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    BSBHRM512 - Performance management processes for STAR Industries

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    BSBHRM512: Assessment 1 What you have to doYou are required to develop and manage performance management processes for STARIndustries.Follow the instructions in the task to format your responses. The word count guide isapproximately 2000 words.As a Diploma student, you are required to read and research widely. Aim to include relevantin-text references to support your work and include these details in a reference list. Include abibliography with your assessment as evidence of the research you have conducted.TaskStar is a company on the move. They are experiencing growth in their industry and...

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    Question 6. How and when will you monitor the Performance Management System implementation? 

    The Performance Management System is one of the best tools that are used by the modern level management. The monitoring of PMS system involves four steps. The first step is to set the expectations (Implementing Performance Management in 4 Steps, n.d.). The management of STAR industries should discuss the expectations with their employees about their behaviors and results. Instead of imposing their expectations on the employees, the management should ask the employees the things that are realistic to achieve for them. In particular, the management and employees should discuss about the accountabilities, objectives and performance standards of the employees. The second step is to observe the performance of the employees and help them to enhance their performance. For this purpose, the employers or management should give ongoing feedback instead of waiting for the review period. This continuous training helps the employees to reach to their targets (NORONHA, S, AQUINAS, P & MANEZES, A, 2016). 

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

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