3.1 Name any THREE examples of fringe benefits - NSC Business Studies - Question 3 - 2022 - Paper 1

The interviewer plays a crucial role in preparing for the interview process. Their responsibilities include:

1. Booking and preparing the venue for the interview, ensuring a conducive environment for both the interviewer and the candidates.
2. Informing candidates about the date, time, and place of the interview, and ensuring all parties are aligned.
3. Reviewing the CVs of each candidate to develop pertinent questions based on their skills and experiences.
4. Allocating specific time slots for each candidate during the interview schedule to ensure all candidates receive adequate attention.

The method of recruitment used by MC is internal recruitment, as indicated by the advertisement placed on their business noticeboard for a project manager position. This shows they are seeking candidates from within their organization or network.

Internal recruitment offers several advantages for a business, including:

• Cost Efficiency: It is often cheaper to promote existing employees than to hire externally.
• Quick Placement: Existing employees can fill positions faster since they are already familiar with the company culture.
• Motivation and Loyalty: It boosts employee morale, as staff members feel valued and recognized for their potential opportunities.

There are numerous reasons for the termination of an employment contract, such as:

• Misconduct: Employees may have their contracts terminated for unsatisfactory job performance or ethical breaches.
• Employment Redundancy: A company may downsize due to economic constraints, resulting in job loss.
• Voluntary Resignation: Employees might choose to leave for better job opportunities or personal reasons.

Quality indicators for the financial function of a business include:

• Accuracy of Financial Records: Ensuring financial data is reliable and errors are minimized.
• Profitability Ratios: Monitoring ratios such as the return on investment (ROI) to assess financial performance.
• Cash Flow Management: Ensuring availability of cash to meet operational needs and obligations.

The two ways in which TQM can reduce the cost of quality, as per the scenario are:

1. Employees attend regular training sessions to understand their role in quality management.
2. RM closely works with suppliers to improve the quality of their raw materials.

TQM can reduce the cost of quality in several additional ways:

• Implementing Standard Procedures: By introducing uniform procedures, discrepancies are minimized, ensuring quality control.
• Employee Involvement: Engaging employees in quality improvement efforts fosters better quality outcomes due to collective input and ownership.

If TQM is poorly implemented, it can lead to negative impacts such as:

• Poor Product Quality: Inadequately trained employees may produce substandard products, impacting customer satisfaction.
• Reputational Damage: Businesses may face loss of trust from customers if quality standards are not met.
• Financial Losses: Investors may withdraw support when observing a decline in profitability or market share due to quality issues.

Adequate financing and capacity contribute significantly to TQM by:

• Investment in Quality Improvement: Sufficient funding enables businesses to invest in advanced machinery, leading to better product quality.
• Sustaining Quality Programs: With enough resources, companies can maintain continuous improvement programs that enhance operational processes.