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Controlling

Controlling. BOH4M. Controlling. the process of monitoring performance and taking action to ensure the desired results make sure that actual performance meets or surpasses performance goals. Steps in the Control Process. Set goals and standards Measure results

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Controlling

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  1. Controlling BOH4M

  2. Controlling • the process of monitoring performance and taking action to ensure the desired results • make sure that actual performance meets or surpasses performance goals

  3. Steps in the Control Process • Set goals and standards • Measure results • Compare results with expected standards • Take necessary action a) Problem situation (performance is below expected levels) b) Opportunity situation (performance is above expected levels, learn what can be done to achieve this level in the future)

  4. Employee Discipline Systems • Discipline – used to achieve compliance with the organization’s expectations • Progressive Discipline – considers both the severity and frequency of misbehaviour when applying disciplinary action. • Rules for Employee Discipline – fair, consistent and systematic

  5. Keys to effective discipline • It should be done immediately • It should be directed towards their actions • It should be consistently applied • It should be informative • It should occur in a supportive setting • It should support something that is realistic

  6. Employee Discipline • See Handout

  7. Compensation Systems Merit Pay • Based on individual achievement • Reward for performance • Used to remind poor employees and encourage them to improve • Examples— Bonus Pay Plans • Rewarding an employee when targets are met • Paying for an outstanding and creative idea • Examples—

  8. Compensation Systems Profit-sharing Plans • Providing the employees with a portion of the profits • Examples— Gain-sharing Plans • Employees receive a portion of the savings or profits for which they contributed • Examples— Employee Share Ownership Plans • Employees receive or purchase shares in the company • Examples—

  9. Compensation Systems Share Options • Employees are given the opportunity to purchase shares at a future date at a fixed price • Employees will work hard make certain the share price rises • Examples— Skills Based Pay Plans • Employees are paid based on the amount of job-related skills they possess • Encourages employees to master new skills • Examples—

  10. Problems With Stock Options? • When senior management has a large personal stake in a company’s stock value, they may resort to unethical behaviour in order to maximize gains • Effect on company’s reputation • Effect on employees • Enron’s 18,000 – 20,000 employees lost about $1.3 Billion

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