Why Is Management Needed in All Organizations

question 5

Essay

Why is management needed in all organizations?

Recognize the importance of occupational health and safety in HRM practices.

Appreciate the role of diversity in achieving a competitive advantage within organizations.

Understand the legal framework governing employment and anti-discrimination in Australia.

Know the role of unions and their impact on HR practices.

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Definitions:

Compensation Rates

The amount of pay or benefits that an employee receives from their employer for their work.

Internal Equity

The practice of ensuring that employees are compensated fairly in relation to one another within the same organization.

External Equity

The fairness of an employee's compensation as compared to what others in the external job market are receiving for similar work.

Job-Based Pay

A compensation strategy that determines an employee's salary based primarily on the specific job or position they hold.