A86012 Management and Principles of Accoun:ng (2016/2017) Session 12 Human Resources Paul G. Smith B.A., F.C.A
SESSION OBJECTIVES & OVERVIEW A 86012 Management and Principles of 2 Accoun:ng
Course Overview 1. What is business 14. Accoun:ng glossary 2. Types of business 15. Introduc:on to financial accoun:ng 3. Review session 16. Accoun:ng for business transac:ons 4. Management 17. Recording transac:ons, journal and ledger 5. Opera:ons 18. Recording owner’s contribu:ons & financing 6. Review session 19. Review session 7. Marke:ng 20. Recording long-lived assets and investments 8. Marke:ng strategy 21. Recording purchases 9. Review session 22. Review session 10. Finance 23. Recording sales and employee compensa:on 11. Financial management 24. Adjus:ng and closing entries 12. Human resources 25. Adjus:ng and closing entries …con:nued 13. Exam 26. Cases and exercises 27. Exam A 86012 Management and Principles of 3 Accoun:ng
Session Objec:ves At the end of this session students will be able to define Human Rela*ons and ar3culate why this is important, summarize early studies related to employee mo3va3on including theories X, Y and Z and strategies used to manage employee mo*va*on . Students will be able to define human resource management and processes for recruitment, performance appraisal, employee turnover, compensa*on op*ons , dealing with unions and the importance of diversity . Students will understand the importance of people sa*sfac*on and employee engagement. A 86012 Management and Principles of 4 Accoun:ng
Overview of Session 12 • Guest Speaker: Stefano Lai, Director of Communica:ons, Ferrari N.V. • The Nature of Human Rela:ons: mo:va:on, theories of mo:va:on, strategies for mo:va:ng • Managing Human Resources: planning, recrui:ng, developing, compensa:ng, unions, diversity, trends • People Sa:sfac:on and engagement A 86012 Management and Principles of 5 Accoun:ng
Session 12 Overview Mins Session objec:ves and outline 5 Recap of key points from session 11 – Working capital management, 15 capital budge:ng and investment appraisal, long-term financing, investor rela:ons and measures that macer Employee mo:va:on: The nature of human rela:ons, the mo:va:on 35 process, historical perspec:ves, strategies for mo:va:ng employees. Best companies to work for. Managing human resources: Human resources management, planning, 35 recrui:ng and selec:ng, workforce development, compensa:on, dealing with unions, the future of HR, diversity People sa:sfac:on and engagement: The importance of employee 30 sa:sfac:on, employee sa:sfac:on surveys, people engagement surveys. Required reading and research session 13 5 Overview of session 13 – Exam 5 Summary and valida:on 5 135 A 86012 Management and Principles of 6 Accoun:ng
RECAP OF SESSIONS 10 & 11– FINANCE & FINANCIAL MANAGEMENT A 86012 Management and Principles of 7 Accoun:ng
Recap Session 10 The accoun:ng process: the nature of accoun:ng, accountants, the accoun:ng equa:on Financial accoun:ng: Accoun:ng standards, double entry bookkeeping, the accoun:ng cycle, the financial statements Management accoun:ng: Budge:ng and forecas:ng, budgetary control, cost accoun:ng for decision taking, fixed and variable costs, break-even analysis, variance analysis Audit and control: Audit commicees, supervisory boards, repor:ng on internal control (COSO), internal audit external audit A 86012 Management and Principles of 8 Accoun:ng
Recap of Session 11 • Financial management – Working capital management: Managing current assets and liabili:es – Capital budge:ng and investment appraisal: Managing fixed assets, assessing risk, pricing long- term money, IRR, NPV; Payback – Long-term financing: Financing op:ons using long- term debt or owners’ equity – Investor rela:ons: Stock markets, communica:ng with investors, measures that macer A 86012 Management and Principles of 9 Accoun:ng
MOTIVATING THE WORKFORCE A 86012 Management and Principles of 10 Accoun:ng
9-11 Nature of Human Relations Human Relations • The study of the behavior of individuals and groups in organizational settings Motivation • An inner drive that directs a person’s behavior toward goals • A goal is the satisfaction of some need, and a need is the difference between a desired state and an actual state
9-12 Motivating the Workforce � Human relations is concerned with the needs of employees, their goals and how they try to achieve them, and the impact of those needs and goals on job performance � Motivating employees to stay engaged is a key responsibility of management � Engagement involves emotional involvement and commitment � Being engaged results in carrying out the expectations and obligations of employment
9-13 The Motivation Process
9-14 Morale Morale • An employee’s attitude toward his or her job, employer, and colleagues � A prominent aspect of human relations � High morale contributes to high levels of productivity, high returns to stakeholders, and employee loyalty
9-15 Morale High morale Low morale may contributes to: cause: • High levels of • High rates of productivity absenteeism • High returns to • Absenteeism can cost stakeholders a company as much as 36% of payroll • Employee loyalty • High rates of employee turnover
9-16 Morale Boosters Respect Positive organizational culture Appreciation Adequate compensation Promotions A pleasant work environment Involvement
9-17 Tips for the Leader about Employee Motivation
9-18 Rewards • The personal satisfaction and enjoyment that you feel after attaining a goal • In this class, you may feel personal Intrinsic enjoyment in learning how business Rewards works and aspire to have a career in business or to operate your own business one day • Benefits and/or recognition received from someone else Extrinsic • In this class, your grade is extrinsic Rewards recognition of your efforts and success in the class
9-19 Top 10 Ways to Retain Great Employees
Mo:va:on A 86012 Management and Principles of 20 Accoun:ng
9-21 Historical Perspectives on Employee Motivation • Theory suggesting that money is the sole motivator for workers • Early 20 th century • Frederick W. Taylor and Frank & Lillian Classical Gilbreth Theory of • Analyzed how workers perform specific Motivation work tasks in an effort to improve the employees’ productivity • Led to the application of scientific principles to management
9-22 Classical Theory of Motivation � To improve productivity managers should: � Break down each job into its component tasks (specialization) � Determine the best way to perform each task � Specify the output to be achieved by a worker performing the task � Incentives motivate employees to be more productive � Link workers’ pay directly to their output
9-23 Historical Perspectives on Employee Motivation • 1924-1932 at the Hawthorne Works Plant • Marks beginning of concern for human relations in the workplace • Elton Mayo: The • Postulated that physical conditions in Hawthorne workplace stimulate productivity Studies • Productivity increased regardless of the physical conditions (the Hawthorne effect) • Findings show that social and psychological factors could significantly affect productivity and morale
9-24 Hawthorne Studies � Working condi:ons are important � However, the Hawthorne studies, which were carried out at the electric company shown here beginning in the 1920s, found that the workers became more produc:ve because of the acen:on they received— regardless of their working condi:ons.
9-25 Job Aspects Important to Employee Satisfaction Aside from salary, which one of the following aspects of your job is most :ed to your sa:sfac:on?
9-26 Maslow’s Hierarchy of Needs Herzberg’s Expectancy Two-Factor Theory Theory Theories of Employee McGregor’s Motivation Equity Theory X and Theory Theory Y Variations on Theory Z Theory Z
9-27 Maslow’s Hierarchy of Needs Maslow’s Hierarchy • A theory that arranges the five basic needs of people—physiological, security, social, esteem, and self- actualization—into the order in which people strive to satisfy them
9-28 Maslow’s Hierarchy of Needs Physiological Needs • The most basic human needs to be satisfied—water, food, shelter, and clothing Security Needs • The need to protect oneself from physical and economic harm Social Needs • The need for love, companionship, and friendship—the desire for acceptance by others Esteem Needs • The need for respect—both self-respect and respect from others Self-Actualization Needs • The need to be the best one can be; at the top of Maslow’s hierarchy
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