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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 rate is likely to lead to an increase in costs for businesses. This can have two primary outcomes:
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Increased Costs: Businesses may need to raise their prices to cover the increased labor costs, which could lead to a potential decrease in sales if consumers are unwilling to pay more.
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Profitability Challenges: Alternatively, businesses might absorb the additional costs, which could reduce profitability. This situation might force businesses to reevaluate their budgets, potentially leading to cuts in other areas, such as staffing or operational expenses.
Step 2
Outline how the minimum employment standards protect employees in Australia. Use examples in your answer.
Answer
Minimum employment standards in Australia ensure that employees are treated fairly and are provided with their basic rights in the workplace. These standards include:
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Leave entitlements: Employees are entitled to various types of leave, including annual leave, personal leave, and parental leave, ensuring they can maintain a work-life balance and attend to personal matters.
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Maximum weekly hours: The standards dictate the maximum hours employees can be required to work, typically set at 38 hours per week. For example, full-time workers can request flexible working arrangements if they are caring for young children.
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Public holidays: Employees are entitled to paid days off on public holidays, ensuring they can enjoy these important days without financial loss.
Step 3
How are performance appraisals of employees beneficial to employers?
Answer
Performance appraisals serve multiple purposes that benefit employers, including:
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Feedback Mechanism: They provide a structured opportunity for employers to give feedback to employees regarding their performance and areas for improvement.
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Identification of Training Needs: Appraisals help in identifying the training and development needs of employees, which can enhance overall productivity and efficiency within the organization.
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Employee Motivation: By recognizing and rewarding high-performing employees, appraisals can motivate employees to maintain or improve their performance.
Step 4
Explain the importance of carrying out an induction program for new employees.
Answer
An induction program for new employees is critical for several reasons:
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Familiarization: It helps new hires become familiar with workplace policies, procedures, and culture, which is essential for their integration into the team.
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Enhanced Productivity: Effective induction can significantly reduce the time it takes for new employees to become productive members of the team by clearly laying out expectations and resources available to them.
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Positive Experience: A well-structured induction process contributes to a positive first impression, making employees feel valued and supported, which can lead to higher job satisfaction and retention rates.