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Staffing Level, Wages, and Banks Financial Performance
Interpretation
The summary under consideration demonstrates the air transportation supply companys data and focuses on the employees salaries, bonuses, and performance. The analysis of this information results in the rise of a few questions. The first question is whether the company indeed needs many employees in its divisions. It refers to eight members of the Account Planning department with the same salaries, eleven individuals in the Account Service department with almost the same wages, and others. The second question is why employees with different performance scores receive the same bonuses. This information allows supposing that the companys employees have accustomed to obtaining stable remuneration irrespective of how hard they work.
Analysis
The summarys quantitative data demonstrate that a single departments employees have the same or approximately the same salary with a few exceptions. Furthermore, the numerical evaluation of employees performance is effective in analyzing how well they meet their obligations even though these measures do not affect their remuneration levels. The manager commentaries represent the qualitative data, and they denote that the performance scores conform to the managers opinions. An underlying issue is that the company can deal with overstaffing which results in decreased motivation and a higher financial burden. However, it is worth mentioning that the data do not show what specific factors lead to the employees worsened motivation.
It seems reasonable to use additional primary and secondary resources to determine whether the analysis above is trustworthy. On the one hand, it is useful to deal with the industry overview published by a professional organization and competitors annual reports. These information pieces can demonstrate whether the company has an increased number of staff members compared to the industrys level. On the other hand, secondary sources are also efficient since they identify what overstaffing is, its characteristic features, and its effects. These resources can bring valuable information to help the company make a decision regarding its management situation.
Conclusion and Related Outcomes
The quantitative data regarding the employees performance can be used to determine that some individuals do not make a valuable contribution to the company, and the manager commentaries support this claim. This scenario implies that the business requires a strategy to avoid dealing with low-motivated employees to improve its financial state. AlAli (2020) admits that low productivity and high operational costs are characteristic features of overstaffing. This information implies that a practical strategy is needed to address these issues.
If I were asked to recommend a 10% reduction in the budget, a few essential steps would be offered. Firstly, it would be necessary to reduce the number of employees with insufficient motivation. A suitable solution could be to fire individuals who have a performance score of one point. The summary under consideration refers to four employees. Their dismissal will result in the fact that the company would save $208,200 in salaries. Secondly, it would be reasonable to make bonuses an incentive rather than a constant phenomenon. This strategy means that excellent performance would provide individuals with financial encouragement. AlAli (2020) explains that employees increased compensation leads to the businesss better financial performance. Even though this study focuses on Kuwaiti banks, it highlights a connection between employee compensation and companies performance. Thus, scholarly evidence demonstrates that firing employees with low-performance scores could be considered an effective option to address the companys revenue loss and operational costs.
References
AlAli, M S. (2020). Staffing level, wages, and banks financial performance. International Research Journal of Finance and Economics, (180), 48-53.
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