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Welham Consulting is a large accounting firm with an excellent reputation - VCE - SSCE Business Management - Question 1 - 2014 - Paper 1
Question 1
Welham Consulting is a large accounting firm with an excellent reputation. Welham Consulting takes pride in hiring the best university graduates. It is also well kno... show full transcript
Worked Solution & Example Answer:Welham Consulting is a large accounting firm with an excellent reputation - VCE - SSCE Business Management - Question 1 - 2014 - Paper 1
Step 1
Define ‘staff turnover’.
Answer
Staff turnover refers to the rate at which employees leave a company and are replaced by new hires over a specific period. High staff turnover indicates that employees are either unsatisfied with their job or the organization, which can reflect broader issues within the workplace.
Step 2
Explain, with reference to Maslow’s hierarchy of needs, why the high salaries at Welham Consulting do not appear to be motivating staff.
Answer
Maslow’s hierarchy of needs posits that human motivation is driven by a series of hierarchical needs ranging from physiological necessities to self-actualization. While high salaries may address physiological and safety needs, they do not necessarily meet higher-level needs such as belongingness and esteem. If employees at Welham Consulting feel unappreciated or lack a sense of community despite their high salaries, it can lead to dissatisfaction and disengagement. Therefore, the high salaries alone may not suffice in motivating staff, as they may require additional fulfillment in their social and esteem needs.
Step 3
Identify and explain a practice or process from the maintenance phase of the employment cycle that may assist in improving employee performance at Welham Consulting.
Answer
A practice from the maintenance phase that can improve employee performance is performance management. Regular performance reviews help to identify employee strengths and areas for development, facilitating professional growth. Implementing constructive feedback and setting achievable goals can enhance employee motivation and engagement, ensuring that their skills are continuously aligned with the company's objectives.
Step 4
Explain how the management role of leading would be important in the management of staff in a large-scale organisation.
Answer
The management role of leading is crucial as it involves guiding and inspiring employees to achieve their best work. Effective leaders foster a positive work environment, communicate clear organizational goals, and motivate staff to reach their potential. In a large-scale organization, leaders play a vital role in managing diverse teams, facilitating collaboration, and addressing issues of morale and retention, ultimately driving overall productivity and success.