1.0 Introduction
1.1 Overview
Nowadays, core values and beliefs of different sectors in the society are being challenged and questioned. Different institutions such as government, economic, philanthropic and even religious institutions are facing inconsiderate and often justified scrutiny for fraudulent and abusive behaviors resulting to tremendous losses, financially and psychologically, for many innocent people. As leaders try to chart the direction for their organizations, they cannot help but face these underlying concerns about their business.
More often than not, leaders plunge into a long-term strategic planning process without first deliberating on certain fundamental questions related to beliefs and values. These questions are often about the core ideology, values, purpose, envisioned future, vision statement and vivid description of what the business would look like. Reaching a common understanding about the inherent beliefs in the organization provides a platform for further explorations on the norms of behavior that help define the organization’s culture. This exploration can also help reveal the impact that the development in the organization with the help of performance indicators.
Traditionally and for the most organizations, executives who are looking to make everyday business decisions in order to improve the business processes and to cure the organizational ills, rely heavily on theoretical and obsolete knowledge they picked up in school, patterns gained from past experience and methods that they happen to be skilled in applying and had previously proved successful, and information from books and research papers. However, with tremendous amount of information, to ground decisions based on the traditional ways of making decisions might not actually work. It makes sense that when executives act on better logic and strong evidence, their companies will beat the competition. As indicated by Davenport (2006), when organizations in many industries offer similar products and use comparable technologies, business processes are among the last remaining points of differentiation.
Rayner (2005) defines Performance Management as a set of processes that helps organizations to manage and optimize their business performance (such as strategy formulation, budgeting and forecasting). It is a framework for organizing, automating and analyzing business methodologies, metrics, processes and systems that drive business performance. Executives had struggled to transform strategies into actionable metrics and they have grappled with meaningful analysis to expose the cause-and-effect relationships. Performance Management software and methods allow a systematic, integrated approach that links enterprise strategy to core processes and activities. “Running by the numbers” now means something as planning, budgeting, analysis and reporting can give the measurements and profitable insight that empower management decisions.
For the third year in a row, business intelligence applications have been ranked the top technology priority in the 2008 Gartner Executive Programmes survey of 1,500 CIOs. According to Gartner, this is because CIOs know they must implement a BI strategy properly if they want to accomplish many other priorities, such as sales, customers, marketing. For this knowledge, this paper evaluates the full benefits of Performance Management of a leading utility operator in Asia-Pacific to improve Group Financial Reporting process.
1.2 Background of the Study
Founded in Hong Kong in 1901, “Company C” has evolved from a local company into one of the largest electricity investor-operators in the Asia Pacific region, and now becomes one of the leading power companies in the world. Throughout the years “Company C” has grown to become a conglomerate of companies with a portfolio of over 30 generation assets and retail businesses in different countries in Asia Pacific Region, including mainland China, Australia, India, Thailand, Taiwan, etc. Being the leading Asia Pacific utility operator, “Company C” strikes to improve and streamline the internal Group Financial Reporting process to manage all its subsidiaries by the introduction and adoption of Performance Management practice.
Basically, one way of evaluating the development and progress of a business is through performance measurement. According to Neely et al. (1996), performance measurement may be defined as the process measuring the competence and efficacy of purposeful action. Based from the administrative point of view, performance measurement is a subsystem that needs to be formulated, handled and assessed periodically in order to assure the attainment of the desired outcome. Several elements with functional interdependencies are involved within the system of organizational performance measurement. Typically, a system may involve elements such as a complicated set of procedures for gathering and processing data, timetables and practices for distributing data about performance to users inside and outside the corporation. The system may also include organizational learning system to facilitate the constant construction of new measures as well as updates of indicators (Bouckaert and Halachmi, 1996). In some ways, performance measurement is similar to that of a Rubik’s Cube wherein systems have several components with distinct shapes, which must be arranged properly to create the correct picture (Bouckaert and Halachmi, 1996).
Usually, performance measurement is carried out through certain performance measurement systems containing several individual measures. So as to construct these systems, several frameworks may be used. The most common examples include the Balance Scorecard, the Performance Pyramid and the Performance Prism (Neely and Adams, 2000). These systems are applied to the organization depending on its vision and strategies (Kaplan and Norton, 1996). These measures are chosen to evaluate success factors from various points of view including those of the employees, customers, financial success and business operations. View of past, present and future performances may also be measured. Thus, through performance measurement, various aspects of the company’s performance may be evaluated and managed.
According to Neely et al (2000), the process of performance measurement undergoes four major phases. First, the company must choose which specific performance measure or system to apply. After which, the selected system will then be applied to the organization. Within this phase, how the system results are collected, reported and used is taken into consideration. After the design and implementation procedures, the system will now be used. Finally, the system will be redesigned in accordance to the changes of the organizations objectives. If the company fails to do this final step, the strategic purpose of applying performance measurement systems will not be achieved (Gueldenberg, 1999).
The assessment or measurement of performance is significant as this may serve as a tool for implementing organizational strategies (Kaplan and Norton, 1996). Performance measurement is being applied in several businesses as it can be used to translate the strategy of the organization into concrete objectives. Through performance measurement, these objectives van be communicated well to the employees. In turn, the knowledge of these set goals will serve as the employees’ guide towards their attainment. Performance measurement may also be used to assess whether the strategic objectives are achieved or not. This system allows the use of double-loop learning to test the strength of the strategies as well. Finally, performance measurement let the company visualize the overall contribution of the employees in the achievement of its objectives (Neely, 1998 and Simons, 2000).
1.3 Statement of the Problem
Basically, “Company C” currently operates the Group Financial Report process on a stand-alone, custom platform designed around an offline Excel process with SAP General Ledger. They relied heavily on email as the collaboration and submission channel which is inefficient and unable to cope with the future expansion. For this reason, the company needs a full audit trail keeping track of every financial data submissions with ever increasing compliance requirements. This paper intends to evaluate the full benefits of performance management to leading utility operator in Asia-Pacific to improve Group Financial Reporting process. In this regard, the problem of this paper is to give emphasis on the benefits of financial performance management system in the company.
1.4 Research Question
Primarily, the main goal of this paper is to analyze how financial performance management can help Company C with its projects. Specifically, this paper aims to answer the following queries.
1. What is the perception of the employees in using financial performance management as part of their management approach?
2. What are the perceived advantages or benefits of financial performance management in Company C instead of using excel?
3. What are the perceived problems facing management in using financial performance management?
4. What are the potentials of performance management approach used by the company in terms of monitoring, evaluating and assessing their performance?
1.5 Purpose of the Study
This study will explore and analyze how “Company C” achieves the desired vision which envisions the following (but not limit to) benefits:
· To investigate the context of financial performance management and its aims and objective for the Company C.
· To know the advantages and disadvantages of financial performance Management as part of the financial reporting approach of Company C.
· To know how financial performance management can help Company C have a better financial management approach for their projects.
· To identify the potentials of performance management approach used by the company in terms of monitoring, evaluating and assessing their performance?
The finance function is essential to any Corporate Performance Management initiative. However, financial metrics are only part of the puzzle (planning, planning and forecasting) and “Company C” should consider, in the future, expand the financial reporting system of the company through the use of an efficient financial performance management approach.
1.6 Significance of the Study
The background of the study has already emphasized how performance management is imperative in an organization. It is only proper that accountants of all shapes make sure that this record is set-up, monitored and maintained accurately. It has also been established that performance management with regards in financial reporting is challenging, complex and quite tedious to maintain especially in this time and age where computations and organizational structures become more increasingly demanding. Spreadsheets need to be reconsidered as the method of determining performance after several reports of expensive, inaccurate and tedious procedures in order to simply verify data. It may not be the practical method in this century and would require the replacement of a software used in performance management.
Thus study will survey how “Company C” maintains their methods in determining performance whether or not they opt for the traditional or modern and whether they have met success or failures with these methods. This will yield an implication if “Company C” are being productive and efficient in their current performance management system or has it been causing them more problems. This will also suggest how performance management procedures in general should be properly and more effectively managed and maintained today such that would yield more work and products than time or money wasted. It is thus a study that surveys the performance management’s technology and management improvements and at the same time how “Company C” had been dealing with this significant accounting procedure.
This study explores the issue through system evaluation and researches, meaning it will summarize the current performance of Company C’s performance management system. Their responses and its analysis may provide the opportunity to create new theoretical framework for the adoption of performance management approach or perhaps identify new issues that are potentially feasible for future studies. The study may benefit accounting and technology firms as the evaluation of performance management approaches may reveal issues that are needed to be considered. For instance, it may reveal that while using software applications are fast when it comes in computations and monitoring. The study may also benefit other firms because it may discover which performance management approach is best for them.
Scope of the Study
The study will be conducted within the Hong Kong. The background information about “Company C” and the Group Financial Reporting Performance Management system implementation can be acquired from both “Company C” corporate website, and the working project with “Company C”. It is not expected the need to present any confidential information in the research paper and the true name of “Company C” will be stated. The particular focus areas of the study would include performance management systems.
2.0 Literature Review
This chapter reviews the related literature conducted on the area of study. By embarking on such pursuit, the research may be guided accordingly by firstly discovering where the research is coming from, what and how much have been studied regarding the topic and what it is yet to tackle. Besides providing background to the study, this chapter will provide the necessary backbone and support in order for the research to stand credible.
By surveying the past researches related to the study, a historical perspective may take place. The researcher gains an idea on how such venture has been explored in the past. In this manner, this study may be able to reflect, compare itself, learn from setbacks and produce a stronger and more efficient study. This Literature Review also provides the research a rich source of information, both new and old, that will enhance and enrich the study (and the direction it will plan to undertake) even the more.
The previous chapter introduced the topic. What this chapter should do then is to further enrich the reader of the information regarding the research. It clarifies the research for the researcher and the reader, and in a sense concretize the goals, aims and objectives expressed earlier in the study.
2.1 Performance Management
The phrase “performance management” emerged in the later part of the 1980s and can be looked upon as an expansion of “performance appraisal" -- a procedure utilized to weigh up an individual employee's previous accomplishments. Nowadays, nevertheless, performance appraisal is deemed as among the several key components of performance management (Tahvanainen, 1998), the others being the communication of organizational strategy by means of individual objective setting, associates to training and development preparation, and perhaps compensation (Mabey & Salaman, 1995).
Performance management is the principal set of practices by which control is manifested in organizations. Control here is defined as any process that is used to align the actions of individuals to the interests of the organization (Snell, 1992). Under such a characterization, performance management is expected to regulate both motivation and ability (Walsh & Seward 1990). Performance management is usually conceptualized as consisting of three elements: (1) objective setting, (2) formal performance evaluation, and (3) linkage between evaluation outcomes and development and rewards, in order to reinforce desired behavior (Storey, 1993). This system is cybernetic, with feedback from both employer and employee driving modifications at each point in the system. Empirical research has tended to be absorbed in the constituent elements of performance management, and studies into performance management viewed as a set of interlocking policies and practices are rare.
There are three prominent views as to how performance management may be used to regulate performance, through focusing either on behavior, or on skills, or on outputs. Monitoring behavior is largely concerned with articulating operating procedures which are initiated top-down through a centralized bureaucratic framework (Snell, 1992). The intent is to monitor employee performance closely, with appraisal used chiefly as an auditing device to correct deviations from set norms (Snell, 1992). A less rigid view of controlling behavior lies in the use of competency frameworks. Competencies can specify behaviors, skills, and knowledge which are deemed desirable for employees to exhibit, and criteria for their attainment are set by the organization, forming an important part of the evaluation process (Bernardin, H.J. & Richard W. Beatty 1984).
Monitoring output is characterized by the use of performance targets which provide some discretion in how employees achieve them. This type of control allows employers to decentralize control and gives relatively objective criteria for evaluation. Employees, while not choosing the targets for required performance, are given discretion in how they achieve them. Since the effects of these three approaches overlap, it is usually the case that firms will employ elements of behavioral, skills, and output controls simultaneously (Jaeger & Baliga, 1985 and Snell, 1992).
As stated, another use of applying performance measurement is to establish appropriate compensation systems. The relation of performance measurement and management compensation schemes has been a common business matter. The system, more commonly known as the pay for performance system, has become widely popular in the 1960s and early 1970s. This was due to the past occurrence when rapid inflation annually demanded approximately double-digit percent increases to keep pay even with the market. The so-called pay-for-performance compensation systems begin with policies of systematic underpayment of market wage to motivate newly hired, probationary workers. The hazard of such systems is that if a worker does not get the expected pay increase at the expected time, considerable personal stress and anxiety can result, reducing performance significantly. However, there are several reasons for using performance measurement in compensation management. This system for instance enables a communicable and rational basis for explaining various wage rates. This also helps in maintaining job satisfaction among employees, while minimizing grievances. Performance measurement and compensation schemes also provides a flexible basis for modifying pay rates as well as establishing pay rates for new jobs. The system also helps in handling the employee compensation’s administrative costs (Milkovich & Newman, 1987 and Henderson, 1989).
2.2 Performance Management and Organisational Goal
It is said that having an effective organizational performance management leads to the accomplishment of missions or the achievement of goals and objectives. Whatever its mission, the effectiveness of an organization requires that it efficiently identify, assess, solve, and cope with events or problems that arise within the operational environments. These are the classical functions of all organizations, and performance of them has always been critical for organizational success. It is clear now that functional proficiency and the integration of management and control systems play important roles in the performance of all organizations.
To be effective in turbulent and complex conditions, every organization must possess capabilities to: Search out, identify, and interpret the properties of operational situations as they develop, solve problems as they occur within the context of rapidly changing situational demands, generate flexible decisions relevant to changing situations and cope with shifting situational demands with precise appropriateness.
It is apparent that the above capabilities require a highly responsive and adaptive system of decision and action. In such a system, the complex interplay between individuals, positions, and organization levels is a critical element in flexibility and responsiveness and, therefore, in organizational effectiveness. Control and guidance and management of each of these performances are an essential function to ensure improved organizational performance.
In order achieve an effective organizational performance for the organizational goal, it is important to consider the management of all performances within a certain industry. It is noted that, performance has become a business buzz word. Organizations use many different approaches in the quest for a high- performance workplace.
Manufacturers turn to lean production and just-in-time methods; small businesses use flexible specialization to harness networks; production and service organizations put the focus on total quality or continuous improvement; team-working is more and more common; corporations and processes are re-engineered—and so on. What everyone realizes, sooner or later, is that the organization's performance is only partly dependent on its technology, processes and systems. What is more important is the performance of its employees— and so the management of employees' performance is a principal contributor to organizational success.
Performance management (PM) enables any business to continuously evaluate and improve individual, subsidiary unit, and corporate performance against clearly defined, preset objectives that are directly linked to company strategy (Dowling, Welch & Schuler, 1999). A number of studies have suggested that design and implementation of PM has the potential to affect employee attitudes in a way that makes a significant and positive contribution to company performance (Fletcher & Williams, 1997 and Rheem, 1996).
The performance challenge facing every organization is to develop management systems that make employees the organization's greatest asset. To successfully reach this pinnacle, an organization must design, develop, and implement a performance alignment process intended to improve its performance and competitiveness--in other words, a process that addresses the performance challenge. According to Gilley (1998), this process must incorporate an organization-wide approach that combines the entire performance improvement process into one cohesive operating system. He further contends that an organization-wide performance alignment process links performance to compensation and rewards, the organization's strategic business goals and objectives, and client needs and expectations.
2.3 Financial Indicators as Performance Measurement
Typically, financial measures as well as the relationships utilized in performance measurement are designed to stress outcomes with minimal or no consideration of the decision processes of the manager. The traditional or conventional measures of performance are based on periodic profitability indicators without the consideration to particular variables that drive these measures (Daroca & Nourayi, 2002). Performance in the past is mainly based on conventional accounting and measures based on market performance. Specifically, these measures include the evaluation on net income, return on equity/capital employed, earnings per share as well as share-price return. Benchmarking is also considered as a financial indicator (Schiehll and André, 2003). Traditionally, benchmarking has been related to cost analysis, wherein the focus is primarily on the activities of the competitors and how much it cost them to perform such activities. These activities include the installation of new machineries, acquisition of the latest materials, hiring of employees and even non-production costs like distribution. Performance-based budgeting had became well-known after the Second World War, with an emphasis on the efficacy measures expressed through the number or cost of hours per unit of output (Hatry, 1989).
The information derived from accounting has several characteristics that make it a popular indicator of performance and basis for compensation schemes. For example, accounting information undergoes several audits and internal controls, thereby enhancing its reliability. As most contemporary businesses are able to track monthly as well as quarterly accounting information, linking the existing accounting system to compensation and incentive schemes is relatively easy for the management. Moreover, measuring performance based on financial indicators provides a more direct impact in comparison to other performance indicators. This in turn, results to a better and easier evaluation for the senior management (Schiehll and André, 2003).
Since financial indicators are the initial measures used for performance evaluation, several companies have implemented and applied this system. One of which is the Holloway Consulting Services (HCS). Since the company has been established, HCS has become a strong competitor in developing customized information systems design, which effectively incorporates various outsourcing options with the customer’s existing internal support systems. In measuring performance, HCS uses several financial ratios and other metrics in an effort to track operational alignment with strategic goals. To gauge financial performance, the company compares quarterly revenue and expense numbers to management's expectations derived from the annual budget. Management investigates any significant differences between budgeted and actual revenue and expenses. Additionally, HCS tracks hours billed and hours paid by quarter and compares these with quarterly revenue and expenses. HCS also tracks some generic non-financial measures related to customer satisfaction and employee attitudes. These are captured through a measure of employee response time and an employee morale survey. However, Sharon Holloway, owner of HCS, has been concerned that these financial indicators are not sufficient enough for a company that competes through intangible assets like human capital (Moore, Rowe & Widener, 2002).
Indeed, financial indicators have several limitations as well. For instance, a number of commentators have claimed that certain financial indicators like the return on investment (ROI) are deficient and dysfunctional (Lander and Bayou, 1992; Lippa, 1990). Furthermore, it has been noted that the assumptions underlying many accounting practices need to be reconsidered as to their validity in light of the current competitive business environment. For example, overhead costs are traditionally allocated using a single allocation base. This results in data that are extremely aggregated. Decisions made based on such data may be consequently unfocused. The implied relationship between a cost pool and its base is often difficult to detect. However, a deficient allocation approach was probably not considered a severe problem forty or fifty years ago because the sparse competitive environment did not cause much concern for product cross-subsidies within a company and overhead costs were small relative to the costs of labor and materials resources (Daroca & Nourayi, 2002). According to Schiehll and André (2003), financial indicators are often perceived as backward-looking and focused only on short term plans. This in turn, leaves directors unable to fully measure the ability of the management for the maximization of cash flows or efficient use of capital.
The financial returns may be an effective tool to measure the abilities of the executives in managing the existing assets of the company. However, this indicator does not precisely show the executive performance in aspects with late returns. In other words, financial indicators are incapable of showing how well a company performs in terms of strategic planning, product development as well as its capabilities for growth and development (Schiehll and André, 2003).
2.4 Financial Performance management
Financial performance management is one of the most important aspects to be considered by every company and even the entire nation. With the advent of globalization and information technology, transformation in financial management has also emerged. The financial management, specifically financial reporting has been considered important business activities specifically for the shareholders and other stakeholders. Managing finances was defined as the identification, allocation, and acquisition and used of financial resources through comprehensive financial management practices with the aim of attaining company objectives (Broadbent & Cullen, 1999). Financial management consists of the financial situations, decision making, and financial objective setting, monitoring, evaluation and assessment. It also includes the formulation of financial plans and providing a system of efficient financial control to make sure that the plan is on track and the company objectives are being attained.
The financial performance management can optimize the logic which can appear for the financial managers in optimizing the cost, availability or liquidity, and productivity of the money. In this way, the financial management can stress out the pursuit of the maximum output for a specific company wherein its management needs to have the techniques for the management science in resolving problems (Khan, and Hildreth, 2004, p. 93-94). In doing the decisions in financial investment, the financial manager need to consider the effects of changing the demand, supply, and the conditions of the price. Through the better understanding of the said factors, it can help the managers in making most advantageous in its decisions of operations and can determine the best time to issue the bonds, stocks, and the any financial instrument (Gropelli, and Nikbakht, 2000, p. 10).
One of the important aspects of having effective financial performance management is an efficient and accurate financial reporting. Financial reporting is a continuous process that provides management information and financial statements. To effectively review interim and annual financial statements, the committee must understand the company's business and industry, and the attendant risks. The committee should be satisfied that the key financial systems and the procedures and controls that support them will generate information necessary to manage and properly report on the operations of the company.
On the other hand, information technology has a significant influence on financial reporting at most companies. The committee should be briefed on the extent to which the financial reporting system is automated and the controls are in place to ensure the generation of reliable information and to provide computer security. Internal auditors and independent auditors should describe the results of their testing of computerized systems and their assessment of controls over them.
It is noted that one of the benefits of adhering to efficient financial performance management is the comparability of financial data and information. The context of comparability would remove the current misunderstandings regarding the reliability of foreign financial statements and would eliminate one of the most essential barriers to the flow of investments in organizational level (Choi, Frost and Meek 1999). In addition, efficient financial performance management also enable the industry to save money and time which is currently spent to consolidate divergent financial information in which more than one set reports is needed to adhere and conform to the various national practices and laws. In addition, this will also enhance the tendency for accounting standards all over the company level to be considered at the highest possible level and to be dependable and reliable with local economic, social, and legal situations (Nobes & Parker, 2002).
In addition, it is also beneficial to those members of the company who are not still aware of the adequate codified standards of financial performance management system. In addition, it would also enable shareholders to understand more the financial statements not only that of the local industries but also foreign and organizational industries (Blake and Hossain 1996). Through this they would be able to compare the investment chances which will help both members of the company to make the right investment decision. The benefit of efficient financial performance management will be the movement of the personnel and employees across national boundaries will become easier and this will be less expensive to provide training to employees/
It can be said that the use of efficient financial performance management practices in the context if auditing and financial statement reporting have also other benefits for stakeholders and shareholders. One of the advantages of having financial performance management of this context is it flexibility. It can be said that, with the ability of the stockholders and shareholders to know whether the financial statement is material or immaterial, they can easily determine which part of the audit can be considered or noted. Through the use of the logic of diminishing returns, the stockholders and shareholders can easily determent which item is on significant or which are not worthy of measuring and reporting as part of the financial statements. In this regard, time and effort and not being wasted. Aside from flexibility another important benefits of efficient financial performance management practices in financial statement is professional judgement.
In order to analyze this, we can begin with the context of the financial statements. It can be said that financial statements are representations of management which has the basic accountability for decision making which include the decisions for efficient financial performance management practices. After which, a public accountants are being assigned a parallel accountability which arises from their attest function.
If efficient financial performance management practices have been used, the judgment of professional can easily be understood and considered. It can be said that if the one who made the audit have used efficient financial performance management practices contexts, the judgment can be easily made by the persons with a legitimate intentions in the financial statements of an company. With the context of efficient financial performance management practices, the judgment can be easily identified and the professional who do it may easily determine which part of the financial statements was material or immaterial.
Because of the perceived importance of efficient financial performance management practices context, it is recommended that efficient financial performance management practices should be considered become an effective, practical, and robust strategy which meets the needs of industries as well as their shareholders and their stakeholders. This report recommends that the definition of efficient financial performance management practices should be broadening to make sure that industries are sensitive to stakeholders and shareholders. For instance, auditing standards should ensure that the efficient financial performance management practices that they have can be easily identified and that it follows a certain level of efficient financial performance management practices from other organizational levels and set a uniform standards that can be easily understood each member of the company
2.6 Synthesis
Performance management with regards to its system is crucial to the development of a certain business organization. Considering that financial and non-financial and integrated approaches are different systems, applying one mechanism in place of the company’s existing performance and evaluation means will entail greater changes and adjustments. Moreover, some aspects in traditional systems are lacking in the non-financial systems and vice versa. Hence, the application of only one system will not result to the maximization of the advantages of both systems. This shows that system effectiveness needs to be evaluated. Actually, performance measurement, particularly financial performance management with appropriate systems has long been used by the various firms to assess different business factors. In general, there are several methods used to measure business performance such financial, non-financial and integrated approaches. While these approaches have their own advantages and drawbacks, the goal of their application remains one and the same. Through the beneficial effects of performance measurement, businesses are able to create successful strategies towards success.
3.0 Research Methodology
3.1 Overview
This part of the paper discusses the methods that have been used for this research paper. This detailed the steps the researcher took in order to accomplish the study. The said steps then include the collection procedure of the data that is required in the delivery and completion of the dissertation. It also presents the manner in which these data will be utilized and integrated in the study and at the same time, detail how the dissertation proceed to answer the aims and objectives in order to reach to the conclusion.
In this manner, this part of the paper justifies the means in which the study will be performed. It also emphasizes its credibility by making mention of widely accepted scientific methodologies. Through the methods mentioned in this paper, a plausible conclusion will be obtained. Looking back to the aims and objectives of the study, the study intends to analyze the benefits of efficient performance management in Company C. In order to identify the opinions of the employees of the company, the study’s methodology was focused on collecting both primary and secondary data through related literature dissertation and the survey and interview materials.
As the dissertation intends to discover the general consensus of staff in COMPANY C with regards to performance management, the immediate dissertation methodology in mind is the descriptive dissertation design. The dissertation are taken from various data sources that is integral in identifying issues of performance management, and the status of their performance in COMPANY C.
3.2 Dissertation Design
The study is exploratory, being descriptive and illustrative. To achieve the objective of this study, the researcher opted to use descriptive method of dissertation was utilized. The purpose of employing the descriptive method is to describe the nature of a condition, as it takes place during the time of the study and to explore the cause or causes of a particular condition. The researcher opted to use this kind of dissertation considering the desire to acquire first hand data from the respondents so as to formulate rational and sound conclusions and recommendations for the study.
According to Creswell (1994), the descriptive method of dissertation is to collect information or data regarding the present existing situation or phenomenon. Descriptive dissertation has as its purpose developing a better understanding of a phenomenon in detail. Descriptive studies usually have as their purpose the first two aims of normal science as described by Kuhn (1970, pp. 25-26): “attempts to increase the accuracy and scope with which facts are known” or “determination of those facts that can be compared directly with the predictions from theory”. The aim of descriptive dissertation is to clarify the nature of a phenomenon in a specified, static context while viewed from a specific, fixed perspective.
Descriptive dissertation design, then, is directed toward clarifying a phenomenon's appearance or nature. In other words, it describes a particular phenomenon, focusing upon the issue of what is happening, rather than why it is happening.
Two types of data were used: the primary and the secondary data. The primary data were derived from the answers respondents gave in the self-administered questionnaire prepared by the researcher. In addition, the information obtained from the interview also provided primary dissertation data that supported the study. The secondary data on the other hand, were derived from the findings stated in published documents and literatures related to the dissertation problem. These were based from the recent literatures related to performance management and the concepts cited by the respondents.
In terms of approach, the study employed both qualitative and quantitative approaches. The quantitative approach focused on obtaining numerical findings was used with the survey method. The interview on the other hand, made up the qualitative approach of the study as this focused on personal accounts, observations, description and individual insights of the respondents. This study employed the combined approach so as to overcome the limitations of both approaches. In order to achieve the goal of this paper, the researcher has been able to use appropriate approach. For this study, the research design used is qualitative approach (Mays & Pope, 2000). In this study, the qualitative data used provides details descriptions of the entire topic which is the health incentives which allowed the researcher to gain better understanding of the objective of the study (Creswell, 1994). It can be said that the article used qualitative research method since it will try to find and build theories that will explain the impact of performance management with Company C.
In this research design, the data collection approach includes the consideration of relevant literatures that provides discussion about the practical considerations for employers which want to use strategically incentives as a vital program approach for motivating their employees and engaging them to health promotions.
Herein, the researcher has been able to gather information from relevant studies and incorporate it qualitatively through the use of content analysis. Through the secondary documents, it can be said that the researcher have been able to achieve the goal and objective of this study. It is said that the qualitative research utilized in this article can be said to be as it is more open to adjustment and refinement of research ideas as an inquiry proceeds.
Several researchers had stated that generally, qualitative research takes place within a natural setting. It is less likely for qualitative research to impose restriction on data collection. Furthermore, it is more focused on idiographic descriptions and emergent themes rather than on categorical frameworks and very specific hypothesis (Cassell & Symon, 1994).
3.3 Respondents
The respondents have been chosen directly from COMPANY C HR department. This may include employees, line employees and other employees of the company. All of these participants were selected through random sampling. This sampling method is conducted where each member of a population has an equal opportunity to become part of the sample. As all members of the population have an equal chance of becoming a dissertation participant, this is said to be the most efficient sampling procedure.
In order to conduct this sampling strategy, the researcher defined the population first, listed down all the members of the population, and then selected members to make the sample. For this purpose, a self-administered survey questionnaire in Likert format was given to the respondents to answer. The respondents assessed the performance management strategies of COMPANY C and determine whether performance management has a significant impact with organizational performance. However, due to time and budget constraints, the researcher opted for a smaller sample size. In this regard, the dissertation will only consider 50 employees of the company. COMPANY C employees have been chosen to ensure that the data and information that will be gathered is pertinent.
3.4 Instruments
For this study, two dissertation instruments were used to evaluate the relationship of the two contexts. These dissertation instruments included the survey questionnaire methods. A self-administered questionnaire was distributed to the selected s. The questionnaire given to the respondents aimed to assess performance management strategies of COMPANY C and identify whether performance management enhances performance of the entire company. In addition, this also aims to evaluate the benefits of the COMPANY C’s performance management strategies as perceived by the respondents in terms of the mentioned aspects above. This focus of the assessment was based on the principles introduced by various authors.
The questionnaire was structured in such a way that respondents will be able to answer it easily. Thus, the set of questionnaire was structured using the Likert format with a five-point response scale. A Likert Scale is a rating scale that requires the subject to indicate his or her degree of agreement or disagreement to a statement. In this type of questionnaire, the respondents were given five response choices. These options served as the quantification of the participants’ agreement or disagreement on each question item. Below are the designated quantifications used in the questionnaire for this dissertation:
5
Strongly Agree
4
Agree
3
Uncertain
2
Disagree
1
Strongly Disagree
The survey method will be facilitated through the use of survey forms and questionnaires. This will include inquiries on the general characteristics, particularly the socio-demographic information of the selected research participants. Quantifiable inquiries will be likewise contained in the survey forms and questionnaire regarding the real advantage of performance management in general on Company C. The survey format will be distributed to employees of the company. The criteria which will be used to select the employees will be the individuals that have long been in the company for more than 3 years. This will enable the participants to compare and contrast the business processes of their company before and after the popularity of the use of performance management operations.
3.4.1. Content analysis
Content analysis was done to analyze communications in order to answer two levels of questions – the descriptive and the interpretive. Descriptive questions focused on what the communication contains. Interpretative questions focused on what the contents was likely to mean. The process entailed searching through one or more communication to answer questions that an investigator brings to the search (Brubaker & Thomas, 2000). Content Analysis was used to analyze and interpret the interviews.
3.4.2. Statistical Treatment
The Likert scale was used to interpret items in the questionnaire. These responses were based on the respondents’ assessment of the current investment process model. There were instances that the respondents were asked to rate the effectiveness of implementing the phases in the investment process.
The range and interpretation of the five-point scale are shown in Table 1.
Table 1: The Five-point Likert Scale
Scale
Range
Interpretation
1
4.50 – 5.00
Strongly Disagree
2
3.50 – 4.49
Disagree
3
2.50 – 3.49
Uncertain
4
1.50 – 2.49
Agree
5
0.00-1.49
Strongly Agree
Weighted mean was used to measure the general response of the survey samples, whether they agree to a given statement or not.
The formula in computing weighted mean is as follows:
Where: f – weight given to each response
x – number of responses
xt – total number of responses
Results of the survey were presented in tables. Excerpts from the interview were integrated based on the analysis outline. Relevant literatures to support the findings are also included. Basically, the data acquired from the survey was analyzed using Pearson Correlation to find out the significant impacts and relationships.
3.5 Ethical Considerations
As this study utilized human participants and investigated business practices, certain issues were addressed. The consideration of these issues is necessary for the purpose of ensuring the privacy as well as the security of the participants. These issues were identified in advance so as prevent future problems that could have risen during the dissertation process. Among the significant issues that were considered included consent, confidentiality and data protection.
In the conduct of the dissertation, the survey forms and interview methods were drafted in a very transparent and unbiased e manner to prevent conflicts among respondents. Employees who participated in the dissertation were given an ample time to respond to the questions posed on them to avoid problems and conflicts as well as inaccuracies in the employee’s answers.
The participants of this dissertation were provided waivers about the confidentiality of employee’s identity and details that they did not wish to disclose. The cooperation of the participants was eagerly sought after, and the employees of the company were given assurance that the collated data from them would be treated with the strictest confidence to make them more open in answering the questions. This was done with the hope that this would promote rapport and trust between the researcher and the respondents.
4.0 Data Analysis and Presentation
4.1 Overview
This part of the paper will present the analysis of the data collated from the questionnaire, literature review, and content analysis conducted by the researcher from employees of Company C. In this study, the general population includes 80 employees of Company C which are considering the application financial performance management as part of their projects. These employees were also interviewed for further analysis. The findings of this research investigation are presented in different sections. The first section shows the demographic profiles of the employees of Company C of this research. The goal is to evaluate and assess financial performance management as perceived by the employees of Company C. This is the manner unto which the dissertation accounts the aspects as well as the perception on the criteria themselves.
Herein, the conduct of this study entails a details account of the participant’s demographic profile. It can be assumed that the attributes of the participants affect their behaviour and answers on the provided survey questions. For a clearer and transparent presentation, the result of the analyses are presented and shown in graphs and tables. To provide a continuous and harmonious flow of discussion and show coherence, findings of the study were also divided into different sections. The first section provides a summary of the demographic profile of the participants who took part in the study. Such profile was categorized in line with the age, gender, educational attainment, and length of stay in Company C. The discussion of such perception of employees who participated about determining and assessing the use of financial performance management approach in Company C will be presented in the next section
4.1 Demographic Profiles
This part will discuss the demographic profile of 80 individuals who answered the survey questionnaire sent by the research. The description of the employees of Company C includes their gender, age, educational background, length of stay in the company
Gender of the Employees of Company C
Figure 1
The figure above provides the distribution of the employees who has been included in the study in terms of gender. Out of 80 employees of Company C, the result shows that 43 (54%) were female while there are only 37 (46%) were male. This shows that those female employees of Company C are more interested to participate in research studies and surveys than their male counterpart.
Figure 2
The figure shown above exhibits the statistics about the age of the participants or employees who took part in the dissertation. In this regard, it shows that the age of 45 (56%) employees was ranging from 28-32 years old. Other employees compromised the following division, 21 (26%) belongs to 23-27 years old, while 14 (18%) are 33-37 years old. Such result states that Company C gives opportunity for employee retention.
Educational Background
Figure 3
The figure that is shown above displays educational background of the employees of Company C. It shows that 49 (61%) of the employees in this study has been graduated with a Bachelors Degree and 39% have attained post-graduate degree. Such result, further indicate that most of the employees of Company C have been hiring knowledgeable assets in the company to ensure that they provide quality financial performance management.
Length of Stay in Company C
Figure 4
The figure above presents the employees’ distribution in accordance with their length of stay in the company. This is considered to know if employees are knowledgeable enough of the operations of the company. Herein, it shows that 51% of the employees of Company C are working in Company C from 6-12 years and 35% are staying in the company for 13-19 years and 14% are servicing the company below 5 years. The result indicate that majority of the employees of Company C are knowledgeable enough to the system of COMPANY C, specifically in terms of its financial reporting and accounting department.
1.1 Perception of the Employees of Company C
This part of the study presents the findings of the analyzed data which have been collected from the participants of this investigation. Herein, the evaluation of the perception of employees was also discussed based on the presented likert scale on the previous chapter. It should be noted that the employees who took part in this study were given set of statements to let them express their opinions and views with the use of the five-point likert scale in which 5 indicates that the employees of Company C strongly agreed to the statement and 1 shows their strong disagreement for a specific statement.
4.2.1 Perception about Financial performance management application
As mentioned, Company C must be able to consider different approach to management their financial performance will sustain their competitive position and advantage and enables them to survive in the market competition. The figure below presents the standpoint and view of the employees with regards to the application of financial performance as part of the financial approach of Company C with their projects. The results indicated that, 49 (60%) out of 80 employees of Company C have strongly agreed on the idea and 26 (33%) agreed on this notion of applying financial performance management strategies. There are 3 (4%) and 2 (3%) strongly agreed and disagreed on this idea of considering financial performance management.
Figure 1
4.2.2 Perception on the Advantages of Financial Performance Management
Table 2
Statements
5
4
2
2
1
Weighted Mean
Interpretation
1. Helps Company C to manage their financial aspects and maximize the financial performance, specifically with their projects.
48
32
0
0
0
4.60
Strongly Agree
2. Financial performance management allows the Company C to facilitate decisions about the allocation of undifferentiated units of capacity to available demand.
57
23
0
0
0
4.71
Strongly Agree
3. Helps in improving sale through price discrimination.
49
28
0
2
1
4.53
Strongly Agree
4. Financial performance management raises productivity of Company C by enticing more demand
51
29
0
0
0
4.64
Strongly Agree
5. Financial performance management allows Company C to increase competitive position and advantage through capacity usage and revenue or profit generation.
49
31
0
0
0
4.61
Strongly Agree
6. The financial performance management allows the Company C to identify the best time to lower or increase their sales and to make discounts.
57
23
0
0
0
4.71
Strongly Agree
7. Effective financial performance management helps the business firm to maximize and manage their profit margin which result in business growth
49
28
0
2
1
4.53
Strongly Agree
8. Financial performance management permits Company C to achieve the volume of sales needed to achieve business goals.
48
32
0
0
0
4.60
Strongly Agree
9. Financial performance management allows Company C to stay in their competitive position with direct competitors in the eyes of the potential clients.
49
31
0
0
0
4.61
Strongly Agree
10. Financial performance management can generate competitive position and advantage to the firm which use it.
57
23
0
0
0
4.71
Strongly Agree
11. Financial performance management can raise capital and investments for a business or idea without payments.
48
32
0
0
0
4.60
Strongly Agree
12. Allows the Company C to enhance cash flows by allowing the business to meet the daily expenses and reduce cash holding costs.
49
28
0
2
1
4.53
Strongly Agree
13. Allows the business firm to manage their inventory and to make short-term decisions effectively.
49
31
0
0
0
4.61
Strongly Agree
The chart above presents the perception of the employees with regards to the advantages of financial performance management. The result shows that all the employees have strongly agreed on the given financial performance investigation statements. The employees of Company C strongly agreed that financial performance management helps Company C to manage their financial aspects and maximize the Company C’s profit. In addition, they also strongly agreed that financial performance management allows Company C to facilitate their decisions regarding the allocation of undifferentiated units of capacity to available consumer demands and helps in improvement of sale through the use of price discrimination. The employees also strongly agreed that financial performance management raises productivity of Company C by enticing more demand to the clients and it allows the Company C to increase competitive position and advantage and position through the capacity utilization and revenue generation.
The result show that most of the employees strongly agreed on the given statements. As perceived by the employees, they strongly agreed that the financial performance management allows the Company C to identify the best time to lower or increase their sales and to make discounts at a given period. In addition, the employees strongly agreed that effective financial performance management helps the Company C to maximize and manage their profit margin which results in business growth and it allows the Company C industry to achieve the volume of sales needed to achieve business growth. Furthermore, they also strongly agreed that the financial performance management allows the Company C to stay in their competition position with direct rivals companies in the eyes of their potential clients.
The result shows that the employees strongly believed that financial performance management can generate competitive advantage to the firm that use it and it can raise the capital for a business or idea without payments. In addition, they strongly agreed that financial performance management allows the Company C industries to improve cash flows by permitting the business to meet their day to day expenses and reduce cast holding costs. Lastly they strongly agreed that the financial performance management allows the industry to manage their inventory and to make short-term decisions effectively.
4.2.2 Perception on the Disadvantages of Financial Performance Management
Table 3
Perceived Disadvantages of Financial performance management
In Company C
Statements
5
4
2
2
1
Weighted Mean
Interpretation
1. Financial performance management if not managed properly may lead to problems with accounting and management aspects.
29
51
0
0
0
4.36
Strongly Agree
2. Financial performance management may not be able to take into consideration non-traditional competitors which offer substitutes for your products.
18
31
0
13
18
3.23
Agree
3. Financial performance management may not adhere to new trends of the marketplace.
29
21
0
19
11
3.48
Agree
4. Financial performance management may also lead to perception issues among clients which may affect the image of the firm.
21
32
5
13
9
3.54
Agree
5. Inefficient management of financial management may lead to Company C loss and failure.
27
43
0
0
10
3.96
Agree
6. Financial performance management short-term decisions may put the business at risk of default as a result of temporary economic situation.
18
31
0
13
18
3.23
Agree
7. Financial performance management may also lead to fluctuating interest expense if not managed properly.
29
21
0
19
11
3.48
Agree
Aside from determining the advantages of financial performance management, this paper also aims on knowing the disadvantages of financial performance management as perceived by the employees. The chart above presents that perception of the employees with regards to the disadvantages of financial performance management. The result shows that most of the employees agreed and strongly agreed to the given statements. They also strongly agreed that financial performance management may lead to problems with accounting and management aspects if not managed effectively. In relation to that, they also agreed that financial performance management if not effectively managed may lead to issues with accounting and management aspects of the Company C.
The result shows that the employees agreed that financial performance management may not be able to take into consideration non-traditional competitors which offer substitutes for your products for Company C industries. In relation to that, they also agreed that the financial performance management may not adhere to new trends in the market place and may lead to perception issues among clients which may affect the image of the company
The result shows that, they agreed on the statement the inefficient management of financial performance management may lead to Company C loss and failure. In relation to that, they also agreed that the short-term decisions made as part of the management of working capital may out the business at risk of default as a result of temporary economic situation and that they also agreed that financial performance management may have the possibility to lead to fluctuating interest expense if not managed properly.
4.2.3 Potentials of Performance management
Statements
5
4
2
2
1
Weighted Mean
Interpretation
1. Performance management helps company in monitoring their financial aspects.
29
51
0
0
0
4.36
Strongly Agree
2. Performance management provides company the ability to plan and budget their financial resources easily.
18
31
0
13
18
3.23
Agree
3. Performance management helps the company to control transaction flows, summarize and measure results, communicate outcomes to management and external parties, and comply with accounting and securities regulations.
29
21
0
19
11
3.48
Agree
4. Performance management helps in providing adequate and correct financial statements.
21
32
5
13
9
3.54
Agree
The perception of the respondents with regards to the potentials of performance management was also considered in the analysis of the study. In this regard, the employees perceived that performance management is an approach that enables the company to monitor their financial reports and to help them in planning and budgeting financial resources. In addition, they also strongly agreed that it helps the company in terms of controlling transaction flows, summarizing and measuring results, communicating outcomes to management and other external parties, and complying with accounting and securities regulations.
Chapter 5
Summary, Conclusions and recommendations
5.1 Overview of this chapter
. In this chapter, the data collated from the employees of the Company C are presented and analyzed. This part of dissertation discusses the outcome of the survey questionnaires given to the 80 chosen employees who are working at Company C. Prior to the transmission of the survey process, the purpose, significance and also the objective of the research was relayed to the employees.
In this study, the employees who participated were also given the assurance that all the information and data they had given are solely for the research purpose while their true identification would remain confidential to the public.
All questions asked in the survey questionnaire and interview process pertain only to the employees’ insights regarding the assessment of the challenges facing the Company C. The main goal of this research is to assess and evaluate the used financial performance management in Company C. The discussion on this chapter will be based on the findings and analysis made in the previous Chapters.
5.2 Summary
To be able to identify and know whether the data that has been collected were pertinent, the author of the dissertation opted to give emphasis on some essential demographics of the employees. In this regard, the first part of the questionnaire tried to verify and ascertain the demographic profile of the employees of the study. The analysis presented that out of 80 employees, 54% were female and 46% were male, which indicates that Company C has higher ranking female officials than male. With regards to their age, it displays that most of the employees are ranging from 28-32 comprising of 56% of the total employees, which means that they have younger adults batch of employees and promotes employees easily, the remaining 44% ranging from 23-27 and 31-40 years of age. In terms of educational background and attainment of the employees, it presented that 61% out of 80 employees has been graduated with a Bachelors Degree and 39% have attained post-graduate with a post-graduate degree. The result indicated that the Company C recruits employees who can be essential and valuable assets of the company. Most of the employees who have participated in the study have been working from 6-12 years and others are working 13-19 years.
The main objective of this research study is to evaluate the different financial method used in Company C business, which include financial performance management based on the perception of the employees. It has been presented that most of the employees of Company C strongly agreed on the utilization of financial performance management as part of the financial management approach of the Company C.
This paper also analyses the financial strategies by knowing their advantages as well as disadvantages as perceived by the employees. The data collated presented that the employees strongly agreed and agreed on the following are the advantages of financial performance management.
· Financial performance management helps Company C business to manage their financial aspects and maximize the Company C’s profit.
· Financial performance management enables Company C to facilitate their decisions about the allocation of undifferentiated units of capacity to available customer demands
· It enables the Company C to increase competitive advantage and position through the capacity utilization and revenue generation.
· Financial performance management helps the Company C to maximize and manage their profit margin which results in business growth.
· It allows the Company C to achieve the volume of sales needed to achieve business growth.
· Financial performance management enables the Company C to stay in their competition position with direct rivals companies in the eyes of their potential clients.
· It can raise the capital and investments for a business or idea without payments.
· Financial performance management enables the Company C business to improve cash flows by permitting the business to meet their day to day expenses and reduce cast holding costs.
· Financial performance management enables the company to manage their inventory and to make short-term decisions effectively.
Aside from advantages, the strategies were also assessed in terms of their disadvantages. The following are the agreed disadvantages of the use of financial performance management at Company C as perceived by the employees:
· Financial performance management may lead to problems with accounting and management aspects if not managed effectively.
· Financial performance management may create perception problems which may lead to bad corporate image regarding the repeated use of price discount which may also affect the perception on the quality of the service they offered.
· Financial performance management if not effectively managed may lead to issues with accounting and management aspects of the Company C.
· Financial performance management may not be able to take into consideration non-traditional competitors which offer substitutes for your products for Company C business.
· Financial performance management may not adhere to new trends in the market place
· Inefficient management of financial performance management may lead to Company C loss and failure.
· The short-term decisions made as part of the management of financial performance and investments may out the company at risk of default as a result of temporary economic situation
· Financial performance management may have the possibility to lead to fluctuating interest expense if not managed properly.
5.3 Conclusion
In this research study, the primary source of information comes from a survey questionnaire distributed among employees of Company C. The employee’s cooperation with this research was fervently soughed after and the descriptive and statistical analysis was done by the author of the dissertation through the use of both quantitative and qualitative approach Based on the analysed data, the author of the dissertation concludes the following:
1. The employees who took part in this study are already mature in age, responsible and reliable. The employees of Company C fully and completely understand the purpose of the research and provide answers to the queries in voluntary manner.
2. The study have presented that the employees strongly agreed on the use of financial performance management as part of the financial system .
3. The research have also discovered that based on the analysis, it can be said that most of the employees perceived that the three strategies have some advantages and benefits for the Company C .
4. The data presented that the three strategies have their disadvantages also which may affect the performance of Company C in the Hong Kong market.
5. It can be concluded Company C has a long way to go in proving their competitiveness in market through the use of financial performance management.
All in all, it can be concluded that financial performance management is a helpful management approach in order to verify and ascertain the financial resources in Company C business. In addition, it also provides Company C business the chance to identify the most appropriate financial performance management to be used in order to maximize profit on all the Company C business’ operations.
5.4 Recommendation
Each company, like in this case is entitled to use the most effective management approach to monitor financial performance and other activities. Financial performance management is guiding a company, like in this case relative to challenges and opportunities appearing in the contingent environment. The financial performance management and method of each and every company, like in this case is accountable for the maintenance of the s strength and survival in the fierce economic competition In this case, the analysis displays that if the Company C would use financial performance management in their business method, there is a great chance of having increase profit or revenue and efficient management of their financial resources.
The use of these strategies for each enables the Company C to understand between the Company C capacity and future demand and to price and allocate capacity for various customer segments in a manner that maximizes Company C revenues. Accordance to the value of clients placed on it. In Company C business, the largest business already provide a range of premium and accounting standard, through the idea and context has yet to be practices to some services. In this regard, the returns can be substantial by promoting good performance management in terms of their financial assets. To make the demand management work, the Company C must be able to reserve capacity for increased-yielding services, a method which requires the carrier to create accurate forecasts of demand for them,
5.5 Future Research Directions
The study conducted for assessing financial performance management in Company C. In this regard, this research can be enhanced further through the following future research recommendations:
1. Future author of the dissertations using a similar topic may consider the use of a larger sample instead of just using 80 employees the Company C. This could be helpful in making the findings more applicable in general.
2. Other methods of research and data-gathering such as meta-analysis or regression analysis may be used in the future to verify and ascertain the connection between the factors that may affect the effective initiation of these strategies.
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