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

The interviewer has several responsibilities:

• Book and prepare the venue for the interview.
• Inform shortlisted candidates about the date and place of the interview, ensuring they are informed well in advance.
• Set the interview date and ensure all interviews take place on the same day, if possible.
• Notify all panel members about the interview schedule.
• Develop a set of questions based on the skills and knowledge required for the position.
• Allocate an appropriate amount of time for each candidate during the interview program.

The method of recruitment used by MC is internal recruitment. This is evident from the scenario stating, 'MC advertised a vacancy for a project manager on their business noticeboard,' indicating they are seeking candidates from within the organization.

Internal recruitment offers several advantages:

• It typically costs less and is quicker to fill positions, helping to minimize downtime.
• Existing employees are already familiar with the company culture and operations, reducing training time.
• It helps retain valuable knowledge within the organization and encourages career growth, which can improve employee morale.

Termination of an employment contract can occur for various reasons:

• Unsatisfactory job performance or misconduct.
• Organizational restructuring or downsizing.
• An employee voluntarily leaving for better opportunities.
• The expiration of a fixed-term contract or end of a project.

Quality indicators within the financial function include:

• Accurate financial reporting and record keeping to ensure transparency.
• Budget variance analysis to identify discrepancies.
• Evaluation of return on investment (ROI) to assess profitability.
• Cash flow management to ensure liquidity.

1. Regular training sessions help employees understand their role in quality management.
2. Close collaboration with suppliers improves the quality of raw materials.

Beyond the quoted methods, TQM can reduce costs by:

• Implementing continuous improvement programs that enhance processes and reduce waste.
• Encouraging teamwork to solve quality issues more efficiently.
• Utilizing data-driven decision making to identify quality problems quickly.
• Focusing on customer feedback to align products/services with expectations.

If TQM is poorly implemented, it can lead to:

• Increased errors or defects in products/services, damaging customer satisfaction.
• Employee frustration due to unclear processes or expectations.
• Wasted resources in attempts to rectify problems or rework defective goods.
• Potential withdrawal of investment from stakeholders due to decreased profitability.

Adequate financing and capacity are critical for TQM for several reasons:

• They ensure that the business has the resources to invest in quality initiatives effectively.
• Sufficient capital allows for the implementation of new technologies and processes that enhance quality.
• Ensuring that production capacity matches market demand reduces the risk of rushed jobs that can compromise quality.