Assignment 4 – Employee Risks (PO4, CO2, ILO.SK3, BIS2, IS1, AL1, CL1, DL5)
For this assignment you analyze which employee risks you anticipate and the measures you will take to protect your business (Stand alone Barbershop is the business) and yourself, even if you employ temporary or independent contractors. Anyone you pay money to should be considered for this assignment. Use the information from the article Hirai, 2015 (attached) from your readings to complete the following activities:
List your Quadrant A risks
List your Quadrant B risks
List your Quadrant C risks
List your Quadrant D risks
Complete a Pragmatic Risk Management table (from the article):
The first column, Risk Factors, will derive from your four Quadrants of risks
The second column, Type, is based on what type of Company Killer it is (review article)
The third column, Likelihood, is your decision of low, medium, or high risk
The fourth column, Consequences, is your description of what will happen to the company if that risk comes to “life.” Be thoughtful, be realistic, be truthful, and be specific.
The fifth column, Mitigation Tactics, is a list of your ideas of what you can do to minimize the impact of the consequence (column 4) or to reduce the likelihood of it happening.
The sixth column, Mitigation Costs, is your determination of the cost(s) for each mitigating factor (column 5). The costs may not be solely financial. Think about the non-financial risks as well. Again, be thoughtful, be realistic, be truthful, and be specific.
The seventh column, Status, is your decision of which mitigating tactics (column 5) you will implement.
Analyze your results in a minimum 2-page APA paper.
Include your table as an appendix (or an Excel sheet with proper formatting).
Your table would look like the following with the first risk factor as an example:
Theft; high turnover
Ensure all employees know the goals of the business; instill a culture of integrity
Costs are time (as an expense) to communicate to employees goals and culture
In planning phase
Minimum 2 pages
Minimum 1 table
Minimum 2 sources