in order to fulfil requirements of human resource in an organisation.
Training and development: M&S is multinational company which uses advanced
technologies in the process of different business activities. Thus, it can be proper utilised only
when the employees have proper knowledge of working on using such latest technologies.
Therefore, training and learning programs shall required to be conducted in order to increase
their knowledge and skills of using new system to perform their delegated roles and
responsibilities.
Compensation and Benefit: HR department is liable to bring motivation and self-
confidence among employees through providing various benefits such as rewards, compensation
etc. after comparing their actual performance with standard (Doppelt, 2017).
5.2: Key features of employee legislation
The UK government has implemented various legal laws and legislations for the
betterment of employees working in company so as to encourage them to perform better. The
main motive of formulating laws and legislations is to avoid any discrimination which may takes
place at workplace ion the basis of the characteristics of employees. Another objective of such
laws and legislation is to protect employees from any hazards or accidents which may occurred
while performing business activities. The governmental authorities of UK has formulated various
laws such as Equality Act, 2010, Health and Safety Act, Sex discrimination Act etc. Such laws
and legislations should required to comply by every organisation for the betterment of their
employees (Weiss, 2014).
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TASK 3
3.1: Accounting workshop
Profit and Loss Statement for M&S for the year 2017 which are described as below:
All numbers in thousands
Revenue 1/31/2017
Total Revenue 1062200000
Gross Profit 124617000
Cost of Revenue 937583000
Operating Expenses
Research Development -
Selling General and Administrative 101853000
Operating Income or Loss 22764000
Income from Continuing Operations
Total Other Income/Expenses Net 812966000
Interest Expense 2367000
Earnings Before Interest and Taxes 22864000
Income Before Tax 20497000
Income Tax Expense 6204000
Minority Interest 2737000
Net Income 13643000
Dividend charges -
Net Income Applicable To Common
Shares 758297000
Interpretation:
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It has been observed from the P&L of M&S that company has earned total revenue of
10622 million due to which the company have attained strong position in market. The net income
of M&S is 13643000 which clearly shows that the company has attained good financial position
in market.
TASK 4
4.1: An analysis on determination of roles of team members
Performing in group always brings profitable result to company as effective employees
grouping together to achieve common goals. Sharing views and idea with each other help in
making an effective decisions and plans for the betterment of an organisation. This will provide
an opportunity to employees to enhance their skills and knowledge which help them in
performing well. As working in a team, I have gained lots of new knowledge and skills to
perform task in an effective manner (Goldratt, 2017). I have also observed that working in a team
will bring more profitable outcome as compared to work on individual basis. Along with this, I
have analysed that to increase effectiveness of team, desired goals and objective should be
identified clearly among team mates. Adopting suitable leadership style is also required to be
adopted in order to bring motivation among workers.
4.2: Team Development
The managers of Marks & Spencer required to understand the stages of team
development as defined as below:
Forming: This is the first step in which employees come together to form a group in
order to achieve desired target.
Storming: In this stage, the opinions and views of team members are considered along
with the conflicts in order to resolve them as soon as possible (Warner, 2018).
Norming: In this stage, the team members are directing to learn something new in order
to complete allotted task with the help of taking support for their co-workers.
Performing: In this stage, every team mates understand their roles and responsibilities in
order to perform in right direction.
After completing all such stages, the the leaders motivate team members to engaged in
different business activities in order to gain new knowledge and skills. For this, Marks &
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Spencer need to use Herzberg theory, Maslow theory of Motivation etc. which help in imporving
the performance of employees (Mackey and Sisodia, 2014).
4.3: Need to leadership and motivational style in context with different situations
It is important for managers or employer to improve their motivation skills in order to
enhance skills and knowledge of employees so that they can effectively deals with issues and
problems arises due to uncertainty and complex environment. It may affect daily operations of
business organisation. Therefore, the management need to motivate employees to accept changes
while performing business activities. The leaders is held responsible to identify the needs of
workers at workplace and accordingly take corrective measures and techniques in order to
eliminate their weaknesses and bring profitable result to company (Reim, Parida and Örtqvist,
2015).
4.4: The way leadership style and motivational skills are used to influence workers
In the corporate organisation such as Marks & Spencer faces many problems during daily
business operation. Therefore, leaders and managers are held liable to resolve all issues and
problems through adopting leadership and motivation skills. This will help in enhancing the
skills and capabilities of workers due to which they give maximum efforts in achieving desired
goals and objectives. For example, Application of Motivational theory such as Maslow theory
which help in identification of needs of employees whereas also required to adopt leadership
style such as democratic style of leadership which help in giving freedom to their employees to
perform in their own way which enhances productivity of employees as well (Palattella and et.
al., 2016).
TASK 5
Covered in PPT
CONCLUSION
It has been concluded from the above project report that an organisation whether private
or public are able to operate its business functions only when they have an effective management
who are capable to analyse the impact of internal and external factors of environment. Through
this, they can successfully run their business in more systematic manner. It is also important for
an organisation to identify the needs of employees and the issues they faced at workplace which
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help them in implementing corrective measures to resolve which brings motivation motivation
and self-confidence among employees.
REFERENCES
Books and Journals
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