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The Role of a Reward in Employee Motivation

The Role of a Reward in Employee Motivation

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Published by Sylvia Nabwire

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Published by: Sylvia Nabwire on Jun 21, 2012
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05/13/2014

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The Role of a Reward in EmployeeMotivation
Many employees are motivated by two goals: earning a paycheck and doing work that makesthem proud. The offer of an additional reward gives an employee that extra motivation to goabove and beyond. Some rewards may cost money, whereas others are investments in time andeffort. All can contribute to a more pleasant work environment.
Incentive
Employees must know that hard work and a high level of achievement will be rewardedfinancially. According to Microsoft's Business website, a policy that offers incentives inexchange for achievement can motivate all employees to prove their worth. When workerproductivity goes up, the bottom line often increases far in excess of the monetary rewardsdistributed.
Uniting the Team
Employees are motivated by a workplace atmosphere of mutual respect. A reward emphasizesyour respect for your employee and encourages fellow employees to show respect to each other.When the team is united, the lines of communication are open, and employees are likely to sharegood ideas and put forth additional effort in the interest of the company's success. The BusinessResearch Lab points out that rewards motivate employees to see the company's mission as theirown. Instead of working for his own financial benefit, an employee who is amply rewarded ismore likely to personalize the company mission.
Employee Retention
An employee who has been rewarded is often more motivated to remain with the company. Itcan cost a business quite a bit to deal with the loss of old employees and the training of newones. Rewards, given to employees who are considering leaving the company, may increase youremployee retention statistics and decrease your long-term training costs.
Self-Motivation
A good manager can encourage an employee to work harder and better from time to time, but areward can go a long way toward building employee self-motivation. According to CarterMcNamara, writing for the Free Management Library, the most effective rewards are tailored toan employee's needs. When deciding what kind of rewards to give to employees, think of theirneeds. An employee with children, for example, may be highly motivated to achieve more in theworkplace if you offer him additional time off to spend with his family.
 
ccounting Concepts & Conventions
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PresentationTranscript
ACCOUNTING CONCEPTS -: In order to make the accounting language convey the samemeaning to all people & to make it more meaningful, most of the accountants have agreed ona number of concepts which are usually followed for preparing the financial statements.These concepts provide a foundation for accounting process. No enterprise can prepare itsfinancial statements without considering these concepts.BUSINESS ENTITY CONCEPT Business is treated as separate & distinct from its membersSeparate set of books are prepared. Proprietor is treated as creditor of the business. For otherbusiness of proprietor different books are prepared.MONEY MEASUREMENT CONCEPT Transactions of monetary nature are recorded.Transactions of qualitative nature, even though of great importance to business are notconsidered.GOING CONCERN CONCEPT Business will continue for a long period. As per thisconcept, fixed assets are recorded at their original cost & depreciation is charged on theseassets. Because of this concept, outside parties enter into long term contracts with theenterprise.ACCOUNTING PERIOD CONCEPT Entire life of the firm is divided into time intervals forascertaining the profits/losses are known as accounting periods. Accounting period is of twotypes- financial year(1 st Apr to 31 st March) & calendar year(1 st Jan to 31 st Dec).For taxation purposes financial year is adopted as prescribed by the Govt. Companies havingtheir shares listed on stock exchange publishes their quarterly results.HISTORICAL COST CONCEPT Assets are recorded at their original price. This cost servesthe basis for further accounting treatment of the asset. Acquisition cost relates to the past i.e.it is known as historical cost.JUSTIFICATION FOR HISTORICAL COST CONCEPT This cost is objectively verifiable.Justified by going concern concept. Current values are difficult to determine. Difficult tokeep track of up down of the market price.DRAWBACKS OF HISTORICAL CONCEPT Assets for which nothing is paid will not berecorded like reputation, brand value, etc. Information based on historical cost may not beuseful to its members.DUAL ASPECT CONCEPT Every transaction recorded in books affects at least twoaccounts. If one is debited then the other one is credited with same amount. This system of 
recording is known as “DOUBLE ENTRY SYSTEM”. ASSETS = LIABILITIES +
CAPITAL
 
REVENUE RECOGNITION/REALISATION CONCEPT Revenue means the addition to thecapital as a result of business operations. Revenue is realised on three basis-: Basis of cashBasis of sale Basis of productionMATCHING CONCEPT All the revenue of a particular period will be matched with the costof that period for determining the net profits of that period. Accordingly, for matching costswith revenue, first revenue should be recognised & then costs incurred for generating thatrevenue should be recognised.Following points must be considered while matching costs with revenue-: Outstandingexpenses though not paid in cash are shown in the P&L a/c. Prepaid expenses are not shownin the P&L a/c. Closing stock should be carried over to the next period as opening stock.Income receivable should be added in the revenue & income received in advance should bededucted from revenue.ACCRUAL CONCEPT In this concept revenue is recorded when sales are made or servicesare rendered & it is immaterial whether cash is received or not. Same with the expenses i.e.they are recorded in the accounting period in which they assist in earning the revenueswhether the cash is paid for them or not.OBJECTIVITY CONCEPT Accounting transactions should be recorded in an objectivemanner, free from the personal bias of either management or the accountant who prepares theaccounts. It is possible only when each transaction is supported by verifiable documents &vouchers such as cash memos, invoices.TIMELINESS This principle states that the information should be provided to the users atright time for the purpose of decision making. Delay in providing accounts serves nousefulness for the users for decision making.COST BENEFIT PRINCIPLE This principle states that the cost incurred in applying theprinciples should be less than the profits derived from them.ACCOUNTING CONVENTIONS An accounting convention may be defined as a custom orgenerally accepted practice which is adopted either by general agreement or common consentamong accountants.)CONVENTION OF FULL DICLOSURE Information relating to the economic affairs of theenterprise should be completely disclosed which are of material interest to the users.Proforma & contents of balance sheet & P&L a/c are prescribed by Companies Act. It doesnot mean that leaking out the secrets of the business.CONVENTION OF CONSISTENCY Accounting method should remain consistent year byyear. This facilitates comparison in both directions i.e. intra firm & inter firm. This does notmean that a firm cannot change the accounting methods according to the changedcircumstances of the business.

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