Effectiveness of Human Resource Management (HSC SSCE Business Studies): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
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Practise the cards
10 cards from this deck
Indicators (HR context)
Indicators (HR context)
Performance metrics measuring business/employee effectiveness
Benchmarking
Benchmarking
Comparing performance vs others to identify improvements
Corporate culture
Corporate culture
Shared values, ideas, expectations & beliefs in a business
Staff turnover
Staff turnover
Employee separation from employer (voluntary/involuntary)
Average Australian staff turnover rate (% annually)
Average Australian staff turnover rate (% annually)
12-15%
Hospitality industry turnover rate (% per annum)
Hospitality industry turnover rate (% per annum)
90%
Informal benchmarking examples
Informal benchmarking examples
Networking, workplace visits, online research, conferences
5 warning signs of poor corporate culture
5 warning signs of poor corporate culture
High turnover, poor service, absenteeism, accidents, disputes
Cost to replace a middle manager
Cost to replace a middle manager
Exceeds $110,000
Pull vs push factors (staff turnover)
Pull vs push factors (staff turnover)
Pull: external opportunities; Push: internal workplace issues