Business Forms Available Under UK Law Essay Example | Topics and Well Written Essays - 1000 words

Business Forms Available Under UK Law - Essay Example Characteristics †¢ The sole trader possesses all the assets of the business. †¢ He or she is directly liable to any debts incurred by the business. †¢ The business is easy to dissolve since no formalities or paper works are required. Examples of some of the most known sole trader business include the Donald Trump organization, owned and managed by Donald trump who is also the founder of Trump entertainment Resorts. b) Company This is an association of individuals united by a common objective and normally come together with the intention of achieving specific goals. Companies are in two major categories; private and public. The difference between these two is that whereas public companies have the right to sell their shares to the public, private companies do not and neither do they trade their shares in stock exchange (Liu Post, 2014). Characteristics of public companies †¢ Have the right to sell shares to the public. †¢ Can trade shares in the stock exchange. †¢ Have a limited liability status. Characteristics of private companies †¢ Do not trade shares in stock exchange. †¢ Only requires a maximum of fifty members. †¢ Normally run and owned by family members and relatives Examples of public companies include Microsoft and IBM while private companies comprise of Cargill and Publix. This is a single business whereby two or more persons share ownership (BIS, 2013, p. 3). In this business, it is a requirement that each member participates in the contribution of all aspects such as capital, skills and labor. Partnerships are in three categories; Joint ventures, General and limited partnerships.

Human resource management Essay Example | Topics and Well Written Essays - 1750 words - 1

Human resource management - Essay Example Recruitment and selection Hiring and firing forms one of the basic and core functions of HR practitioners. It mainly deals with identifying potential applicants for present as well as future openings. They are also involved in assessment and evaluation so that efficient placement and selection decisions are made. Establishing procedures and policies for recruitment and hiring in another area dealt with the HR managers in an organization (Tyson, 1995). 2. Benefits and compensation The second core function handled by HR department is compensation and benefits management. Their job is providing a rational method for determination of right payment for right jobs. Since it is a critical component of the business, the function is entirely managed by HR managers. It is also related to employee development and incentive program. 3. Training and development Training and development is another vital function in an organization. The HR practitioners are involved in creating training and develop ment programs which are aimed at solving issues such as employee performance, skills enhancement, increasing expertise and overall personality etc (Chan and Scott-Ladd, 2004). HR managers have special expertise in program evaluation and unlike other managers; they are able to utilize employee feedback in a better manner. Training and development is an important function which assures that employees are capable of job performance at acceptable levels (Nasiripour and Kazemi, 2012). 4. Performance management Performance management is the ability to effectively manage the overall performance of employees in an organization. Implementation and establishment of a complete performance management program is an essential function. Designing the process, reviewing, maintaining and effective monitoring is a challenging task and requires expertise. Coaching managers about the use and implementation of performance management programs is also an essential function of the HR team (Hughes and Rog, 2008). Literature The current business environment is dominated by globalization and internationalization. Organizations have become multinational and cross-cultural teams are common in firms. The current challenge of HR practitioners is to create new strategies and meet the ever increasing expectations and challenges as a result of the continuous evolution. They are also expected to create and add value to the organization. In the following sections external and internal factors and their effect on the overall HR functions will be discussed. Influence of external factors on HR functions Political In political terms, the external factors which can influence the work of HR practitioners as well as HRM functions are trade unions. Trade unions are officially recognized employee associations, joined together as a collective and united front voice in order to deal with management issues. The objective behind these trade unions is to secure the economic and social interest and well-being of the members of the organizations. Since trade unions become an additional party in relationship between employees and the company, they are considered as external influencing factors (Jackson and Schuler, 1995).Various laws are associated with union laws. Trade unions affect the HR laws and functions in various ways. Management has less flexibility and discretion while administering and implementing HR procedures, policies and practices while communicating with unionized