How To Get Your Own Payoneer Mastercard For Free

By: Olla John

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Aim

The main aim of this unit is to develop an understanding of how management functions can affect the performance of a business.

Human resources are one of the most important features of many businesses - especially in an economy where there is an increasing shift towards service-based industries. Human resources account for a large proportion of many businesses' costs and it is the people that invariably drive a business. Management of these resources therefore is an integral part of business success.

Let's look at the range of factors you will have to consider in the management of human resources.


Background

First of all, we need to identify how we might measure that performance. This can be done through a number of ways:

* Profit
* Revenues
* Accounting measures - Return on Capital Employed (ROCE), profit margin
* Shareholder value - the share price x the number of shares issued - also known as the company value or market capitalisation
* Growth - in sales, size, etc.
* Market share
* Share price

One of the difficulties may be in pinpointing just what contribution the human resources in a business makes to any of the above measures, but there is no doubt that a business that does not involve management of human resources correct will experience a number of problems. Poor motivation leads to poor performance. This may manifest itself in:


Image: The success of a business rests to a large degree on the quality of the workforce - successful management of this crucial resource is critical.

* Lower productivity levels
* Poor quality products and services
* High levels of complaints from customers
* Loss of customers with subsequently lower revenues
* Higher costs
* Higher staff turnover
* Poor industrial relations

In addition, if human resources are managed ineffectively, then:

* Teams may not function appropriately
* Individuals may be placed in positions that do not maximise or utilise their skills
* The culture of the business is not shared
* Communication and decision making can be affected and mistakes occur

All of these affect the relationship between the business and its customers.

Having got some background information, let's do some research on the key points raised above.



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