In this video tutorial, accounting professors Jim and Kay Stice explain the importance performance evaluations and incentives. They use an example that demonstrates how performance evaluation and a compensation system can align economic incentives to the benefit of all involved.
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- As you remember, my family and I moved…to Hong Kong in 1995.…- I do remember.…At the time, you and Ramona had four children.…Now, what was the hardest part of helping the children…make the move from Houston to Hong Kong?…- Well, I think that the most difficult part…in getting settled in Hong Kong…was getting the four children enrolled in schools.…- Your two daughters attended a British school…located adjacent to the university campus…where you were living.…How about your two sons?…- Ah, my two sons, Derrald and Han.…They attended an international school…that was about a 45 minute trip away from our apartment.…
At the time, they were ages 13 and 11.…Now, I went with them to school their first day…for their school orientation.…- How did you make the trip?…I know you didn't have a car when you lived in Hong Kong.…Did you take a taxi the whole way?…- No, no, we rode a bus about half the way…and then transferred to the subway.…Now, you may remember that the subway in Hong Kong…is called the MTR.…- Well, wasn't there a school bus or something?…
In this course, accounting professors Jim and Kay Stice explain what KPIs your business should consider in a balanced scorecard, from financial goals to employee and customer satisfaction. They describe how to craft a clear mission statement that complements your KPIs, and how to tie performance to incentives. Plus, get a look at KPIs in action, as Jim and Kay break down a case study examining a trucking company's balanced scorecard.
- The importance of KPIs and measuring performance
- Financial goals and measure
- Customer needs and satisfaction
- Employee growth
- Creating an effective mission statement
- Linking measurements and rewards
- Examining a KPI case study