What is ‘finance theory’?

This part of the curriculum looks at the whole area of management Human Resources within an organisation - from understanding what an organisation needs in terms of human resources (numbers, skills etc) to acquiring and retaining those resources. This includes:

• Organisational structure - identifying which structure is most relevant to delivering an organisation's objectives (hierarchy, flat, matrix) and the benefits/constraints of each.

• Workforce planning - the process of evaluating the current and future human resource needs both in terms of numbers of people and skills and competencies to ensure current product/service supply and future succession planning

• Management versus leadership - looking at the functions of both managers and leaders and the difference between them, as well as the varying leadership styles and how each is applicable to different circumstances or timescales.

• Recruitment and selection - highlighting the range of processes organisations use (internal and external) to attract the most appropriate candidates. This involves use of job descriptions and person specifications.

• Training and development - focusing on the difference between training (specific skills for a job) and development (improving an individual's potential for growth). Also explaining the different methods and types of training - on- and off-the-job, as well as eg coaching, mentoring, secondments. Looking also at the use of appraisals as a means of identifying skills gaps and measuring performance.

• Motivation - explaining a variety of different motivational theories (Herzberg, Maslow, Mayo, Taylor) and how they apply in the workplace in different circumstances, looking at financial and non-financial motivating factors.

• Team working - understanding the value of team working in an organisation and the different roles team members may have (Belbin)

• Roles and responsibilities - exploring the range of job roles at three key levels - operative, supervisor and senior manager (with examples) - and the typical responsibilities associated with each.

• Communication - outlining the process of communication and explaining how to manage each element (sender, receiver, message, method of transmission) as well as the potential barriers (noise).

• Employment legislation - examples include health and safety, minimum wage (fair pay), equal opportunities.

• Equal opportunities - what an organisation needs to do to ensure no discrimination on grounds of race, ethnicity, religion, sex, age etc.

• Employer/employee relations - explaning the role of trade unions in the workplace, involving negotiation on terms and conditions, collective bargaining, providing employee representation.

                                                                                                                       Source :The Times 100