People and Business

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My task is to investigate a medium to large sized business, showing that I understand the importance of people in business. For this task my chosen business is Richer Sounds. I have included the following information in this portfolio; 1. The importance of stakeholders 2. The organisation of the business, job roles and working arrangements. 3. Employee rights and responsibilities, including procedures on how they deal with disputes and with health and safety issues. 4. Employee recruitment and training. 5. Customer service

The Importance of Stakeholder

A stakeholder is someone or a group of people who have an interest in the business, such as employees, the government, and local people etc. Stakeholders are people who the business has a link with even if it’s not directly; it’s people who are affected by the business. There are two types of stakeholders, internal stakeholders are people who have an interest in the business and are inside the control of the business such as the owners, managers and the employees. The second is external stakeholders, they are people who have an interest in the business, but are outside of its control, such as the customers, suppliers, creditors, competitors, local community and the government.

Every business has to keep their stakeholders happy or they will occur problems running the business. Making one stakeholder unhappy can cause the rest to be unhappy as well, such as if they don’t keep their business and the area around the business clean, then people wouldn’t want to shop there. This will result to the business losing customers, if they lose customers then they will lose money and if they have no money then they won’t be able to pay government tax or loan repayments. The Manager – Managers play a vital role in the business. The manager for Richer Sounds I’m going to use is Clive Lambert who is a store manager as well as an associate director.

Clive’s responsibilities are to maintain day to day running of the store, to deal with customer problems and queries, to make sure that the staff working there are healthily active, to do security check up on the store and has to make sure that the store meets its sales targets and operates within the set budget. He has to do this by ordering the right amount of stock at the right time, this way money won’t be spent unnecessarily on goods that aren’t required. All the managers of Richer Sounds are involved in colleague training for the store they are working at. They are also involved in first-level disciplinary matters, such as punctuality, which is very important to all businesses.

The role of a manager can change, depending on how much effort the manager puts into his/her work. Managers can be promoted to a higher level of management, which is what happened to Clive Lambert, because from one store manager he is now responsible for 3 – 4 stores and he is now an associate director of Richer Sounds. Most managers’ jobs are secure, because they usually have permanent full time contracts. Managers’ often have a professional qualification in areas such as accountancy or finance. They will need to be good confident communicators, able to use IT and will need to use time effectively to help the business. Managers’ pay varies according to their priorities. At Richer Sounds the average pay for managers is 32,535 per annum. Managers at Richer Sounds can get up to 1000 promotion if one of their colleagues is promoted to manger and 500 is their colleague is promoted to assistant manager.

The Director – Board of directors are at the highest level of management in a business. They are responsible for setting broad targets for the business, and they will also decide on broad policies for the business to achieve the targets set. For Richer Sounds I am using Lee Nelson who is the field sales director. Lee Nelson’s responsibility is to ensure that there is consistency throughout the Richer Sounds stores. His duties also include in appointing senior staff for the business and maintaining ; improving staff morale etc. Director’s jobs are also secure because as mentioned they are in the highest level of management and they are also employed on a permanent basis. Their pay also varies according to their priorities. Also by law the directors have to look after their shareholders’ interests and they will need to decide how to share out the dividends from the company profits, with Richer Sounds the directors won’t need to do this because they have no shareholders.

Sales Assistant – Sales assistants are in the low level of management, because normally they don’t have many responsibilities apart from selling goods and assisting customers. For Richer Sounds Andrea Day, she is a store sales assistant. Her duties are to be as helpful as possible to the customers, answer customer queries, to help out at the cash-till during busy periods and to sell home cinema and Hi-fi equipment. The sales assistants will also need to be good communicators as they will be talking and solving customer problems. Sales assistant jobs aren’t very secure; then again it depends on the type of contract they have signed, because permanent contracts will be more secure than temporary ones. Sales assistance pay doesn’t vary much because they don’t have many responsibilities and normally aren’t given extra ones either or unless they are promoted to a higher level of management; Richer Sound’s average pay for them is 17,195 per annum.

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