Employee Disciplinary Actions & Relations

Disciplinary Actions and Dismissal

• Disciplinary actions should be prompt, commensurate with the violation, and clearly explained to all affected.
• Examples of grounds for discipline or dismissal include refusal to work or take direction, disorderly conduct, tardiness and absenteeism, poor treatment of customers, stealing, destruction of pharmacy property, violation of safety practices, alcohol or drug abuse, and gambling while on the job.
• A progressive discipline system should be implemented, starting with verbal warnings and counseling, and escalating to formal written warnings, suspension without pay, and ultimately termination/dismissal.

Improving Employee Relations

• Early recognition of employee discontent is crucial, and signs to watch for include slowdowns, tardiness, accidents, and excessive waste.
• Providing employees with an outlet for airing complaints is essential to maintain a healthy employer-employee relationship.
• Traditional appraisal methods often use a graphic scale to measure employee performance, while critical independent appraisals provide detailed descriptions of both positive and negative behaviors.
• Management by Objectives (MBO) allows employees to set their own realistic performance goals, fostering a sense of ownership and reducing feelings of being unfairly judged.
• The ranking method involves comparing employees' work performance to one another.

Rating Scale

• Used to measure employee abilities with accuracy and uniformity.
• Provides an objective assessment of an employee's skill in their current job.

Accounting Elements

• Assets: Property or rights on property owned by the business.
• Liabilities: Debts owed by the business.
• Owner's Equity: The excess of assets over liabilities, representing the owner's claim on the business.
• Revenues/Income: Inflow of cash or other assets from clients or customers.

Categories of Assets

• Current Assets: Items easily converted to cash within a year, such as cash, accounts receivable, notes receivable, interest receivable, merchandise inventory, prepaid expenses, and trading securities.
• Fixed Assets/Plant Assets: Long-term assets like land, buildings, equipment, furniture and fixtures, and intangible assets.

Categories of Liabilities

• Current Liabilities: Short-term debts due within a year, including accounts payable, notes payable, and accrued expenses.
• Long-Term Liabilities: Obligations due in more than a year, such as mortgages and bonds payable.

Categories of Revenues/Income

• Sales/Merchandise Sales: Total sales price of merchandise sold.
• Revenue from Fees: Amounts earned for professional services rendered.
• Rent Income: Rental earned on the business's properties.
• Service Income: Income earned from providing services instead of merchandise.
• Interest Income: Amount earned for lending money.

Categories of Expenses

• Salaries Expenses: Wages paid to employees.
• Commission Expenses: Compensation granted to employees.
• Travelling Expenses: Allowances given for travel expenses.

Relationship Between Journal and Ledger

• Information recorded in the ledger is derived from the journal.
• The journal groups information by transaction, while the ledger organizes it by account.
• The journal is considered the book of original entries, while the ledger is the book of final entries.
• Both records are cross-referenced using folio columns or post-reference columns.

T-Account

• A simple form of account with three parts: the name of the account, the debit side (left), and the credit side (right).
• Debit side increases assets and expenses, decreases liabilities and owner's equity.
• Credit side increases liabilities and owner's equity, decreases assets and expenses.

Financial Statements

• Income Statement (Profit and Loss Statement): Reports on business transactions in financial terms over a defined period, providing information about the result of operations.
• Accounting Period: A period, usually 12 months, during which business transactions are recorded.

This quiz covers key aspects of disciplinary actions and improving employee relations within the workplace. Learn about grounds for discipline, the importance of a progressive discipline system, and the role of recognizing employee discontent in fostering a positive work environment.