P5: The objective of this task is to elucidate the attributes of the local business environment. This encompasses markets, sector and industry changes, economic trends, and legal framework. The legal framework comprises laws and regulations established by the government to uphold order and ensure the well-being of all individuals. These laws aim to foster respect and protection for everyone, maintain a clean and secure environment, among other purposes. Without compliance with these laws, there would be chaos and disregard for societal norms.
The laws aim to ensure respect and protection for everyone, while also maintaining clean and secure living environments. Failure to comply with these laws can lead to significant problems in various domains, including the business environment. In this context, there exists a legal framework that must be followed as well. Not adhering to this framework can result in fines or prosecution. One specific legal framework is Health and Safety regulations, which are designed to safeguard workers from health issues and hazards at work. All businesses are required to comply with these regulations by providing safety indications, training employees on health and safety measures, and supplying protective equipment (e.g., construction companies must provide helmets). Complying with these laws has a positive impact on businesses as it guarantees their own security and the well-being of their employees.
Employment laws govern the conditions and regulations of employees in their workplace, which business owners must respect. Examples of such laws include the Pay Act, Discrimination Act, Equality Act, Working Hours Act, National Minimum Wage Act, Flexible Works Act, Employment Acts, along with other relevant regulations. Non-compliance with these laws can result in severe punishments for businesses. While these laws create a favorable environment for businesses by protecting employee rights and ensuring fair practices within the workplace; they also impose certain obligations that need to be fulfilled.
