ACCA 考试 P5 知识点汇总.docx

ACCA 考试 P5 知识点汇总.docx

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ACCA考试P5知识点汇总

2015年12月ACCA考试P5知识点汇总

2015年12月ACCA考试就要到了，财萃网为大家总结汇总了P5考试的知识点，希望大家在12月的ACCA考试中取得好的成绩！

　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