Performance Indicators
Skill shortages: The lack in the training of the staffs and the skilled personnel are increasing and has become one of the most primary challenges that are faced by the global marine industries. The challenges have made the industry realize that the growth cannot be geared up with such lack. Thus, the management of the TMH Ltd. has to take major steps in reducing such challenges to train new staffs and retention of the personnel for better effectiveness of the company.
The company has been facing a position of vulnerability that has led to the struggle of attracting and drawing a number of fresh talents and proficiency into the industry. The company and the management have to ensure about the personnel being aligned with the latest and updated technologies that are getting complex on a daily basis (Van Dooren et al., 2015). There must be apprenticeships that must be employer designed and that ensure a continual quality of the programs of the training and development of the staffs. There must be a preservation of the much required talents and skills among the staff. The same would ensure and enable the well placement of the future goals of the company with the crucial maintenance of the effective profiles among the people and the government (Ates et al., 2013).
Relevant policies of Government: The management needs to take steps in maintaining and setting up the policies that will be relevant for the industry. The taxation policies must be considered as the same if not maintained may result in the downfall of the overall industry. The policies regarding the Australian marine industries must be maintained and prepared with higher efficiency by the management of the TMH Ltd.
1.a.Strategies to assist the company in meeting up the performance indicators:
There must be identification of the goals and objectives of the company that must be measured and the same must be specific in nature and context.
The performance indicators must be developed towards measuring the services and facilities and the outcomes that would form part of the established processes of the goal settings.
There must be involvement of the employees and the staff that would build up and develop the trust and commitment towards the reaching of the goals and objectives of the company.
There must be a usage of the multiple numbers of inputs and measures as the single measure cannot prove to be appropriate and adequate in describing the full ranges of the performances.
There must be flexibility in the system of the management for adopting the required changes (Fee, 2014).
There must be a provision for feedbacks and the system of the management must provide an adequate and appropriate amount of feedbacks towards the teams, agencies and the individuals.
There must be analysis of the data for the assurance of the accuracy in the meaning of the achieved results.
There must be setting up of timeframes that must be adopted and maintained towards the better effectiveness of the overall company
Strategies to Assist the Company in Meeting Set Performance Indicators
The timeframes must be checked repeatedly to get a better review of the overall condition of the company.
Ways of keeping a regular review of the performance indicators:
The monitoring and the review procedure of the performance management are among the most essential requirement and the same will require the designing of the management system in an efficient manner.
The review of the process must be effective and must be in order so that the measurement could be done in a well-performed manner (De Waal, 2013).
2.a.Factors that may affect the financial performances:
The profits earned including the following can have a major influence on the financial performances:
- Gross profit margin: The same measures the earnings made after taking into account the direct cost of sales and the contribution.
- Operating margin: The overheads have an inclusion in the computation of the margin that is a difference in the gross and net figures.
- Net profit margin: This is a measure of the earnings that considers the total costs and not only the direct expenses and the costs. Thus, unlike gross and operating the net profit margin takes into account all the overheads (Schläfke et al., 2012).
The other factors include:
- ROCE (Return on capital employed)
- Liquidity ratios
- Efficiency ratios
- Gearing or financial leverage ratios (Rabl et al., 2012)
b.Non-financial factors that may affect the financial performances:
- Management capability to perform
- Maintenance of the relations among employees
- Value of the brands and its quality
- Intellectual loyalty of capital and customers
c.The strategies that must be undertaken towards encouraging the staffs to achieve the performance goals include:
There must be promotion of the teamwork across the industry and the employees must be assigned to the teams and must be encouraged towards taking up the leadership roles of both formal and informal nature.
The employees must be allowed to take decisions and the same will influence and help the communication process get efficient and effective (Bodie, 2013).
The management must create a sense of mission and vision and further ensure the reflection of the same in the culture of the company.
Lastly, the roles must have clarity so that every employees and staffs must know their part of roles and responsibilities.
d.The strategies that must be undertaken towards communicating the performance goals include:
The management must hold a number of meetings and gatherings to let them know their respective roles and responsibilities related to the objectives and goals of the industry.
The communication meetings must also include the feedback sessions that would help to know the desires and the modifications required in the company.
e.The capital budgeting tool is a procedure that is used by the businesses in the determination of the advantages of the projects in which the investment is made. The help of such tool undertakes the decision regarding the acceptance and the denial of the projects. It also considers the computation of the total returns from the project and has a set of risks and threats. The process helps in making a decision related to the future growth and results by knowing the influence of the investment done in the projects of the company (Pollitt, 2013).
In short, the capital budgeting process helps in:
- Development and formulation of the strategic goals and objectives
- Seeking out the latest projects for investment
- Estimation and computation of the cash flows in future
- Facilitation of the transfer of the data and information
- Monitoring of the expenses
- Decision making processes are enhanced
References
Ates, A., Garengo, P., Cocca, P., & Bititci, U. (2013). The development of SME managerial practice for effective performance management. Journal of Small Business and Enterprise Development, 20(1), 28-54.
Bodie, Z. (2013). Investments. McGraw-Hill.
De Waal, A. (2013). Strategic Performance Management: A managerial and behavioral approach. Palgrave Macmillan.
Fee, M. C. (2014). Human resources management.
Pollitt, C. (2013). The logics of performance management. Evaluation, 19(4), 346-363.
Rabl, T., Gómez-Villamor, S., Sadoghi, M., Muntés-Mulero, V., Jacobsen, H. A., & Mankovskii, S. (2012). Solving big data challenges for enterprise application performance management. Proceedings of the VLDB Endowment, 5(12), 1724-1735.
Schläfke, M., Silvi, R., & Möller, K. (2012). A framework for business analytics in performance management. International Journal of Productivity and Performance Management, 62(1), 110-122.
Van Dooren, W., Bouckaert, G., & Halligan, J. (2015). Performance management in the public sector. Routledge.
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