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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 hierarchy of needs explains that human motivation is based on a series of levels, ranging from basic physiological needs to advanced self-actualization needs. While high salaries address lower-level needs for financial security, they may not satisfy higher-level needs such as belonging or esteem. If employees at Welham Consulting feel that their social needs are not met or that they lack recognition and appreciation, then salary increases alone will not motivate them to perform better. The organization might need to focus on fostering a supportive team environment and providing opportunities for professional growth to address these higher needs.
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
One effective practice from the maintenance phase of the employment cycle is performance management. This involves setting clear performance objectives, regularly reviewing employee progress, and providing constructive feedback. Implementing performance management can help employees understand their roles better, clarify expectations, and offer opportunities for development, leading to improved productivity and satisfaction.
Step 4
Explain how the management role of leading would be important in the management of staff in a large-scale organisation.
Answer
The management role of leading is crucial in a large-scale organization as it involves influencing and guiding employees towards achieving organizational goals. Effective leaders foster a positive work culture, establish clear communication, and motivate staff through recognition and support. By inspiring employees, leaders can enhance engagement and loyalty, which is vital for maintaining productivity and reducing staff turnover in a large workforce.