Financial resources

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Throughout this task I will be researching and managing a variety of resources. The three main types are human, physical and financial resources. In this section of my coursework I will explain where I will find these resources and how they will be managed to create a profitable and successful business. Human resources include my staff and their needs. Physical resources include location, fixtures and fittings, raw materials and equipment. Financial resources include profit, sources of money and liquidity.

Human Resources

Businesses employ people, these are known as human resources. In a small business, the owner may be the only human resource. In larger businesses where many people work, everyone has a specific job relating to their qualifications such as manual workers or administration staff. If a business wants to succeed it is vital for them to have an organised human resource manager. Human resource is vital in forecasting how many employees they need and what qualifications they should have. A big business which is growing will need to find out how many new employees they need and how they will recruit them over the following year.

The human resources are a part of the human resources management and is mostly the responsibility for the personnel or human resources department. Legislation has laid down laws to protect people in the workplace. Employers of a business are required to write a written statement of the policy on health and safety in the workplace. Management is responsible for carrying out the policy. This policy puts a duty on the employees so they take care of their safety and others whilst at work as they are legally obliged to comply with the rules drawn.

If the employees of the business do not follow these rules they can be fined or even worst, taken to court. Not only do employees have to follow these rules but they are required to have training to ensure the health and safety of employees at work. At any time The Health and Safety Inspectors (HSE) have the right to carry out investigations in the workplace to make sure the health and safety is correct and up to their standard.

The HSE have power to issue codes and protect people in various situations. There is a major problem in the UK with supply of labour skills shortages among workers. This is when there are a great number of vacancies because people do not have the skills, abilities, qualifications or experience needed to do the jobs which the employers are requiring.

Methods of training

There is a variety of different methods used when it comes to training an employee. Some types are on the job, others are away from the workplace. Sometimes it is a combination of both. On-the-job training is the traditional way of doing it as an experienced worker can show the new employee what to do so they do it the right way and also this way they will not need to hire a specialist from outside the business to train the new employee, this will save the business money.

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