Explain why the performance measurement system used to award bonuses up to the year 2009 does not provide a more balanced approach? Relate your answer to the firm.
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- The Balanced Scorecard is a useful performance management tool which incorporates financial and non-financial objectives. Discuss both the benefits and the drawbacks associated with the use of the Balanced Scorecard. Which type of business would most benefit from using this tool in their performance management system?There is only one payroll training tax in North America. The Quebec government program that forces employers to spend 1 percent of payroll on training may not have the intended consequences of increasing training investments in employees. Using data from a Statistics Canada survey, Alan Saks of the University of Toronto and Robert Haccoun of the Université de Montréal matched Quebec employers with Ontario employers and found that there were no differences in amounts spent on training. The paperwork is so cumbersome that many employers prefer to pay the 1 percent tax rather than go through the thick guidebooks necessary to report the training. There are many other mandatory training programs across Canada. In addition to legal requirements in posting information on employment standards, occupational health and safety, accessibility, pay equity plans, workplace violence policies, among others, legislation require organizations to have formal training programs in place. This includes…The Balanced Scorecard is a useful performance management tool that incorporates financial and non-financial objectives. Discuss both the benefits and the drawbacks associated with the use of the Balanced Scorecard. Which type of business would most benefit from using this tool in their performance management system? Please answer this question with at least 150 words minimum.
- The owners of a small manufacturing concern have hired a vice president to run the company with the expectation that he will buy the company after five years. Compensation of the new vice president is a flat salary plus 75% of the first $150,000 profit, and then 10% of profit over $150,000. Purchase price for the company is set at 4.5 times earnings (profit), computed as average annual profitability over the next five years. a.Plot the annual compensation of the vice president as a function of annual profit. b.Assume the company will be worth $10 million in five years. Plot the profit of buying the company as a function of annual profit. c.Does this contract align the incentives of the new vice president with the profitability goals of the owners?find three companies that are currently using a Balanced Scorecard by completing an internet and library database search. Your task is to identify and discuss the perspectives and key performance measures of each organization’s balanced scorecard. Discuss in as much detail as possible the specifics of the balanced scorecard that is being used by these companies. You also need to analyze the significant strengths and weaknesses of each organization’s balanced scorecard. Many companies are using the Balanced Scorecard to assist in their performance management. In a Balanced Scorecard, the company's strategy is translated into a system of performance measures that are used to monitor the company's performance in meeting its strategic objectives. Be sure to clearly document the perspectives and performance measures being used by each of the three companies. This report should include your analysis of the strengths and weaknesses of each company's balanced scorecard.How can organizations use performance metrics and monitoring to track progress towards their goals and adjust their plans as needed? What are some best practices for developing and using performance metrics effectively?
- Many companies use tests during the hiring process to predict how applicants will perform on the job. Based on today's society, what would you recommend to the hiring manager about forecasting job performance?An airline would like to determine within 3 percentage points An airline would like to determine, within 3 percentage points and with 95% confidence, the percentage of next month’s customers who judge the courtesy of its employees as being “very good to excellent.” What sample size would you recommend? An airline would like to determine within 3 percentage pointsPerformance appraisal is a systematic process of evaluating the job performance of employees and providing feedback to help them improve and develop professionally. It typically involves setting performance goals, assessing progress, and providing constructive feedback. Performance appraisals serve several purposes within organizations, including recognizing and rewarding employees for their achievements, identifying areas for improvement, and making decisions related to promotions, salary increases, or training opportunities. Effective performance appraisals are conducted regularly, typically on an annual or semi-annual basis, and involve clear communication between supervisors and employees. They should be based on objective criteria whenever possible, focusing on measurable outcomes and behaviors rather than subjective opinions. Additionally, performance appraisals should be conducted in a supportive and constructive manner, emphasizing opportunities for growth and development…
- Explain why managers say that a job analysis is a colossal waste of their time and the time of their employeesAssume you are employed as the Training Manager in a company and would like to carry out a training needs assessment for 100 employees who are located in one city where you have identified a gap in performance hence you have all the background information you need. Use this information to answer the following questions. a) Explain the steps you would take to carry out a training needs assessment of the employees. b) Briefly discuss any two reasons why it is a good practice to collect both qualitative and quantitative data in a training needs assessment. c) Using the same organisation, describe BRIEFLY how you would carry out training on “Good Customer Service” in a one-day workshop. Pay attention to all the preparatory activities you would carry out BEFORE the training and how you would carry out the training itself.True or False: Performance appraisal is useful for employee development and career planning