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Answer to Question #56132 in Accounting for icy

Question #56132
You are required to utilize the information given to complete the comparative balance sheet for TMH Ltd. Once completed, are required to analyse the performance of TMH Ltd. By undertaking the following tasks:

Prepare strategies to assist the company in meeting the set performance indicators. These can be in the form of detailed written reports or writing relevant company policies.

• Strategies should be detailed and directly linked with company performance indicators as set by TMH management
• Appropriate time frames, strategies should be relevant to these time frames.
• Discuss how performance indicators can be regularly reviewed in order to keep them relevant and updated as performance trends change & company resources change.

Expert's answer
TMH Ltd. Recruitment, based in West Hallam, Derbyshire, has delivered recruitment services within the industrial and commercial marketplace for over 25 years. Financial performance may be affected by: general economic conditions; customer demand for our products and services; competitor pricing on similar products and services; interest rates and the shape of the interest rate yield curve; the performance of the equity and capital markets.
The strategies that can be put in place to encourage staff to work towards achieving performance goals are:
- providing a clear career path (to meet with team members regularly to discuss their professional goals and how they can achieve them at your organisation);
- employee recognition (simple rewards);
- cultivating a culture of freedom (sufficient details at the beginning of projects);
- offering flexibility (flexible working day etc.);
- corporate social responsibility (corporate ethics);
- competitive remuneration (high enough salaries with different bonuses);
- clear lines of communication (employee engagement surveys).

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