Question

How can you apply the concepts of Strategic Planning, Bench-marking, Employee Assessment, and Performance Budgeting to an accounting position in the public sector.

What questions can strategic planning answer that will help us to position this new program to succeed in its environment?

How could bench-marking help us to set performance and cost standards for this program?

How can we incorporate bench-marking standards into an individual’s employee assessment process?

How would we use the basic budget for this new program and expand it to be useful as a performance budget?

Answer 1

For an accounting position in the publlic sector, the following can be helpful:

1) Strategic planning: The concepts of strategic planning includes setting of a goal, strategy analysis, formationg of a plan, formulation of the plan and monitoring of that plan. For the accounting job, strategic planning can help us understand the internal and external environment of the organization which is obivously the Public sector. This helps us set some goals for the position and make a plan/strategy to achieve this goals. In Accounting terms, this maybe correct and upto date account books, complete records for spend and earning, balance sheets etc. After this one can make a plan, schedule a time limit for each, audits and monitoring for the plan implementation and monitoring.

2) Bench Marking: Bench marking can help us set targets and assess the current expectations met or not through some measures. These targets can be set within own team, industry, competitor or by different industry. This will help us set performance standard with respect to inside and outside standards and costs too.

Bench marking standards can be achieved into an individual's employee assessment process by setting the goal in strategic planning and comparing two different individual's who are in similar role and assess that which one has met the goal expectation or which is better and then decide the appraisal or anything for performance.

3) Budget: We shall start with a basic budget that can consists of all the resourcing and logistics costs. This should be enough and on the extra side so that there is no shortage of a good resource for the accounting positions. Going forward, as we monitor the performances of those resources, and the logistics used and their importance, we can decide what to be saved and what not to be spent. We can decide whether and individual actually deserve a certain sum of money as salary or his work is way more poor than his salary grade. BY this method this will be changes to performance budgeting.