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Budget Analysis: Peyton Approved

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The purpose of this Budget Analysis report is to sit down with the budget and review it in detail. The analysis helps a company such as Peyton Approved understand how their money is being spent, managed, and if the budget is meeting the company’s goals. Overall, the budget helps companies organize their finances. Throughout this report, the budget process will be discussed. This is a way that a company will go about building their budget. “Make” or “buy” decisions will relay whether the company chooses to manufacture the products in-house or through outsourcing. Finally, nonfinancial performance measures will be explained such as quality of the products. “A good budgeting process engages those who are responsible for adhering to the budget …show more content…

There are other factors that managers need to consider that are non-financial that overseas leads toward. It would be best to compare costs to outsource overseas to determine if the differential analysis leads toward outsourcing. Some of the other factors to consider are employee morale, quality, and company reputation. Ethically, “there is always a dilemma of off-shoring” (Whittaker Associates, 2013). Is Peyton Approved doing this in an ethical manner? The company has a social responsibility and moral obligation to their customers. Technically, it should be people over profits. It would be unethical for Peyton Approved to fail to provide standard working conditions, commit labor violations, and sell products and services that do not follow the quality standards of the business in general. The decision to outsource vs. manufacturing in-house may have a few implications on the entire company and should not be made by one person. Outsourcing can give more access to expertise and exact costs. The “make” versus “buy” analysis should be carefully analyzed at the strategic and operational level of an organization” (Manufacturing, 2016). At the strategic level, this will impact organizational profit and reputation for both “make” or buy.” At the operational level, this will impact the operational efficiency, income, and expenses. The company should outweigh …show more content…

Engaged employees are usually top performers within the company. “According to researched performed by the HayGroup, the offices with engaged employees were as much as 43% more effective” (Explorance, 2013). The cons of employee engagement may be regular updates and providing employees with the proper training which may be very time consuming. The pros of quality performance measures are customer satisfaction surveys. This tool helps businesses get to know their customers while building relationships. The cons of this is it could lead to decreased levels of output as some employees may feel it is unfair. The pros of customer service measures are response times, customer satisfaction after each intervention, and overall customer satisfaction. A con of customer service measures may be customer burnout which is induced by filling out survey forms. The pros of public relations are the value of campaigns by demonstrating trends by how the company is seen by the media rather than basing it on numbers (Thieke, 2007). A con of public relations is that efforts can often be too involved. Consistent ethical leadership is known to increase employee engagement (Thornton, 2014). A good example of this would be by creating a safe working environment where managers demonstrate support and care to their employees. Ethical relationships have a

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The most performing organizations are those with a high grade of employee engagement as opposed to those with whose employee engagement levels are depressed. With lower levels of employee engagement, the success of the organization is at risk. Such groups are associated with low-quality services, goal achievements as well as the efforts, thus making difficult to thrive in a competitive business environment. Through the provision of components such as employee’s enjoyment and appreciating their beliefs and efforts organizations have a chance to improve their employee participation levels from small, too high (Fronstin, Sepulveda, & Roebuck,

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Employees are engaged when they find positive, meaningful relations and motivation in their work and are supportive by management while working in an efficient environment; job engagement inheres to, good management, effective communication, and focused development; when very satisfied and productive, employees scores are high, and they are more likely to remain with the organization; as a result, the use of employee engagement scores can inhere to good long-term successful outcomes within the organization. (Simon, Jan-Mar 2011). With the link between organization strategy and outcome, performance management ensures the organization get the full performance needed from its employee (Flynn, Mathis., Jackson & Valentine, 2015). This is done by fostering employee engagement through the increase of performance; for example, when an employees job has a meaningful relations, fostered employee engagement leads to higher performance.

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