“Tesco” has been selected as the organization for this document. Tesco is a retailing giant based in the UK. It is the second biggest retailer in the world.
Tesco is a UK based company that has international presence and it is expanding rapidly. This expansion leads to one of the factor that open job opportunities for job seekers. Job positions are opened and vacancies are created as the UK based retail giant which creates new stores and facilities. Vacancies are also created when employees retire, resign or promoted to other positions at Tesco. Moreover, vacancies also arise when the company changes the facilities infrastructure, processes and technologies.
In this respect Tesco creates a workforce planning table consisting of professionals with high experience and ability to assess the number of vacancies that may arise in the future. This allows Tesco to fulfill its staff requirement and the decisions are also made to judge the need to open new stores and improve its customer services in the retail sector.
An important element in workforce planning is to have clear job descriptions and personnel
Specifications. A job descriptionsets out:
• The title of the job
• To whom the job holder is responsible
• For whom the job holder is responsible
• A simple description of roles and responsibilities.
A personnel specificationsets out the skills, characteristics and attributes that a person needs to do a particular job.
Together, job descriptions and person specifications provide the basis for job advertisements.
They help job applicants and post-holders to know what is expected from them. As they are sent to anyone applying for jobs, they should:
• Contain enough information to attract suitable people
• Act as a checking device to make sure that applicants with the right skills are chosen for interview
• Set the targets and standards for job performance().
P2- Describe the main employability, personal and communication skills required when applying for a specific job role.
There are six work levels within the Tesco. This gives a clear structure for managing and controlling theorganization. Each level requires particular skills andbehaviors.
Work level 1 – frontline jobs working directly withcustomers.
Work level 2 – leading a team of employees who deal directly with customers. Requiresthe ability to manage resources, to set targets, to manage and motivate others.
Work level 3 – running an operating unit. Requires management skills, including
Planning, target setting and reporting.
Work level 4 – supporting operating units and recommending strategic change. Requiresgood knowledge of the business, the skills to analyze information and to make decisions,and the ability to lead others.
Work level 5 – responsible for the performance of Tesco as a whole. Requires the abilityto lead and direct others, and to make major decisions.
Work level 6 – creating the purpose, values and goals for Tesco plc. Responsibility forTesco’s performance().
When we look at the topology the head office of Tesco is at the center of Tesco which provides the main infrastructure permitting Tesco to work efficiently. This head office houses the technology department. It has been reported to the Tesco management to provide an Information Infrastructure specialist.
The job description is forwarded to the IT manager for approval and it is published in different media channels. The incumbent will report to the team lead for the technical support staff at Tesco.
The candidate has to possess at least a Bachelor’s degree in Information technology, Computer Science, Computer Engineering or equivalent experience.
The candidate should have good personal skills such as time management, planning and self-motivational skills. Besides good interpersonal and communication skills the candidate must possess certifications in Microsoft Systems Engineering (MCSE) and CCNA (Cisco Certified Network Associate) with at least 2 years of experience. The candidate must be proficient in software and hardware aspects of Systems and Networking and should be comfortable in working with Technologies that is housed in the data center and in branches of Tesco.
Once the job is advertised the CVs (Curriculum Vitae) start flowing in and the screening process which is very important starts and the CVs of candidates are short listed by selectors who have similar or superior skills in the IT department of Tesco. After this a meeting is called and the short listed candidate CVs are discussed with the IT Managers and other professionals and a small group of candidates are selected, These candidate are invited for a technical interview and further sorting out bring the right candidate is chosen for HR interview and is tied up and offer is given which satisfies both sides.
P3- Describe the main physical and technological resources required in the operationof a selected organization.
Physical Resources:
Physical resource management refers to interventions that control and direct tangible assets such as equipment, raw materials, facilities, and end products. These interventions involve planning, programming, budgeting, scheduling, and controlling assets. Many of these resources are in limited supply and in great demand(Performance Intervention Maps: 39 Strategies for Solving Your Organization’s Problems > Give Me Tools: Improving Physical Resources > Physical Resource Management - Pg.: Safari Books Online).
Technological Resources:
Technological resources refer to what you need in order to get a job done. The seven standard technological resources are capital, energy, information, materials, people, time and tools. They are owned just like physical resources are owned and they are known as 'intellectual property'(Define Technological Resources?).
Additionally, technological resources can be expanded to include the actual technology tools one uses such as a computer, laptop, calculator, digital camera, scanner, printer, cell phone, the Internet, and other technological devices(What Are Technological Resources).
Tesco the UK based retail giant has a one central Head Office, besides this Tesco has a host of small stores to very large super markets all around the world with thousands of employees. Tesco houses both food and non-food items and provide retail services to people all around the world.
Tesco's Physical resources include: Premises, Plant, Machinery, Equipment, Materials, Stock, Tesco's Technological resources include: Intellectual Property, Accumulated experience, andskill Software,Licensing, Patents, Copyrights,designs,accumulation of experience and skills, software license (Tesco physical and technological resources?).
.
P4: Describe sources of internal and external sources of finance for a selected business.
The total resources of Finance in Tesco can be categorized into two groups.
(1)Internal sources:
Internal financing is the name for a firm using its profit and other internal sources such as sale of stock etc. as a source of capital for new investment, rather than a) distributing them to firm's owners or other investors and b) obtaining capital elsewhere (Internal financing).
(2)External sources:
External sources of finance is which consists of new money from outside of the firm is brought in for investment(Internal financing).
Internal sources:
- Owner’s investment (start up or additional capital)
- Retained profits
- Sale of stock
- Sale of fixed assets
- Debt collection
External sources:
- Bank Loan or Overdraft
- Additional Partners
- Share Issue
- Leasing
- Hire Purchase
- Mortgage
- Trade Credit
- Government Grants
P5- Interpret the contents of financial, trading and profit and loss statements account and balance sheet for a selected company.
This year Tesco faces a substantial income reduction from last year. Although sales is increased in 2013 but due to increase in COGS and loss from the discontinuation of business cause for reduction in the net income of Tesco.
P6-Illustrate the use of budgets as a means of exercising financial control of a selected company.
The budget of Tesco can be used to financially control the company in the following ways. A company like Tesco has a managerial position holding person who is designated as a financial controller. Such a professional holds a team of cost analysts and cost accountants. The budget tells you where and when to spend money and when and where to reap thebenefits.
Modeling:
In the modeling process the costs are recorded and digital spread sheet can be used to keep the record of every cost. The sources of incomes and costs are realized. In the most basic sense they are known as Assets and Liabilities. There difference if it is positive the company is making a profit and if it becomes negative, it shows loss. It is also important to anticipate the incoming and outgoing means of commodities. Every measure and effort is taken into consideration and implemented so that acompany like Tesco remains in profit and keeps on growing.
Budgeting requires a good working models of making profit, financial condition (assets and liabilities), and cash flow. You can use these models to make strategic decisions and exercise control — and do better planning(Setting a Budget for Your Business - For Dummies).
Planning:
A company like Tesco requires careful and stringent planning for budget to cut down costs and plug in all the monetary leakages and most importantly setting priorities. So an adeptly planned budget can make a difference between winning or losing for a company like Tesco.
Control:
Budgeting shouldn't put your employees in a financial straitjacket, but it can hold individual employees responsible for keeping the business on schedule in reaching its financial objectives(Setting a Budget for Your Business - For Dummies).
Budget also helps to continuously improve and forecast Tesco’s business policies.
P7-Illustrate the financial state of a given business.
A business like Tesco’s financial state or position is the understanding of the equity of it. Equity is basically determined by subtracting the net Liabilities of the company from the net Assets. One measure can be a current ratio in which Assets are divided by Liability. The greater the number the valuable the company is and vice versa.
M1- Explain how the management of human, physical and technological resources can improve the performance of a selected organization.
The improvement of such factors like human, physical and technological factors of an organization is, in most cases the responsibility of middle managers usuallyIndustrial engineers are hired for this purpose.
The people who have this skill set that falls in between business and Industrial engineers are the professionals that are responsible for efficiency and smooth operations of businesses that are usually based on technology. When we talk about people than it has been observed that people work well when they are given respect and all their needs are satisfied without discrimination and injustice. This is the reason why businesses go to certain extremes in retaining and satisfying productive and efficient employees.
There are many factors that influence the high productivity and added efficiency of physical and technological resources. The physical resources should be easy to use and comfortable in design for workers who use them.
M2- Assess the importance of employability, and personal skills in the recruitment and retention of staff in a selected organization.
The company like Tesco always tries and strives to retain its best employees and build a corporate culture. Every possible measure by Tesco is taken to satisfy its employees and state of the art facilities and environment is provided to them. The stress of the work force is tried to be kept at a minimum during working hours. Incentives, bonuses and prizes and prestige is given to deserving employees.The modern Human Resource Management of Tesco do realizethe importance of employee loyalty and hard work and strategies are incorporated to keep the employees at their best and motivated.
M3- Interpret the contents of a trading and profit and loss account and balance sheet for a selected company explaining how accounting ratios can be used to monitor the financial performance of the organization.
Definition of Accounting Ratio:
A way of expressing the relationship between one accounting result and another, which is intended to provide a useful comparison. Accounting ratios assist in measuring the efficiency and profitability of a company based on its financial reports. Accounting ratios form the basis of fundamental analysis (Accounting Ratio Definition | Investopedia).
As an example the P/E ratio is Price the Market price per share divided by annual Earning per share. If you have a high number of this ratio it means you are making a loss when you by the share of this organization and if the number is small than it means that you are making money.
Let us consider the Price per share to Earnings per share ratio (P/E) of Tesco.
The P/E ratio is falling in the recent years and this trend continues in the year 2014. This suggest that the profitability of Tesco shares has increasing.This PE trend of Tesco also suggest that the investors are confident in buying shares from Tesco which is also a healthy sign.
M4- Analyze the reasons why costs need to be controlled to budget.
There is a lot of requirements to make a certain amount of profit. There are bank requirements, stockholder requirements, and it can even affect relationships with vendors and customers. To keep the profits at a proper level, you need to control costs. To control costs, you have to have management over the costs with good information to the one spending it. Because it is difficult to see the whole picture, it is easiest to give a budget to each area that spends money. This gives them a target and requires explanation of a variance(Why does a business need to control costs and manage a budget? - Yahoo Answers).
D1- Evaluate how managing resources and controlling budget costs can improve the performance of a business.
The Board of directors has overall responsibility for the systems of internal financial control. Implementation and maintenance of the internal financial control system is the responsibility of executive management. The Board, through the Audit Committee, reviews the effectiveness of a systems of internal financial control for the accounting year and the period to the date of approval of the financial statements although it should be understood that such systems are designed to provide reasonable but not absolute assurance against material loss.
- Organizational structure
- Financial framework
- Policies and procedures
- Quality and integrity of personnel
- Investment appraisal
- Control monitoring
(Corporate Governance).
02- Evaluate the adequacy of accounting ratios as a means of monitoring the state of the business in a selected organization, using examples.
The importance of ratios in any business is vital because it gives the business a better understanding of the financial data. By using ratios we can compare data from the current year with the previous years, from this the business will identify if they are making more profit or a loss or if they just broke even.There are four types of ratios that a business has to calculate:* Investment ratio* Financial ratio* Profitability ratio* Utilization ratio
(Find A-Level Evaluate the adequacy of accounting ratios as a means of monitoring business health in a selected organization, using examples. Coursework and Essays Help from Marked By Teachers.com)
03- Evaluate the problems they have identified from unmonitored costs and budgets.
Two problems can be easily observed.
(1)The unmonitored Costs will run out of control and the organization will become more and more inefficient and until the profit may be jeopardized or the profit will turn into loss.
(2)On the other hand if the costs and budget remained unmonitored the opportunities can be under looked and may be missed out completely, because of this the business may spend less on the opportunity or even miss out causing insult to injury.
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