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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 increase costs for businesses. Higher wages may lead to businesses passing these costs onto consumers, resulting in higher prices for goods and services. Alternatively, this increase in labor costs may reduce profitability for some businesses if they cannot adjust prices accordingly.
Step 2
Outline how the minimum employment standards protect employees in Australia. Use examples in your answer.
Answer
Minimum employment standards are designed to protect employees by ensuring basic rights, regardless of their employment contract. For example, full-time workers are entitled to a maximum of four weeks annual leave and are guaranteed a paid day off on public holidays. These standards help ensure fair treatment and work-life balance for employees across various industries.
Step 3
How are performance appraisals of employees beneficial to employers?
Answer
Performance appraisals serve several key functions for employers. They provide valuable feedback on employee performance, allowing employers to identify areas for improvement and training needs. Furthermore, these appraisals can motivate employees, helping to retain talent by recognizing and rewarding high performance.
Step 4
Explain the importance of carrying out an induction program for new employees.
Answer
An induction program is crucial for integrating new employees into the workplace effectively. It familiarizes them with workplace culture, policies, and procedures, enhancing their understanding of their roles. A well-structured induction not only supports new hires in adapting quickly but also increases overall productivity and contributes positively to the work environment.