ACCA 考试 P5 知识点汇总.docx
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ACCA 考试 P5 知识点汇总.docx
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ACCA考试P5知识点汇总
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REWARDSCHEMESFOREMPLOYEESANDMANAGEMENT
Amajorpartofperformancemanagementinvolvesmanagingemployeesandmanagers,astheirperformancewillhaveamajoreffectontheperformanceoftheorganisationasawhole.Thisarticlelooksathowrewardschemescanbeusedtoinfluencethebehaviourofemployees
MEANINGOFREWARDSCHEMES
AbroaddefinitionofrewardschemesisprovidedbyBratton:
‘Rewardsystemreferstoallthemonetary,non-monetaryandpsychologicalpaymentsthatanorganisationprovidesforitsemployeesinexchangefortheworktheyperform.’
Rewardsschemesmayincludeextrinsicandintrinsicrewards.Extrinsicrewardsareitemssuchasfinancialpaymentsandworkingconditionsthattheemployeereceivesaspartofthejob.Intrinsicrewardsrelatetosatisfactionthatisderivedfromactuallyperformingthejobsuchaspersonalfulfilment,andasenseofcontributingsomethingtosociety.Manypeoplewhoworkforcharities,forexample,workformuchlowersalariesthantheymightachieveiftheyworkedforcommercialorganisations.Indoingso,theyareexchangingextrinsicrewardsfortheintrinsicrewardofdoingsomethingthattheybelieveisgoodforsociety.
OBJECTIVESOFAREWARDSCHEME
Whatdoorganisationshopetoachievefromarewardscheme?
Thefollowingareamongthemostimportantobjectives:
1.Tosupportthegoalsoftheorganisationbyaligningthegoalsofemployeeswiththese.
2.Toensurethattheorganisationisabletorecruitandretainsufficientnumberofemployeeswiththerightskills.
3.Tomotivateemployees.
4.Toaligntheriskpreferencesofmanagersandemployeeswiththoseoftheorganisation.
5.Tocomplywithlegalregulations.
6.Tobeethical.
7.Tobeaffordableandeasytoadminister.
ALIGNINGTHEGOALSOFTHEORGANISATIONANDEMPLOYEES
Therewardschemeshouldsupporttheorganisation’sgoals.Atthestrategiclevel,therewardschememustbeconsistentwiththestrategyoftheorganisation.Ifastrategyofdifferentiationischosen,forexample,staffmayreceivemoregenerousbenefits,andthesemaybelinkedtoachievingcertainskillsorachievingpredeterminedtargets.Inanorganisationthathasastrategyofcostleadership,asimplerewardschemeofferingfairlylowwagesmaybeappropriateaslessskilledstaffarerequired,newstaffareeasytorecruitandneedlittletraining,sothereislessincentivetooffergenerousrewards.TheUSsupermarketgroupWalmartcompetesonlowcost.Itrecruitsemployeeswithlowskills,andpayslowwages.Itdiscouragesstafffromworkingovertime,asitwishestoavoidpayingovertimerates.
TORECRUITANDRETAINSUFFICIENTEMPLOYEESWITHTHERIGHTSKILLS
Ifrewardsofferedarenotcompetitive,itwillbedifficulttorecruitstaffsincepotentialemployeescanobtainbetterrewardsfromcompetitors.Existingstaffmayalsobetemptedtoleavetheorganisationiftheyareawarethattheirrewardsystemisuncompetitive.
Highstaffturnovercanleadtohighercostsofrecruitmentandtrainingofnewstaff.Losingexistingemployeesmayalsomeanthatsomeoftheorganisation’saccumulatedknowledgeislostforever.Formanyknowledge-basedorganisations,thehumancapitalmaybeoneofthemostvaluableassetstheyhave.HightechnologycompaniessuchasMicrosoftarecompaniesthattradeonknowledge,sooffercompetitiveremunerationtokeystaff.
TOMOTIVATEEMPLOYEES
Motivationofemployeesisclearlyanimportantfactorintheoverallperformanceofanorganisation.Organisationswouldliketheiremployeestoworkharder,andbeflexible.Thelinkbetweenrewardschemesandmotivationisacomplexissuethatishotlydebatedinbothaccountingandhumanresource-relatedliterature.
Awell-knowntheoryrelatingtomotivationisMaslow’shierarchyofneeds.Maslowstatedthatpeople’swantsandneedsfollowahierarchy.Oncetheneedsofonelevelofthehierarchyaremet,theindividualwillthenfocusonachievingtheneedsofthenextlevelinthehierarchy.Thelowerlevelsofthehierarchyarephysiological,relatingtotheneedtosurvive(egeatingandbeinghoused);oncethesehavebeenmet,humansthendesiresafety,followedbylove,followedbyesteem,andfinallyatthetopofthehierarchy,selfactualisation,orselffulfilment.
ApplyingMaslow’shierarchyofneedstorewardschemessuggeststhatveryjuniorstaff,earningverylowwageswillbemotivatedbyreceivinghighermonetaryrewards,asthiswillenablethemtomeettheirphysiologicalneeds.Asemployeesbecomeprogressivelymorehighlypaid,however,monetaryrewardsbecomerelativelylessimportantasotherneedsinthehierarchy,suchasjobsecurity,abilitytoachieveone’spotential,andfeelingofbeingneededbecomemoreimportant.
Herzbergarguedthatincreasingrewardsonlymotivatesemployeestemporarily.Oncetheybecomede-motivatedagain,itisnecessaryto‘rechargetheirbatteries’withanotherincrease.Afarbetterwaytomotivateemployeesisto‘installageneratorinanemployee’sotheycanrechargetheirownbatteries;inotherwordstofindoutwhatreallymotivatesthem.AccordingtoHerzberg,itistheintrinsicfactorsinajobthatmotivateemployees,suchas‘achievement,recognitionforachievement,theworkitself,responsibilityandgrowthoradvancement.’Givinggreaterresponsibilitytoemployees,forexample,canincreasemotivation.
Perhapstheconclusiontobegainedfromthisisthatmonetaryrewardsaloneareinsufficienttomotivateemployees.Otherfactorssuchasgivinggreaterrecognitionandgreaterresponsibilitymaybeequallyimportant,forexamplegivingpraiseatcompanymeetings,promotingstaff,andinvolvingstaffmoreindecisionmaking.
ALIGNINGTHERISKPREFERENCESOFMANAGERSANDEMPLOYEESWITHTHOSEOFTHEORGANISATION
Managersandsenioremployeesmakedecisionsonbehalfofthecompany,actingasagentsofthecompany.Itisdesirablethattheriskpreferencesoftheseemployeesshouldmatchtheriskpreferencesoftheorganisationanditsstakeholders.Oneproblemwithmanyrewardschemesisthatmanagersaretooriskaverse,andwillnotmakeinvestmentsthatmayrisktheirtargetsnotbeingmet.
Theeventsleadinguptothefinancialcrisisof2008areagoodexampleoftheoppositesituation,wheretheriskappetitesofemployeesatinvestmentbanksdidnotmatchtheriskappetitesoftheowners.Duringthisperiod,individualsworkinginthebankswerepaidlargecommissionsforsellingmortgageloanstocustomers.Theproblemwasthattheemployeesweresellingloanstocustomersthatposedalargerisktothebanks,duetotheirlowcreditworthiness.
Theproblemwasconfoundedbythefactthatinmanycases,theemployeesofthebankswerepaidcommissionsonthedatethattheloanagreementsweresigned,whiletheloanslastedfor25years.Insituationswheretheborrowerdefaulted,however,therewasnoclawback,sotheemployeewouldnotberequiredtorepaythecommission.
Manycountrieshaveputinplacenewlawsandcodestochangethissituation.IntheUKforexample,thefinancialservicesauthorityintroducedacodewherebyremunerationstructuresshouldbebasedonsoundriskmanagementpractices,
incentivepaymentsshouldbedeferredoveranumberofyears,andthereshouldbeclawbackprovisionswherebyemployeesarerequiredtorepaybonusesintheeventthatthelongertermresultsoftheiractionsleadstosimilarproblemsexperiencesinthefinancialcrisis.
Shareoptionsmayalsocreateamiss-matchbetweentherisksfacedbytheorganisationandtherisksfacedbytheholdersoftheoptions,sincetheholdersbenefitifsharepricesincrease,butdonotbearanylossesifthesharepricefalls.Shareoptionsarediscussedinmoredetaillaterinthisarticle.
COMPLYINGWITHLEGALREGULATIONS
Rewardsshouldcomplywithlegalregulations.Typically,employmentlawsincludeareassuchasminimumpay,andequalpaylegislationtoensurethatnogroupsareprejudicedagainst.Therehavebeenhighprofilecasesoffemaleinvestmentbankerswinninglegalcasesagainsttheiremployersbecausetheirbonuseswerefarlessthanthosepaidtomalecolleagues.
ETHICSANDREWARDSCHEMES
Inrecentdecadestherehasbeenamoveawayfromfixedremunerationsystemstowardsrewardsystemswhereatleastpartofanemployee’srewardsarebasedonperformanceoftheindividualandthebusinessasawhole.Somewritersclaimthatthisisunethicalfortworeasons.First,suchsystemstendtoplaceincreasedbusinessriskontoemployees.Second,suchsystemsunderminecollectivebargainingsystems,andreducethepowerofunions.Thisleadstoasituationwhereemployeesasacollectivehavelessbargainingpower.
Thesizeoftotalremunerationspaidtodirectorsoflargepubliccompanieshasalsobecomeahotpoliticalissue,withaperceptionthatthegapbetweentopearners,andaverageearnersisbecominglarger.IntheUS,theaveragedirectorsofS&P500companiesearn200timesmorethantheaveragehouseholdincomeintheUS.Defendersofsuchlargedifferencesinpaypointoutthatthisdifferencehasactuallydeclinedinrecentyears;intheyear2000,directorsofS&P500companiesearned350timestheaveragehouseholdincome.Accordingtosomeresearch,suchhighpackagesarejustifiedastheydoreflecttheperformanceofthosedirectors.
AFFORDABLEANDEASYTOADMINISTER
Itisanobviousfactthatthereisaninherentconflictofinterestintherelationshipbetweenemployerandemployee.Theemployee’srewardsrepresentacosttotheemployer,whichtheemployerwantstominimise.Clearlywhateverrewardschemeisin
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