With the outline above, a company starting out in the United States should not be encouraged to engage in cost reductions that could dramatically lower employee moral. With this said, B&T Consulting recommends that H2O implement a freeze on hiring and the implantation of job…
man resource management which include employees’ development, compensation, rewards, and work benefits, job definition and design, and development of organizational culture. From a scientific perspective, performance management is a continuous process, which starts from the time an employee start working in an organization until the time when the employee exits the organization.
Performance management is one of the things that H2O should consider placing great emphasis on as it prepares to expand its operations to the US. This is because performance management would help the company to align its HR initiatives with the US practices. That is, satisfying the needs of its human resources while ensuring that the abilities of the employees are directed towards achievement of the company’s objectives. Levensaler explains (20008) that “this is possible because performance management enables an organization to analyze how well its employees are performing on an individual basis” (p. 11). This entails analyzing how well an employee is performing in his/her current responsibilities based on the achieved results. Performance management also allows an organization to develop improvement plan. An improvement plan enables an employee to improve his/her performance, as well as prepare for future responsibilities.
Furthermore, performance management would help H2O to promote cohesion between subordinates and their supervisors. Good subordinates-supervisors relationships have a positive impact not only on employees’ performance, but also in employees’ morale. In addition, performance management helps organizations to determine employees’ performance rewards which are rewarding employees depending on their abilities and achievements. Therefore, for H2O to be able to align its HR initiatives with the US practices, it should ensure that its performance management initiatives achieve the aforementioned objectives.
Moreover, performance management is based on a ...
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This paper will discuss budgeting with respect to the construction industry. It will describe the functions of budgeting along with the role of budgeting in motivating behaviors within organizations. We will also discuss how potential dysfunctional consequences arise from the actions that budget holders may take when they are responsible for the budget.
However, the way to report should adhere to set international financial reporting standards. A financial reporting system is unique to a company and should be made in such a way that it does not contravene the set standards. A financial reporting system uses financial statements thus encompasses characteristics and components of such financial statements.
However, having a budget without instituting budgetary controls is useless. Budget controls are necessary to ensure that the company utilizes its finances as planned and to help detect deviations for correction purposes (Wiseman, 2010). Monitoring of a budget is something that is assiduous and must not be ignored at any particular time of the financial year.
A budget is always prepared on the basis of money for a future period of time. A budget is made for a full year - divided into months. Budgets are made for a specific amount of activity. For instance, if the limiting factor is capacity then the budget will be made based on this factor; likewise, if the factor of limitation is the demand in the market, the budget will be made on sales.
As such, a budget is tied to business goals and objectives, current and expected financial capability, and management strategies. In a business environment where there are uncertainties, budgeting is a means of managing risks. Issues in budgeting arise from the influence and confluence of internal and external factors that create anticipated and unanticipated risks.
Budgeting Introduction:Budgeting plays an important role in a business. It is very significant for the reason that it permits the firm to ensure of how much credit it may provides to consumer before it begins to have liquidity troubles. “Cash budget is an opinion of inflow and outflow of the business of an organization for a particular period of time” (Foley 2009).
It generally provides considerable assistance in identifying the dimensions of business functions that need more attention to be upgraded and delivers a rational idea regarding the unnecessary expenses incurred within a particular organization with the motive of preserving financial effectiveness.
Moreover, in times of today budgets are not to be considered static, over a period of time they need to be reviewed and rolled over.
There is no denial of the fact that 'failing to plan' results in 'planning to fail'. Budgets prepare organizations to anticipate the future and plan accordingly, which eases their anticipation for the future and day to day needs are already planned earlier.
Preparing a monthly budget includes recording of all possible incomes in the month, and listing of all fixed expenses like rent, telephone and utilities, and then last is the listing of variable expenses. This way, you can find the
In order to determine achievable budgetary targets, both the organisation and managers should sit together and determine realistic and achievable budgetary targets. For this purpose, the managers should show their consent for achieving the
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