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Understanding Business

University: ARU London

  • Unit No: 010
  • Level: High school
  • Pages: 6 / Words 1501
  • Paper Type: Essay
  • Course Code: MOD005248
  • Downloads: 971
Question :

This assessment will cover the following questions:

  • Examine the two challenges facing graduate employability prospects in meeting the needs and expectations of employers.
  • Examine the definition of employability.
  • What are the skills, attributes and knowledge required in graduate students to perform well in their professional career?
  • How different skills are valuable in the workplace to retain in an organisation.
Answer :
Organization Selected : SME

INTRODUCTION

This report contains two sections firstly explaining the employability prospects of individual and secondly the SMEs and their impact on the economy of the UK. The employability of graduate students requires them to possess some different skills in order to stand out in the market and be selected by the organisation. SME means a business operating on a small scale, SMEs have been very important for the UK economy and the government there are very supportive of them. (DaSilva, 2018.)

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MAIN BODY

Essay Title 1: Graduate Employability Prospects

Employability means that a person is attributed to gain and maintain employment, the term employability is related to the work environment which includes the ability to gain employment for the first time. Gaining employment for the first time helps the individual in their key competencies, they will know about their career which they need to focus on meaning in which field they are interested to work and see their future. (DaSilva, 2018.)Hence, they will understand the working environment embedded in different organisations they are planning to go into. Employability also includes the ability of an individual to maintain their employment status and make some transition between different jobs in order to explore their potential and gain new knowledge. The concept of employability helps in obtaining new employment opportunities which will help the individual in their long-term growth. Employability continues to develop once the individual has completed their graduation and then started to work. Employability skills are general skills that are necessary for success in the labour market at all employment levels and in all sectors.

For gaining employment the individual must have some key employability skills in order to stand out in the market. As employers have so many options available for them they need to make sure that they get the best available, therefore in order to gain employment an individual should have skills like good communication skills, and critical thinking capabilities, he or she must be able to solve any problems they face, and some managerial skills if the job requires so. This list of skills may seem to be daunting but the individual must have faced this problem for a variety of times in their life and they have dealt with it. So the individual must use their experience to get into the corporate world and progress in the area of interest.

One of the most important areas to focus upon is that one must have very good communication skills irrespective of any work environment they are planning to work in as this is a very important personal attribute and initially the employer will judge the individual upon these attributes because if the person cannot even communicate properly then their first impression will be very disappointing. Also, with communication listening is important too because if the individual does not listen to the instructions then they will mess up their work.(Boyle and Kelly, 2016) Another important attribute that the individual must have is they must have the ability to make decisions, although this is not very common in every individual they must at least have some decision-making capabilities.

To develop these personal attributes and skills the individual can practice, communication skills that will keep on increasing, the individual must think before they speak as this will increase the chances of processing the information that they have received and then answering accordingly. With the help of good communication, the individual will have a good impression on the employer which will increase the chances of getting employment. Decision-making skills can be gained and improved by taking the daily life decision, the individual must not be dependent upon another person for making decisions in their life. If the individual is able to make the common decision then they can improve their decision-making ability. The employer will prefer them if they have this quality over the other people. Being able to make informed and logical decisions and to be able to apply decisions effectively at a group and personal level will be very effective in gaining good employment opportunities. These skills will not only help the individual with one employment they will help them in the future employments too as every employer wants these basic skills so wherever the individual go these skills will help them in making a good impression on them. Other skills that the individual should also try to gain general awareness about the working environment, are numeracy skills, good interpersonal skills like they should have an excellent personal appearance, self-confidence etc. so that they can be confident enough to work. (Basole 2015 )

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Essay Title 2: Impact of The External World on Business Decision-Making - SMEs

Small and medium-sized enterprises (SMEs) are those organisations which fall below some limits. An SME is a company whose revenue is less than €50 million and employs less than 250 employees in the organisation and whose gross asset is less than €12.5 million. If any of these criteria is satisfied then a company is classified as a SME. SME has a great contribution to the economy of the United Kingdom as the SME employs a very large number of people living in the United Kingdom. The report of the Department of Business Innovation and Skills shows that around 99.3% of the United Kingdom's private sector companies were SMEs and they accounted for a turnover of around €1.6 trillion which shows more than 45% of the private sector turnover. The government of the United Kingdom are supporting SMEs by forming a variety of initiatives for them like providing subsidies in order to support them, providing loans at cheap rates to start the business etc. With the help of these SMEs are growing at a fast rate in the United Kingdom.

Despite all these, SMEs are facing challenges in going global as setting up a business and then going global requires a large amount of investment and risk as if the company fails then they might have to liquidate and shut their business down. (Badgett, 2016.) SMEs lack experience and knowledge in the area of their work, they do not know everything which the other global players already know giving them an advantage over these SMEs. These include global rules and regulations, if an SME is operating in the United Kingdom and wants to diversify their business in Australia then they will have to gain knowledge about the laws and regulations of that country too so that they do not face any problems operating there, but to do this the company need to invest and take a lot of risk before and not all the owners of the SMEs are ready to do so. Also, these rules and regulations keep on changing which requires the SMEs to be kept updated with the current knowledge of them and they do not have much of the resources to manage their business nationally as well as internationally as other MNCs. Another challenge which SMEs face is that they do not have enough resources like proper finance to operate internationally and the expert human resources which will take the business to the global level. The company need to pay the additional tariffs and the export fees to supply their product to other countries. (Lambe, 2015)

The UK SMEs account for numerous companies operating in the private sectors so the government must support them to make sure that they operate efficiently. They should be provided with the source which they can use to expand their business internationally. Finance should be made available at cheap rates of interest so that they can use these funds in order to operate and pay the export fees, and duties, and hire the right human resource required to get the things done. SMEs should evaluate their business environment by using tools like SWOT analysis and PESTLE analysis so that they get an idea about the feasibility of the market. This will save a large amount of cost to the SMEs as they will not diversify their operation if the markets are not feasible. If the company do not analyse the market then they will have to face the long-term implications. (Storey, 2016)

Also read:- Role of Uncertainty and Imperfect Information In Entrepreneurship

CONCLUSION

From this report, we have come to a conclusion about the employability and the SMEs of the United Kingdom. This report includes two different essays firstly on the graduate employability prospects and the next on the Impact of the external world on SMEs' business decision-making. The employability prospects say that the employees must have some skills which increase their chances of selection. The next Section shows that SMEs are very important for the UK economy and the challenges which are being faced by them. To get more details about online assignment help from our experts.

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