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Question 22 (11 marks) (a) Outline how an increase in the minimum wage rate could affect business - HSC - SSCE Business Studies - Question 22 - 2022 - Paper 1
Question 22
Question 22 (11 marks) (a) Outline how an increase in the minimum wage rate could affect business. (b) Outline how the minimum employment standards protect employe... show full transcript
Worked Solution & Example Answer:Question 22 (11 marks) (a) Outline how an increase in the minimum wage rate could affect business - HSC - SSCE Business Studies - Question 22 - 2022 - Paper 1
Step 1
Outline how an increase in the minimum wage rate could affect business.
Answer
An increase in the minimum wage is likely to result in higher operational costs for businesses. This can lead to various outcomes. Businesses may choose to pass these increased costs onto consumers by raising prices for their goods and services. Alternatively, it might affect profitability directly if companies decide to absorb the costs. Such decisions could impact hiring practices, as companies might limit hiring to manage expenses.
Step 2
Outline how the minimum employment standards protect employees in Australia. Use examples in your answer.
Answer
Minimum employment standards are legally established guidelines that protect all employees in the workplace. For example, these standards ensure that employees receive annual leave, sick leave, and paid time off on public holidays. Full-time workers are entitled to at least four weeks of annual leave, while part-time employees receive pro-rata entitlements. These protections help safeguard employee rights and promote fair treatment in various job settings.
Step 3
How are performance appraisals of employees beneficial to employers?
Answer
Performance appraisals serve multiple purposes for employers. They provide essential feedback on employee performance, helping to identify areas for improvement and recognize high achievers. This process can guide training and development initiatives, aligning employees' skills with the organization’s goals. Furthermore, appraisals can enhance motivation and foster a culture of continuous improvement within the company.
Step 4
Explain the importance of carrying out an induction program for new employees.
Answer
Induction programs are crucial for integrating new employees into the workplace. They provide essential information about the organization's culture, policies, and procedures, equipping employees with the knowledge necessary to perform their roles effectively. A well-structured induction process can enhance employee engagement, reduce the time taken to reach optimal performance, and foster a positive work environment, ultimately benefiting both the employee and the business.