Performance Management: Key Strategies and Practical Guidelines - Coursework Example

Running Head: PERFORMANCE AND REWARD MANAGEMENT REPORT Performance and Reward Management Report Name Institution Introduction With the main objective of checking on how the finance manager is effective and how focused s/he is on attaining the goals of the organization, Queensland Brain Institute undertook the initiative of analyzing on the finance manager. Queensland Brain Institute, a part of University of Queensland, is a world class research institution, dealing with the control of functionality of the higher brain. It has a great goal of being a world leader in the field of neuroscience and thus any of its potential employees or rather the current employee should be of high professionalism. One who can prove to the organization that his/her contribution to the organization would be a worthy course on the attaining of the organizations goal. For such standards to be reached, a criterion that gives the job description in details and an individual’s specification is provided. This is to ensure nothing but the most effective of professionals able to achieve the organizational goal (Simons, 2000). This report carefully analyses the specifications contained in the analysis of Queensland Brain Institute about the job description and the individual’s specifications. This report will try to evaluate and analyze the specifications and descriptions of Queensland Brain Institute. It will also criticize some of these and at times will give or suggest better choices instead. Overview A report on the organization is a vital necessity for both the attainment of its goals and also the criterion it uses with the effort in acquiring and maintaining a staff with competent professionals. The document to be used is one that contains vital specifications that suit the organization’s interest in maintaining high world class standards. It contains the company’s job specification especially in the job category of a Finance Manager. Such include the job’s descriptions, task to be performed and other job aspects. It is therefore the best document in the writing of this particular report. The major goals of the organization according to their report will first be analyzed. This will form a major basis on the type of performance management such an organization should have. This will in turn produce arguments on some of the specifications and criticism on aspects found not too realistic or those that do not befit an organization of such caliber. The results will be based on the organizations values and goals, attributes of the individual, objectives’ result and the conditions, based on the history of the management of that organization. Justification of the process The aim of this section of the report is to explain the necessity of Queensland Brain Institute in the way it undertakes its procedures while monitoring its employees. It approves the steps taken, sometimes using globally laid down criterion and sometimes criticizes the techniques used, suggesting other better options. This report thus gives a detailed analysis on the organizations criterion to provide fairness to both the company and the employees. It also brings up other probable suggestions to be implemented in the performance management analysis to be used by the organization. Information collection by the company from the correspondent, in this case the Finance manager with the use of a questionnaire, is a recommended technique to be used among all employees in a company or an organization. By getting the information from the finance manager, the organization is able tell whether the tasks assigned to the employee are well implemented and in ways that conform to the needs of the organizations objectives. Such information provided by the employee is then compared with the observations made on the worker to determine the honesty on how the individual is concerned with work. Information collection by a company from any employee, in this case the finance manager doesn’t need any criteria to follow. The company is at liberty to get any information from an employee as long as the information entails only and only the company’s or organization’s affairs. Unless personal information is to be collected from the employee, such information needs not to be disclosed. This comes under the Freedom of Information Act in most governments. The determination of the level of skill one has to have before being employed is also a responsibility of the organization. The organization states the qualifications expected for the undersigned job, in this case the job of a finance manager. Though discrimination should not be evidenced on the qualifications provided by the organization, certain laws forbid job prejudice on matters concerning nationality, the race of an individual and sex. An example is the “Federal Equal Employment Opportunity (EEO) Laws” of the U.S. We also see the concern which QBI has about the availability of equal opportunities of employment. This is clearly stated in Appendix F of their policy. The delegation of tasks to the employee is a responsibility of the organization. It is therefore on the right for Queensland Brain Institute to assign the finance manager her areas of delegation in the organization. The right of the employee to delegate duties to the employee should however not be taken advantage of by the organization or a company. This is in the context whereby it delegates duties not in an individual’s line of duties. The implementation of the “Guidelines Oriented Job Analysis (GOJA)” method has been used by the organization in the analysis of the job description and the delegation of duties. In the analysis, it is well described as Appendix E in part A. This is a globally recognized method that gives in details the tasks of the financial manager in different domains that fall under her. It also shows the corresponding importance of the tasks and gives a brief detail of the skills the manager has to be conversant with in order to carry on her delegations with ease (Schermerhorn, 2001). The organizational chart which has been included enables the finance manager, among other workers to follow some order in the hierarchy. The hierarchy guides the finance manager thus is well updated on the way she would execute her duties (Storey and Sisson, 1993). On a critics note, the high expectations of the employer, in this case the Queensland Brain Institute, towards the finance manager is quite unrealistic. The many domains and skills that it expects her to have are far too many. This is worsened by the fact that the analysis doesn’t offer an opportunity of training in a case where a certain qualified professional is incapacitated in a certain domain under him/her. The availability of such a privilege should be offered because it is some times so difficult to find one who is good at all the duties to be delegated to him/her after employment. This is especially true mostly in this case where Queensland Brain institute, being a world class institute, would expect almost perfect professionals (Poister and Streib, 1999). The objective of the organization in attaining a world number one slot on the field of neuroscience has made it have nothing else but the urge of attracting the best of the best in the field of neurology. Not only on the field of neurology, but also on other staff. This is evidenced by the vacancy of a finance manager (Armstrong, 2000). Professionalism in the institution is enhanced by the qualifications it gives in the case of a vacant position among any of the positions. Such is seen in the case that an individual has to have if he/she has to be employed in the post of being a finance manager. Such is a recommended factor in any company for a chance to have well versed professionals (Debrah, et al, 2003). The non-inclusion of a rewards manager is a minus in this performance management analysis. Its inclusion should always be included for the motivation of employees. Such would ensure that employees such as the finance manager in this case to work towards the goal of the organization. “Behaviourally Anchored Rating Scale” (BARS) have also been used in this analysis. They are scales usually used in the reporting of performance of an employee especially in incidences of processes of appraisal. Its usage has proven vital especially the evaluation of the performance in the course of his/her employment. It does duties such as employee’s feedback to the employers on performance and also might describe criteria used in the awarding of employees (Coates, 1994). The “Behaviourally Anchored Rating Scale” (BARS) is the most important. This was best described in part B (Remuneration) in the institution’s analysis though it provides a source of motivation for the workers. Goals will be achieved by this motivational push. Remuneration, a concept introduced by the above paragraph is another technique that was used by the Queensland Brain Institute in their performance management analysis. It is a major concept that is usually applied in most companies and organizations for the awards scheme to award the best performers in the organization. “Key Result Areas” (KRAs) is a technique that is used in the performance management of the institution. It is a means by which the domains and other requirements of a particular profession are outlined in details. In this context, the domains, skills, importance and other context of the finance manager are outlined. This will make aware the finance manager of the delegations assigned to her. It will also make easy on the administrator to supervise the subordinate (Cottrell, Prawit and Stice, 1997). “Key Performance Indicators” (KPIs) are a gauge by which an organization uses to gauge the success of itself or the performance of other employees. The application of such a technique helps the QBI maintain a standard that it associates with and also set a basis of improvements (Tovey, 2001). Some merits of performance management analysis are as outlined and described below: > A performance management analysis as the one created by the Queensland Brain Institution has many advantages coming with it. > One, it provides a simplified form in which an organization or a company could monitor and evaluate the work of the employees and a manner to reduce complexity in management. In this case, the detailed job description of the finance manager makes sure that she keeps in check with the domains and skills required work. Thus she could self analyze herself and see the points to correct. The GOJA method in the detailed description of the finance manager’s duties and delegation is a proper method that is globally approved used by the Queensland Brain Institution to ensure this (Poister and Streib, 1999). > With an aim of increasing its efficiency and attaining the position of a world leader in neuroscience, the Queensland Brain Institute, would attain this level by following such an analysis to the later. This is due to their proven character of increasing the productivity of a company or organization. "Effective and timely enterprise-wide reporting and performance analysis improves strategic and fact-based decision making by providing alerts for rapid identification of problems and workflow  system to automate tasks," (Barefoot, 2002, p.34). > Performance management analysis is also a vital tool in cost reduction. This is realised by the utter devotion to the program and performance conditions offered. In the case here, the finance manager would ensure strict adherence to the objectives of the organization and keep the schedule of the duties. > Such a guide to the finance manager would ensure that she is aware of the organizations expectations of her. This makes it easy for a correction and also the proper procedure to be followed when something like an audit is done. This thus emphasizes the purpose of administration (Milkovich and Newman, 2005). Justification of Documentation Many companies and organization usually apply unorthodox means when they are in the process of appointing new employees. This is a problem that could be solved in a way Queensland Brain Institute has. By this, the organization is ensured of a smooth process while recruiting a finance manager (Neely, 1998). The use of techniques such as “Guidelines Oriented Job Analysis (GOJA)”, “Key Result Areas” (KRAs) and “Key Performance Indicators” (KPIs) is an evidence of professionalism of the document of the performance management created by the QBI. This thus satiates the fact that the performance management analysis it uses, in this case of the post of the finance manager, is a standard, if not an ethically professional document. The creation of a performance management analysis also makes it easier for the organization to conduct its management or administrative duties. The performance management analysis carries a detailed description, in this case its goals and the job description of the finance manager it wants to check on. Such would “enhance organizational control over human capitals specifically those chosen to fit the job description provided and construct a consistent statement of managerial expectations, and promoting a unitarist view of the organization” (Coates, 1994, p.167). Such a document is thus found to be very necessary for the management of such an organization that has huge objectives to make. Conclusion The outstanding competitive performance nature of an organization like the Queensland Brain Institution cannot be considered as incidental. This organization achieves efficiency because of the consideration of the most appropriate techniques integrated within their performance management analysis. The management of the organization has been able to use strategic approach to manage and handle behaviors, strategies, processes and measures that must work together as a system to meet their organization objective. The use of various globally accepted means in their performance management such as the “Behaviourally Anchored Rating Scale” (BARS) and the “Guidelines Oriented Job Analysis (GOJA)” is also a plus to the organization. This is due to the step up of techniques in order to also compete worldwide with other similar institutions. At this point, I would thus recommend the use of performance management analysis as major tools by any serious organization or company which wants to offer any competition. The usage of such would also make it easy in the management matters especially in the hiring and firing and also the observance of performance by the administrator. References Armstrong, M. (2000). Performance Management: Key Strategies and Practical Guidelines, Kogan. Barefoot, JA. (2002). What can you learn from Enron? How to know if you are creating a climate of rule-breaking. ABA Banking Journal, Vol. 94. Coates, G. (1994). Performance Appraisal as Icon. International Journal of Human Resource Management. 5/ 1:167-91. Cottrell, D., Prawit, D. and Stice, J. (1997). Evaluating performance in professional accounting. The CPA Journal. Vol. 67. Debrah, YA et al. (2003). Managing human resources in Africa. New York: Routledge. Milkovich, G. T., and Newman, J. M. (2005). Compensation (8th ed.). Irwin: McGraw- Hill. Neely, A. (1998). Measuring Performance. Why, What and How? London: Profile Books Ltd. Poister, T. and Streib, G. (1999). Performance Measurement in Municipal Government: Assessing the State of the Practice. Public Administration Review, Vol. 59. Schermerhorn, J.R. Jr. (2001). Management. (6th ed). New York: John Wiley & Sons, Inc. Simons, R. (2000). Performance Measurement & Control Systems for Implementing Strategy. New Jersey: Prentice Hall. Storey, J and Sisson, K. (1993). Managing Human Resources and Industrial Relations. Milton Keynes: Open University Press. Tovey M.D .(2001). Managing Performance Improvement. Australia: Pearson Education. Appendices Appendix 1 Performance Management Outsourcing: A Model showing some of the advantages of performance management analysis, some of them well discussed in the report. Appendix 2 This chart of comparison might enable the employees, in this case the finance manager, to compare their performance against neatly laid standards. It acts like a blueprint of service delivery. The comparison between a performance against a standard. Appendix 3 Managing Employee Performance and Reward: A model that gives well laid criteria in the monitoring and managing an employee, which was effectively done and considered in the Queensland Brain Institute analysis for a performance management of the finance manager. Appendix 4 Such is an implementation of the “Guidelines Oriented Job Analysis (GOJA)” used in detailed description of the individual taking the position of finance management. Domains Tasks Frequency Importance Knowledge, Skills and Abilities Tools or Equipment Budget preparation, financial reporting & monitoring Direct and prepare annual budget for entire organisation and for each research account including formulating budgets in consultation with group leaders Annual Critical Ability to collect relevant financial and accounting information Ability to liaise effectively with people concerned Knowledge of appropriate software package Strong attention to detail Computer Direct and prepare monthly financial reports including analysing results, identifying trends and potential problems and providing advice to assist with strategic planning Monthly Critical Effective time management skills Knowledge of accounting standards Knowledge of how to develop financial reports Identify relevant information Ability to liaise effectively with relevant people Strong analytical skills Knowledge of internal performance expectations Computer Prepare cash flow analysis and monitor income and expenditure Monthly Critical Ability to collect relevant financial and accounting information Ability to liaise effectively with people concerned Strong attention to detail Computer Prepare performance reports to be released to clients to justify reasonable expenditure Monthly Important Knowledge of how to develop financial reports Effective communication skills Knowledge of client base Computer Create and maintain a register of equipment As required Important Knowledge of relevant tax law relating to equipment Computer Depreciation Schedule Financial Processes Assist in processing and reconciling financial transactions for all accounts – including purchasing, accounts payable, accounts receivable, general ledger and journals Daily Important Knowledge of internal processes and systems relating to record keeping Knowledge of tax laws relating to business related expenses Knowledge of in-house software package Computer Calculator Advise account supervisors and management of daily financial position Daily Critical Effective communication skills Knowledge of internal policies regarding information able to be shared Ability to prepare documentation in relevant format Computer Reconciliations of expenses against the Corporate Card, including maintaining appropriate records Monthly Important Knowledge of UQ policies and procedures Knowledge of tax laws relating to business related expenses Knowledge of in-house software package Computer Calculator Carry out internal and external cost recoveries As required Critical Knowledge of internal policy regarding cost recoveries Computer Requisitions and purchase orders to the value of $100, 000 As required Important Knowledge of internal policies regarding purchasing Ability to assess and prioritise purchase requests Computer Policies Manual Signatory to the corporate credit card As required Important Ability to assess purchases to ensure suitability for the business Telephone Pen Policies, Procedures & Training Formulate new effective financial policies, procedures and systems including presenting them to the board As required Important Ability to formulate financial policies Effective communication skills Computer Coordinate training and information sessions on financial policies and procedures Knowledge of internal policies regarding training Computer Training and induction of new staff members Ability to assess skills of trainees to determine needs Communication skills Knowledge of in-house policies and procedures Computer Empty rooms(is this considered as a tool) Other tasks Supervise subordinates on a day to day basis to ensure completion of work Daily/as required Important Ability to supervise Schedule books Check email requests and respond accordingly Ability to use the internet and a computer Effective time management skills Effective communication skills Computer Liaise effectively with relevant bodies such as Central Finance (UQ) and external stakeholders Knowledge of the finance in UQ Knowledge of external stakeholders Effective communication skills Computer Liaise with QBI staff regarding salaries, equipment and other budgeting matters Knowledge of internal policies Knowledge of payroll related matters Effective communication skills Telephone Read More