Tbsbcrt611: Elevating Tech Excellence

Significance of industrial relations in reducing workplace risks

1.

Source of information	Obtained by	Example
Legislation	Internet Research and government websites	Fair Work Act 2009, Anti Diiscrimination Act 1977, Privacy Act 1988 and Corporations Act 2001
Government Publications	Australian Laws, Legislation and vital legal documents, Legal news and press releases or reports.	Local, State and Federal governments who can publish information as per the variety of topics they include within the publisher. Different topics include statistics, legislation, reports, court documents, guide program, forms.
Business and Non-profit publications	Internal news release and company instruction manuals	This information is produced and designed for marketing of a product. This provides the topic information in a connected way within the organization through publication of advertisements, reports, news releases, manuals and brochures.

2. The idea of legislation has always been based on different government regulations that reduce the company workplace risks which may cause a fatal impact. The industrial relations require utmost care where the policy functions and the supervisions are carried out to minimize the risk and if occurred then different actions against labor laws and obligations are taken. 

The industrial relations require appropriate part and involvement of the workers through which the obligations can be reduced and the order can be maintained properly to continue with the efficient production system. The democratic idea of channeling aspirations needs to be developed through individual skills and expertise where the advanced company participation will help with the welfare of members.

While carrying out the industrial relations, business organizations and entrepreneurs create business developments, partnerships and employment expansion opportunities. The entrepreneurs and business organizations create better worker and labor welfare strategies in an open, and democratic manner. The utilization of government legislation also helps in regulating and making the unnecessary risks avoidable. Some of the significant examples of Health and Safety legislation within the workplace are based on accidents that may take place within the workplace, such as, Fire Hazard, Explosion and Poisonous Gas.

3. There are some efficient and essential rules and regulations that might play a crucial role within the organization. Some of the policies and procedures collaborate with each other in order to provide a day-to-day roadmap for the operations. The main collaborative idea is to make sure that the enforcement of the statute is in process. The decision making subject is equally redulated where the internal processes are properly streamlined with the requirements. With appropriate policies and procedures of the organization, the business operations run smoothly and the daily error counts are also minimized. The procedures and policies help with the working order efficiently so that the process is corrected timely and the utilization of the assets and resources are done properly.

4. Critical thinking does not always imply anyone to be negative but it forces the individual to think and analyze deeply. The idea of Critical came from the Greek word Kritikos which means Discerning. According to the understanding of critical thinking it is subjected to being a deep thinker with the appropriate analytical power. During critical thinking the appropriate evaluation, questioning and analyzing capacity should be used to hear, read, write and say. For effective decision making purposes, critical thinking plays a vital part.

Methods	Descriptions
Observation	This particular method takes the direct approach into consideration where the issues have taken place.
Interview	The idea and texture of the interview is based on a formal or informal communicative process. The interview method takes the workplace issues into consideration by obtaining information from different perspectives. There are generally relevant questions that are asked to the stakeholders based on different documents.
Triangulation	The triangulation process and method takes the different sets of data collection techniques into consideration so that the research findings’ confidence level can be identified. The information of the data are directly compared and contrasted among each other through different techniques under the triangulation method.

 5. 

Techniques	Descriptions
Synthesize	Compilation of data to create a summary is the most efficient form of looking at the several linkages and making sure of the probable problems. The link of literature and problems are identified in this way.
Brainstorming	Brainstorming initializes the idea of a group of people discussing a problem or an issue to get multiple solutions and perspectives. This method ensures that the predetermined time is used to think about the problem in hand.
Organizing	With the organizing method of critical thinking, new ideas, goals, plans, and concussions are easier to organize in a structure through which the several pieces of evidence and literature can be connected to the available discussion based data. With appropriate discussion, the solutions for the problems will be easier to achieve.

 6. 

According to the problem description, the consistent future steps are entirely based on the identification point of view of the problems. In the case of addressing a problem, each step of the decision making process always starts from an inadequate point. The conditions are identified independently as the manifestation done by the managers is assessing the actual problems in its own way. The first most important step is to identify the problem so that appropriate and most essential evidence or information can be gathered with time to spare. After gathering the information the alternative possibilities and consequences will be identified to give space for evidence and analysis. After the consideration of the alternative impacts and results, the evidence is weighed properly where the evidence will be supportive to one alternative option only. The evidence will help in manifesting the managers’ decisions and analytical power through which the one alternative will be finalized. After finalizing an appropriate alternative option, actions will be taken and finally all the decisions made by the managers will be reviewed twice or more to make sure there are no loopholes.

Role of government legislation and employee involvement

7. The three major advantages of addressing the complex issues are considered to be the communication system, better thinking process and better risk handling proposition within the workplace. The three advantages are stated below.

1. Problems are easily overcome if the individuals decide to communicate efficiently. In case of considering a group of people the collaborations need to be more effective if the communication system is efficient within the workplace. 
2. The various types of solutions should be considered by an individual so that they are able to use their own skills to solve the problem at least temporarily. In case of the problem solving sessions, the team or any individual will try to integrate their thinking process through a different path where their process of thinking will matter and make a useful outcome to respond to the problems.
3. In order to address different complex issues and problems within the workplace, the company always needed to prepare itself with the upcoming risks through forecasting. The appropriate solutions to each of the forecasted risks were prepared by the company earlier. Now the team members are able to maximize their problem solving abilities. Here, the risk factors will be improved positively on behalf of the problem-solving abilities. This enables the opportunities of better growth within the workplace.

8. 

Type of Risk	Description	Example
Strategic Risk	Strategic risks generally occur from the director’s fundamental decisions about the organization’s goals. In order to fulfill the market goals, strategic risks play the essential part of being pitfalls to create the essence.	Production slowing doe=wn due to the outdated equipment, creation of delays and lowered employee morale due to the delays in work completion.
Compliance Risk	In case a company is operating within the compliance where business regulations and laws are recommending internal rules then the risks of civil fines and financial forfeitures are increasing with the property damage.	Sexual harassment and discriminations have its own sets of external and internal consequences within the workplace which cannot be avoided at any cost.
Financial Risk	There are significant risks related to the downside risks which are referred to as the probability of economic failure within the workplace that is surrounded with confusion and severity. These financial risks are segregated under different categories such as business loan defaults involving bank deals.	Interest rate rises mostly cause depreciated value of company’s shares and bonds. Different hedging tools, for example, interest rate derivatives and the arrangements of forward rates are also available to mitigate the risk of interest rate.
Operational Risk	Inadequate management or failure to manage the internal process are resulting in the risk of loss.	Bankruptcy is a significant risk which occurs due to intentional or unintentional frauds.

 9. Time Constraints

Time constraint is a significant barrier which stops the managers from making an effective and efficient decision. Heuristics help in saving more time but the time constraint does not help with the situation due to which the best managers fail to balance risk and mitigation with the efficient properties of acting up too fast.

Bounded Rationality

Bounded rationality provides an idea of the belief which does not represent an entirely logical solution in case of handling a complex problem. It is never truly possible to comprehend the potential alternatives at all circumstances when the ramifications are done.

Escalation of Commitment

The idea of escalation of engagement is referring to the decision maker’s deliberate intention to stick with the wrong decisions; however he knows that this will lead to significant unfavorable consequences in the long run. The main barrier or challenge regarding this is that it does not let the manager or decision maker take the right step irrespective of understanding the situation.

10. Ensuring the person who has been asked to review the presentation is essential as they need to understand their role and responsibilities in providing the feedback while the outcome of the session is vital. It is important that their recording style of observation and the way they are providing feedback is important to the presentation maker. Asking them to observe the work done by the presenter while recording the feedback when the presentation is ongoing is important. The observers need to be encouraged to be honest and provide as much information as possible. A casual conversation afterwards also helps in creating better discussions and clarifications about the comments made by them. The feedback helps to challenge one's own capacity, limitation, expertise and knowledge where support is always provided through critical reflection.

There are some information, that the feedback registrations may contain, such as:

• Project Number
• Feedback Date
• Name of Suggestion provider
• People who are suggested
• Comments
• Suggestions
• Actions 

11. External Resources

Skilled helpers and contractors save more money and time. In case of internal investigations they come in handy as they make sure that the entire process goes smoothly upto certification.

Internal Resources

The internal system comprises Human Resources, Administrations, Information Technology, Security and Services.While the implementation of ISMS takes place, these are major resources which will be directly required.

Certification

In the current time, there are few accredited certification companies against ISO 27001 who are still competing. The other requirements change the landscape of costs.

IT

The state of Information Technology mainly provides the idea of implementing cost effective systems within the company to fulfill the requirements. In case any gap is established or discovered due to the risk investigation then the IT teams will be able to reduce the risks through implementation costs which certainly increases the current approach.

Worlducation is a startup company that markets and manufactures tablets for educational institutions (Primary). Primarily the company is marketing the different tablets to companies. This provides a benefit to the students as they will be able to use the device for attending classes.

Methods and techniques of critical thinking for identifying workplace issues

The company has not started selling its tablets yet to individuals but it is planning to do so in the long run. The company is trying to earn better profitability by marketing the tablets and maintaining the social contribution. The company always supplies and ensures that each order is fulfilling the low economic resource criteria and also establishing its aim to reduce illiteracy count in the world. 

The company has its significant serieses of issues related to its contingent context and the production model. First, the Covid-19 pandemic has impacted the business due to which several factories have closed and the production has been brought down from 2000 tablets to 500.

Second, the supply chain model of Worlducation is quite complex where different factors are continuously interfering within the process. The production and marketing of the products are becoming very difficult. This is also causing the company’s cash flow to go down and the net profitability is showing negative figures.

Some of the significant stakeholders are senior executive, government, suppliers, management, supporters, vendors, distributors and employees.

For 2019 there were: Revenues of $35 million. Net profit of 7 million. Net cash flow of $4million. 

For 2020 there was: Revenue of $45 million. Net profit of 9 million. Net cash flow of 5 million.

The current backdrop shows the project of 2020: Revenue of $55 million. Net profit at $5 million. Net Cash flow at -$3 million.

The Objective of Worducation in finding a solution is to maintain the financial viability where the company is required to generate enough profitability so that the marketing objectives can be thoroughly maintained. The production services will be outsourced to facilitate better marketing and production tools. Second objective is based on the budget requirement compliance. The budget requirement needs to be complained properly to avoid any unnecessary cost incurring. The financial control will be maintained once the team seeks to adopt the new changes.

According to the advantages, future growth is considered by maintaining a clear budget and adequate financial control. This will help in improving the production system of the company and also improve the profitability in the long run. Secondly, appropriate and sound relationships will be maintained with suppliers by paying them on time without any delay. Thirdly, the customer relations will be improved if an appropriate supply chain is maintained by ensuring the high quality product supply and competitive prices.

The significant risk is based on the primary risk of loss of customers. Without appropriate management of the supply chain system and ensuring the reduction of delays and supplier defaults there is a high probability of increased loss of customers. Secondly, the damage loss of customers does to the brand reputation of Worlducation. This risk has a high probability in case of producing and marketing the products. Thirdly, employee dissatisfaction is another primary risk that will impact the efficiency of the productivity system of the company.

The Corporations Act

Australian Consumer Act

Health and Safety Act

Fair Work Act 

All of this considered legislation by the Australian Authority is conducted and adopted by the company. This is highlighting the welfare, security and health and safety of the employees. The rights and duties of the stakeholders within the company is clean and the framework proves honesty through fair competitiveness.

Critical thinking Techniques are considered in this case. Debate is a significant technique that provides an opportunity for point of views augmentation. Through debate dialectical process is considered where a group of people is able to discuss and debate on the basis of their own perspectives. Other critical thinking techniques are based on knowledge investment in training. This technique helps to increase the expertise where the decision making process goes through gaining new and more knowledge and experience. 

Five alternative solutions are considered which includes decreasing the payment terms for the customers. This alternative idea helps the company in handling high debt risks and maintains an optimal level of cash flow. Secondly, the cost of tablets is increased to increase and improve the profitability of the company. Thirdly, the cost of training and applications can be increased so that the quality is maintained at a high level. Fourthly, new investors are founded or searched for so that the potential partners are able to invest within the company’s operations and activities. Lastly, offering discounts to companies for a large number of orders will help to increase sales and productivity.

Solutions	Customer Satisfaction	Shareholder Satisfaction	Penalty free supplier	Meeting Budget	Continued Liquidity
Payment Terms decrease	Yes	Yes	No	Yes	Yes
Cost of Tablets increase	No	Yes	No	Yes	Yes
Training materials increase	No	No	No	Yes	Yes
Investor Search	Yes	Yes	Yes	Yes	Yes
Discount Offerings	Yes	No	No	Yes	No

In the next section, the two feasible options will be compared.

Comparison of Feasible Solutions
Solutions	Customer Satisfaction	Shareholder Satisfaction	Penalty free supplier	Meeting Budget	Continued Liquidity	Total
Payment Terms decrease	Yes	Yes	No	Yes	Yes	4
Investor Search	Yes	Yes	Yes	Yes	Yes	5

According to the comparison of the two feasible solutions, the highest scoring alternative will be selected. In this case, the option of searching for investors is showing the highest score. This is the most feasible solution to the problem and the highest level of feasibility will provide the highest level of profitability to the company in the short run and long run. 

The best solution in this case, is to search for investors. The alternative is chosen after considering the highest score in the feasibility test and comparison. The main problems will be involving the increase in prices where the disruptive strategy for the customers is considered. Here, the conflicts among the stakeholders are also minimized by implementing the alternative solution that will be suitable for the social, financial and health context of the company.

Date: March 21 2022

To: 

From: 

Subject: Approval of Proposed Solution

Dear CEO,

Knowing the current situation of the company, it is becoming one of the strongest since it was established. The financial department of the company has done some work which is projecting the cash flow and the revenues of the company. It is to be requested that urgent actions are taken. The company is considering several alternative options to enclose and enhance the performance of the company. The capital for searching new investors will also be implemented so that the suitable profitability and desired performance can be achieved from the company. 

Thanks and Regards,

Senior Financial Analyst