Company Finances
The cost of electricity, water and other things. For the company not for design work, marketing. How are you going to get people to come to you, you are there. You will have to look after the finances, marketing. You will also have make sure that your design is correct as soon as possible.
Staff Costs
Gross pay - pay without any tax taken off
Pension - that they are putting money into, its now the law of your employees to get a pension tax, this is known as the Tax level.
Cash Flow
We need to make sure that you know when the money is coming in and when it is coming out. You also need to know when you do this you can pay the back to the bank out - which is known as budgeting. This can also show the bank where you are and what you are doing with the money.
Within the second part of the lecture we then moved on to look at the contracts which we found had two sides too, these were classed as the:
Client Side - This is the contracts between you and who you are delivering to.
Employee Side - This is the contracts between you and your staff which includes any freelancers.
We then looked into the duty of care and the duty of contract that is included within the Client side. I found that this part was very interesting because at some point in the future this information will become useful to me when I am in a business or have set up my own company. We firstly looked at the duty of contract that included the obvious one which is what the client you are working with has asked you for, the problems that you need to overcome but also consider. So what does the client really ask you for? You also need to ensure that the parameters are put into place. After we had done this we then looked at what is important in the duty of care on the Client side this is the Broader aspect which is to look after the clients that you are working with and their concerns and problems that they have. You also need to know what the clients business is and know the knowledge of what they do and get a broader understanding of the economic environment that you work in.
However you also need to remember a company is a 'Person in Law'.
We then moved on to look at the Duty of Care of the employee side, which again is a very important point to consider when we move into the employment business in the future. This is a lot of employment legislation and the aim of the care of duty is uses to protect employees from very unfair actions and practices. It is used to look after each and every employee including the:
- Physical and Mental Care
- Safe Working Environment
- Clear job understanding
- Procedures to resolve issues
We then were told about several different terms that related to employment, I found that some of these terms were very interesting to find out what is meant by each terminology that we were shown.
Employment Terms -
Resigned - You leave the firm out of your own free will.
Released - The firm that you are working for has no further use for you so they have to release you back onto the job market.
Dismissed - Not as bad as sacked. This is based on the neutral and depends on the context.
Probation - Period of time you need to serve before you are permanent and have employment rights. (Notionally, 1 Year)
Redundant - Companies can't hold onto you. The positive part of this is that you gain a statuary pay off.
Sacked - You've been bad, stolen stuff and have been thrown out of the firm/company which is very negative and looks very bad when applying for another job.
An important point is that you need to know where you stand and the sub contractor, the employee and about the fixed contract, it is important to know what your contracts says.
