Commerce - Term 1 Flashcards
Benefits of work
To add to superannuation, to earn money, to improve living standards, to gain status and prestige, to obtain self-satisfaction, to make friends, to help others, to have disposable income, to be able to manage a household
Workplace wellbeing
Creates a positive and productive environment where people want to come to work
Features of a mentally healthy workplace
Open communication, support from colleagues and managers, manageable workloads, clear roles allocated, opportunities for growth and development, respect and fairness
Ways to create a mentally healthy workplace
Smart work design, increasing awareness of mental health, building personal resilience, building better work cultures, supporting staff recovery from mental illness, early intervention
Effects of a mentally healthy workplace
Enhanced work and productivity, improvements for your company’s bottom line, improvements to your wellbeing, helping recovery, attacking (and keeping) great talent
Ways to achieve a better work-life balance
Do something you love and find a job that suits your personality, exercise often for stress release and pleasure, practice mindfulness to enhance concentration, alleviate anxiety and help sleep
Decreased work-life balance
Associated with higher turnover, lower physical and psychological wellbeing and lower productivity
Major participants in the Australian workplace
Governments, employers, employees, trade unions, contractors
Paid work
Performing services for one hour or more per week in return for receiving money or income
Unpaid work
Family duties, school work, voluntary work and community service
Full Time
Continuing ongoing employment, number of hours per week is 38 hours of more, a range of entitlement received
Part Time
Ongoing employment, number of hours per week is fewer than 38, number of hours may be fixed or variable, entitlements received on a pro-data basis
Trade unions
Organisations of workers who actively seek better pay, safer working conditions and increased job security
Casual
Employed on an hourly or ‘as needed’ basis, no permanent weekly roster, hours may vary form week to week, may work for more than one employer, no access to entitlements but a loading received to compensate
Self-Employed
An individual who works for himself or herself
Employee
Someone who works for another person or entity in return for financial compensation
Who is the labour force made up of?
People who are working and people who are actively looking for employment (full/part time/casual/seasonal). Aged 15 or over who are either employed or unemployed.
People not regarded as part of the labour force
Pensioners, people with a physical or mental disability who are unable to work, full-time students who look after children or other family members, volunteers working without pay in institutions
What makes you considered employed?
Have worked for at least one hour in the week, or have a job even though you were not at work in the week, received pay, profit, commission or payment of some kind for your work, be aged 15 years or over
Forms of income
Wages, salaries, commission, profits, dividends
Wages
What an employee receives in exchange for their labour or services. A wage is a fixed regular payment, paid in increments. If working casually, a wage will be paid per hour if working part of full time, it will be paid per week, fortnight or month as part of a salary
Salaries
Total package of remuneration paid to an employee. Tend to include your base pay, as well as superannuation, leave allowances and any other elements of finance such as bonuses
Commission
Mostly are percentages of ‘cuts’ of a bigger sale and are an incentive for that sale, largely used in sales
Profits
Revenue - Expenses
