Read the articles attached and provide a response in approximately 250 words.How does pay for performance affect recruiting in the articles? What are some of the pitfalls that have occurred in implementing this pay-for-performance plan?2/12/2017
General OneFile Document Is payforperformance worth it? The second of two articles weighs the pitfalls and benefits
http://go.galegroup.com.portal.lib.fit.edu/ps/i.do?id=GALE%7CA236090786&v=2.1&u=melb26933&it=r&p=ITOF&sw=w&asid=3b9553f7553a79481cb0fc7a93473… 1/2 Is payforperformance worth it? The second of two articles weighs the pitfalls and benefits August Aquila and Coral Rice Accounting Today . 24.10 (Aug. 16, 2010): p30. Copyright: COPYRIGHT 2010 SourceMedia, Inc. http://www.sourcemedia.com/ Full Text: Byline: August Aquila and Coral Rice Payforperformance is certainly no silver bullet. Like any management system, opinions about payforperformance differ. Those who endorse payforperformance may tell you it is an effective method for attracting and retaining the right people and for nurturing an environment of continuous improvement. Those who generally dislike payforperformance systems may tell you such a system encourages individuals to focus on personal gain or their own goals at the expense of others, thus destroying trust and teamwork . On paper, it may appear that a payforperformance system is a perfect solution for: Attracting and retaining the best and brightest? Motivating people to work more efficiently? Obtaining the firm's strategic goals and objectives? Recognizing a variety of employee contributions? and, Encouraging people to help others achieve their goals and objectives. We have also found, however, that there are many pitfalls in implementing a payforperformance system. Some of these pitfalls are related to the design and implementation of the plan itself, while others are the result of cultural or operational dysfunctions of the implementing firm. Pitfalls that we have observed over the past several years include: The plan is too complex. It includes too many measurement criteria, hardtounderstand measures, or difficult formulae for calculating payforperformance payouts. The plan rewards behaviors that bring about unintended consequences. For example, the plan may reward someone for hitting a minimum number of charge hours without evaluating the profitability of the work that was accomplished. In other words, billable hours may go up while profitability goes down. Administrators of the plan are unable to obtain the data needed to track the measures, or individuals affected by the plan do not trust the sources of the data and/or the keepers of the data. Since the plan often includes a measure tied to behaviors, it may be difficult to "audit" whether the behaviors are actually occurring. Observation or selftracking may be the only options to do so. Employees may focus on individual goals to the detriment of others, the team, or the firm. This requires a close look at whether the system can be manipulated, whether the plan includes criteria with unintended consequences, and whether the plan includes both independent and interdependent criteria. The firm is unwilling to commit to the training that is necessary for individuals to develop the needed competencies as outlined in the plan. Too often, firms have job descriptions that include needed competencies (some may have even developed detailed competency maps) but fail to assist employees in developing an individual development plan that outlines how, when and where they'll learn these competencies. The firm gives only lip service to its core values, or owners (or others who evaluate performance) have differing views on what it looks like when someone is or is not living them. This requires the firm to not only identify its values, but to define them and to identify the specific behaviors in which people would be engaging if they were, in fact, living them. If your firm decides to go down the payforperformance road, you must be willing to accept major changes. Gone are the days of subjectivity, favoritism and entitlement. Payforperformance systems require that there be timely and effective evaluations of performance. This will require more preparation on the part of the evaluator and more honesty in the evaluations, since employees (and partners) are being evaluated against clearly defined goals.
https://www.coursehero.com/tutors-problems/Business/10260254 10260254 Journal Entries Question 1. Required: Provide the journal entries for the independent transacations below: Item (a) Jan. 1, 2001 purchased land with... Please help me with this Journal entry problems..............Journal Entries Question 1. Required : Provide the journal entries for the independent transacations below: Item (a) Jan. 1, 2001 purchased land with a usable office building thereon for cash of $200,000. Tax assessment values: Land $20,000; building $60,000
(b) Jan. 1, 2001 purchased land for future building site for a cash cost of $40,000; an old building on this site,
appraised at $2,000 at the date of purchase, is to be torn down immediately.
(c) Net cash cost of demolishing the old building in (b) above amounted to $2,000.
(d) Cash cost of excavation for basement of the new building (b above) was $6,000.
(e) Lawyers' fees paid in connection with purchase of real estate in (b) $900.
(f) Taxes paid on land purchased in (b) assessed before completion of building, $300.
(g) Factory superintendent's salary for 2001 was $24,000. During 2001, the superintendent spent the first six
months supervising construction of the new building; the next three months supervising installation of
productive machinery in the new building, and the last three months supervising operations in the new
(h) Cost of grading and paying parking space and walks behind new building, $9,500.
ABC Inc. purchased a copper mine for $400,000 on January 1
, 2008. The company
is required by provincial law to restore the land on which the mine is located to its initial
condition at the end of the mine's ten year useful life. Restoration costs are estimated to be
$35,000. ABC is subject to an interest rate of 5%.
Prepare the journal entries required on January 1
and December 31
, 2008. Round
all entries to the nearest dollar.