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Lecture

ACCT 301 Lecture Notes - Agreed Framework, Performance Management, Profit Sharing


Department
Accounting
Course Code
ACCT 301
Professor
All

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Standard setting and performance management
Objectives
Define the term performance management
Identify a process for establishing work standards and performance
management
Outline a method to establish performance indicators
Illustrate ways of applying performance management
Describe management contribution to personal development planning
Explain the term ‘performance related pay’
Define the term performance management
Performance management is a means of getting better results by understanding
and managing performance within an agreed framework of planned goals, standard
and competence requirements.
It is an ongoing communication process that involves both the performance
manager and the employee in:
o Identifying and describing essential job functions
o Developing realistic and appropriate performance standards
o Giving and receiving feedback
o Performance evaluations
o Planning education and development
Identify a process for establishing work standards and performance management
The performance management process provides an opportunity for the employee
and performance manager to create a plan for achieving development goals:
Strategic plans and annual goals
o Job description and essential functions
Standard of performance
Performance observation and feedback
o Performance development plan
It must also consider the emerging environment with five main areas:
1. Economy
2. government
3. social
4. technology
5. competition
Outline a method to establish performance indicators
Standards should be written in clear and understandable language
o Describing the specific behaviors and actions required for work performance
o They should also be:
Consistent
Realistic
Specific
Measurable
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