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What Is Peyton Approved

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Nonfinancial measures can also be used to measure performance. “Nonfinancial, or qualitative, factors also play a role in managers’ decisions and, as a result, can be relevant” (Nobles et al., 2014). In fact, just like relevant financial information, relevant qualitative information provides the same traits (Nobles et al., 2014). Here are a few suggestions for nonfinancial performance measures that the company should take on. Peyton Approved should include customer and employee satisfaction, employee evaluations, provide training for all new and old workers, look at inefficiencies, indefinite assets, balanced scorecards, and even incorporate a reward plan. Incorporating any of these suggestions though will include pros and cons. When it comes …show more content…

Also, if Peyton Approved ever decide to give out discounts to some customers and not the rest it can cause customers to get mad and maybe even stop doing business with them. If the company ever decided to incorporate training for their employees, then they will be able to recognize if it is efficient and effective. Changes may need to be made, such as implementing different programs of even eliminating one if it is not useful. When trying to make employees happy, Peyton Approved can try incorporating a reward plan to do so. If employees are able to fulfill all of their production objectives, then they can receive a reward for all of their hard work. With some recognition, it can motivate employees to work harder and also boost profits for the company. Having employee evaluation can give the company a definite explanation and justification for any labor variance within the company. When it comes to looking at inefficiencies, such as extra spending for building their brand and displays, Peyton Approved needs to make sure that they account for all inefficiencies within the accounting cycle as well. In doing so, the company is lowering revenue, so paying close attention to what is going on in the company and …show more content…

When employees are able to meet their production goals they will receive a reward from the company, having this suggestion will help bring in new customers as well as make customers feel better about themselves, which in turn motivates them to work harder. This is not only beneficial to new customers, but also existing customers. Having employee evaluations in place can be a risky decision due to the fear that any employee may be let go, but it is a great tool for Peyton Approved to use for their company to run successfully. In doing employee evaluations there should be a standard procedure so that all employees have a fair chance. Training for employees will give them the tools and skills they need to perform at in order to complete their goals, so providing the necessary training will not only help employees, but the company as a whole. Although it may be expensive, it will be worth it in the long run. Ethical considerations of nonfinancial performance measures, such as customer satisfaction, employee satisfaction, inefficiencies, balanced scorecards, and indefinite assets is that they may not be as useful as financial measures, but they are still important to a company, so they do not make any big mistakes (Nobles et al., 2014). “ Managers must always consider the potential quantitative and qualitative effects of their decisions” (Nobles et al., 2014). With this, Peyton Approved should also use financial measures

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