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Question 22 (11 marks) (a) Outline how an increase in the minimum wage rate could affect business - HSC - SSCE Business Studies - Question 22 - 2022 - Paper 1
Question 22
Question 22 (11 marks) (a) Outline how an increase in the minimum wage rate could affect business. (b) Outline how the minimum employment standards protect employe... show full transcript
Worked Solution & Example Answer:Question 22 (11 marks) (a) Outline how an increase in the minimum wage rate could affect business - HSC - SSCE Business Studies - Question 22 - 2022 - Paper 1
Step 1
Outline how an increase in the minimum wage rate could affect business.
Answer
An increase in the minimum wage is likely to affect businesses in two main ways:
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Cost Increases: Businesses may face higher operational costs as they need to pay employees more. This increase could lead to businesses raising prices for their goods and services to maintain profit margins.
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Profitability: Alternatively, businesses might experience reduced profitability if they choose not to pass on these costs to consumers. Continuing to absorb the increased wage could hinder their financial performance.
Step 2
Outline how the minimum employment standards protect employees in Australia. Use examples in your answer.
Answer
Minimum employment standards play a key role in protecting employees in Australia by outlining fundamental rights. For example:
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Annual Leave: Full-time employees are entitled to four weeks of annual leave, ensuring they have time to rest and recuperate.
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Public Holidays: Employees receive paid days off on public holidays, providing them with essential time away from work without loss of income.
These standards ensure a baseline of fair treatment for workers across various sectors, regardless of their employment contract.
Step 3
How are performance appraisals of employees beneficial to employers?
Answer
Performance appraisals offer several benefits to employers:
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Feedback Mechanism: They enable employers to provide structured feedback on employee performance, helping individuals understand their strengths and areas for improvement.
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Identifying Training Needs: Appraisals can identify training needs, allowing businesses to tailor development programs for employees to enhance skills and productivity.
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Incentivizing High Performance: Through evaluations, employers can recognize and reward high-performing employees, increasing motivation and retention.
Step 4
Explain the importance of carrying out an induction program for new employees.
Answer
Induction programs are crucial for several reasons:
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Integration into Workplace Culture: They help new employees understand the workplace culture, policies, and procedures, making it easier for them to fit in.
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Role Clarity: An effective induction clarifies job expectations and responsibilities, empowering new hires to perform their roles effectively from the start.
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Positive Onboarding Experience: Such programs contribute to a positive onboarding experience, which can improve job satisfaction and reduce turnover rates.