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MID-YEAR ASSESSMENT Management Finance - Assignment Example

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MID-YEAR ASSESSMENT Management Finance

One of the behavioural issues that have been noticed within the case study is that of resistance from employees. It is a common observance within an organization to have employees refuses to work with the new system or processes. In some cases employees regard the new system as redundant or unnecessary altogether (Attwood, 1996). In such cases usually employees feel threatened by the new system and feel that it challenges their methods of working and makes them feel redundant. In the case provided it was observed that the supervisor of department D Janet was extremely unhappy after viewing the performance report. This behaviour shown by Janet shows that she felt threatened by the report and refused to accept the system altogether. In some cases employees tend to agree to the new budgeting system but ignore its implementation. Employees tend to assure executives of the organization that they would commit to the processes of the system but in reality tend to hold reservations about it, causing reluctance in the implementation of its implementation (Woldring, 2010). As seen in the case out of all the directors only one of the director was interested in its implementations whereas others were uncertain about it. This caused the directors to become uninterested in its effective implementation. Another behavioural issue that can be seen the company is confusion amongst the employees. While developing a budgeting plan it is vital to communicate with employees to investigate the factors that were involved in formation of the actual budget. Since communication between the executives of the company and the employees was not clear misunderstandings are created during the formation of performance reports (Poornima & Charantimath, 2011). This in turn causes employees to disown the report claiming that information provided in the report is baseless and has little or no significance when placed under practical circumstances. Furthermore, there was no training provided to the employees prior to implementing the new financial control system. Direct implementation of the new system caused a great deal of confusion amongst employees who were taken aback on receiving their department’s performance report. Changes to be introduced in the Existing Report System In order to ensure that the current budgeting system is more easily accepted by the company’s employees it is vital that the management removes uncertainty and insecurity that the company employees have regarding it. The first and foremost step that the company could take is to initiate a training program for its employees. The main aim of the training program should be to increase the knowledge and awareness of the employees regarding budgeting and comparative analysis. The training sessions must inform employees of the exact advantages that budgeting and comparative analysis would bring about to the company. The process of training must start with the top executives of the company. Obtaining the consent and backing of the top executives would help in the implementation process (Finkelstein et al., 2008). Moreover, knowing that all the organizational executives share the same vision convincing employees at the lower level makes it a lot easier. Once the company’s executives have been briefed it is then time to convince employees working at the lower level ...Show more

Summary

Budgeting and Reporting Budgeting and Reporting Behavioural Issues that may emerge It is a common phenomenon for an organization to move towards implementing a systems and a set of processes that enable it to increase the overall productivity and improve the performance of the organization…
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MID-YEAR ASSESSMENT Management Finance essay example
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