Unit 7 BP Managing Your Staff

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Nov 24, 2024

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Entrepreneurship | Unit 7 BP Managing Your Staff In this BUSINESS PLAN assignment, you will continue with the business you choose earlier. (This information will be included in the Organizational Analysis section of your business plan.) In Lesson 7 you learned about what your options are for staffing your business. In this BUSINESS PLAN assignment, you will: (1) Develop and describe your compensation package for the employees you hire: All employees will receive a competitive base salary, which will vary based on the role and experience. Base salaries will be against industry standards and local market conditions. Real estate agents will earn commissions based on successful property transactions. Performance bonuses will be awarded to employees based on individual and team achievements. Lastly, provide comprehensive health insurance coverage for employees and their families. (2) Identify laws that protect employee rights and that will affect your employees and how you plan to handle them: FLSA establishes minimum wage, overtime pay eligibility, record keeping, and child labor standards. This will ensure compliance with minimum wage and overtime pay requirements. Clearly define work hours, track time accurately, and pay overtime when applicable. Also, Equal Employment Opportunity Commission (EEOC) prohibits discrimination in employment based on race, color, religion, sex, national origin, age, disability, or genetic information. I will establish and communicate a non-discrimination policy. Train employees and managers on EEOC regulations. Investigate and address any complaints promptly. (3) Describe ways to maximize employee performance: I will set clear expectations. Clearly define job roles, responsibilities, and performance expectations. Establish measurable goals and key performance indicators. Also, offer constructive feedback on individual and team performance. I believe that acknowledging and celebrate accomplishments, both big and small will help with expectations. Lastly, I will foster a culture of open communication and transparency. Create channels for employees to share ideas, concerns, and feedback.Implement a recognition program to highlight outstanding performance.Conducting regular performance reviews to discuss achievements and areas for improvement. (4) Prepare an evaluation tool you can use with your employees. Spend some time

researching various employee evaluation tools before creating your own. Cite your sources. My employee evaluation tool would look something like this: Employee Information: Name: Position: Department: Evaluation Period: Discuss performance areas like job knowledge and skills, quality of work, teamwork and collaboration. Give an overall rating: Outstanding Exceeds Expectations Meets Expectations Improvement Needed Unsatisfactory Comments and Recommendations: Employee's Comments: (Provide space for the employee to share their thoughts on their performance and areas for growth.) Supervisor's Comments: (Include specific examples of performance and behavior, and provide constructive feedback.) Signature: (Employee and Supervisor signatures to acknowledge the evaluation) Sources: Society for Human Resource Management (SHRM). (2021). Performance Management. Gallagher, J. (2019). How to Create an Employee Evaluation Form. Indeed Career Guide.

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