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‘These laws protect the employees in matters such as compensation, working conditions, and retirement benefits.
I agree with you that it is imperative for managers to have excellent knowledge of employment laws. Managers lower their business risk by complying with employment laws because a lack of compliance can lead to governmental fines, civil lawsuits, and a loss of brand value. If a corporation fails to comply with basic employment laws such as paying at or above minimum wage they can incur in damages beyond the potential fines. The customer can lose confidence in the corporate behavior of the company and switch to the competition. In the 21st century corporate social responsibility has become an important strategy to achieve business growth.
The utilization of hiring practices that foster diversity has positive benefits such as improving creativity and gaining insight into other cultures. If an employee violates employment laws a manager must discipline the person and possible terminate employment if the violates warrants such punishment. Knowledge is power, thus education the workforce on employment will improve the quality and value of the human capital of a corporation.
As you mentioned understanding employment laws is a two way process since both employer and employees are affected by them. Applying educational efforts in the corporate world to increase the knowledge of employees of employment laws is a sound investment. The overall business risk of an enterprise decreases as the employees become more knowledgeable of employment laws. Diminishing interpersonal conflict due to a lack of knowledge of employment increases the productivity of the workers. I liked your idea of creating handbooks with information regarding employment laws. Doing so is an initiative that provides documentation the workers can use to study on their own time about employment laws as well as reference
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In an internal audit article published by the Kansas State University, the discourse on internal controls has clearly indicated that there are four purposes of internal control systems, to wit: “(1) protecting its resources against waste, fraud, and inefficiency; (2) ensuring accuracy and reliability in accounting and operating data; (3) securing compliance with the policies of the organization; and (4) evaluating the level of performance in all organizational units of the organization” (Kansas State University par.
A list of ten benefits of project management is illustrated below: 1. Better efficiencies in developing services 2. Improved customer retention 3. Enhanced effectiveness in delivering services 4. Improved growth within your team 5. Greater competitive edge 6.
Successful companies such as Starbucks have strong CRS in place with initiative such as purchasing only fair trade coffee. Ethics plays an important role in the future success of a company. Back in the late 1990’s the apparel giant Nike Corporation got involved in a messy sweetshop scandal the image and reputation of the company.
One of the most important functions that the FASB serves is formulating the generally accepted accounting principles (GAAP). The accounting profession is self-regulated and accountants depend on the generally accepted accounting principles to guide their work.
An example of an unethical practice is changing depreciation methods without a justification and without including the change in the notes to the financial statements of the company for the purpose of altering the actual financial performance of a company.
Project Technical Planning is a series of successful steps or a sequence of successful steps that leads a project towards a successful completion (Kerzner, 2006). As we talk about the problems and troubles with the project
How can risk be mitigated?
A process improvement opportunity within my organization is in the transportation department where I work. Right now there are two people who route the trucks and schedule the appointments for all trucks leaving Cargill
The products sold by the competition are all similar. During team meetings the employees discuss ways improving the profits of the firm. Market forces in our marketplace controls price. The law of supply and demand forces equilibrium prices in the marketplace.
The terminology of sample and population must be understood well prior to designing the experiment. Academic theory is important for professionals in all fields of study. A person that does not utilize theory in
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