Photo AI
Welham Consulting is a large accounting firm with an excellent reputation - VCE - SSCE Business Management - Question 1 - 2014 - Paper 1
Question 1
Welham Consulting is a large accounting firm with an excellent reputation. Welham Consulting takes pride in hiring the best university graduates. It is also well kno... show full transcript
Worked Solution & Example Answer:Welham Consulting is a large accounting firm with an excellent reputation - VCE - SSCE Business Management - Question 1 - 2014 - Paper 1
Step 1
Define ‘staff turnover’.
Answer
Staff turnover is a performance indicator that indicates how many staff leave an organization over a specific time. High staff turnover indicates that staff are unhappy or dissatisfied with their job or organization, while low staff turnover can reflect that people are satisfied with their position.
Step 2
Explain, with reference to Maslow’s hierarchy of needs, why the high salaries at Welham Consulting do not appear to be motivating staff.
Answer
Maslow's motivation theory is based on a hierarchy of five needs that include lower-level extrinsic needs such as physiological and safety needs, as well as higher-level intrinsic needs such as esteem and self-actualization. High salaries may satisfy basic needs initially, but once these needs are met, employees may not feel motivated to move up the hierarchy to achieve higher-level needs. This suggests that Welham Consulting should focus on providing training opportunities and increased responsibilities to help employees satisfy their higher needs on the hierarchy.
Step 3
Identify and explain a practice or process from the maintenance phase of the employment cycle that may assist in improving employee performance at Welham Consulting.
Answer
A key practice during the maintenance phase is performance management. This includes setting clear performance expectations and providing regular feedback. By systematically monitoring employee performance and recognizing achievements, Welham Consulting can motivate employees and enhance overall productivity.
Step 4
Explain how the management role of leading would be important in the management of staff in a large-scale organisation.
Answer
The role of leading is crucial in a large-scale organization as it involves guiding and influencing staff towards achieving the organization’s goals. Effective leadership fosters a positive work environment, enhances communication, and drives employee engagement which can significantly impact overall organizational performance.