More handpicked essays just for you.
Understanding performance management
Understanding performance management
Understanding performance management
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Performance management is a management tool used to value, monitor and measure a company’s strategies that ensure the efficiency and effectiveness of its product delivery. This management tool does not focus on the organisation and on its employees as well as stakeholders. It is a continuous process that entails that managers make sure that organisational and employee values are corresponding (Aguinis, 2005,p.1/2-1/5). Performance Management brings about the competencies in the employees, increases self-esteem by giving feedback to employees, there is a low number of lawsuits because it helps understand the company better (eThekwini Municipality, 2008,p.10-11). According to Pride, Hughes and Kapoor (2011, p.288) performance management creates motivation for employees; one theory of motivation is of Expectancy, which stipulates that employees satisfaction is driven by expectations of what an organisation will offer in return. Remuneration management is defined as the sum received for an employment or service delivered, this includes the money received on a monthly basis as well as benefits given as rewards (investopedia,para.1 ). Individualism need to be taken into account when implementing these remuneration structures or reward schemes, equal pay plays a role in balancing earnings among the diverse workforce (Shen, Chanda, D’Neetto and Monga,2009,p.241). The Woolworth’s Holdings uphold remuneration policies which have the purpose of making sure to attract and hold on to the best talent, that they are congruent with the strategies of the company and are the determinants of performance during the short and long phases. The policy considers the board members and the employees. This policy manages employees of the company by giving... ... middle of paper ... ...The importance of the generational mix within an organisation is that it brings about inclusivity and helps generate new innovative ideas that could bring the organisation to its sustained competitive advantage. With each age group with its expectations by interacting with one another, there is knowledge and experience exchange. Conflict is inevitable among these different age groups, however respecting and accepting that the workforce is diverse can thus lead to creative thinking which in turn gives the company an advantage over other companies. Woolworths was established in 1931 and that has when traditionalists were born and as time has moved so are other age groups beginning work, but to its completive stance it has had the ability to employ younger age employee thus giving the company some leverage on being able to identify what the market wants it to offer .
Employers need to have a solid understanding of what is important and valued by each generation when deciding on their recruiting strategy. It definitely helps understanding each position by itself and the ideal requirements before determining what generation to key in on for a hire. “Managing multigenerational workforces is an art in itself.! Young workers want to make a quick impact, the middle generation needs to believe in the mission, and older employees don’t like ambivalence.! Your move.” (Harvard Business School) Is it an opportunity for career growth, do you need more experience in the position, can you live with a part time employee? Based on the answers to some of these questions plus others can weigh heavily on employee retention and be significant factors on deciding which generation to focus in on for your hire; this can save costs both on the front end with ease of recruitment and backend due to retention. Thus let’s look at the different generations and what they look for in a career and a company....
Southard, G. & Lewis, J. (2004, April). Building a Workplace That Recognizes Generational Diversity. Public Management (PM) Magazine. 86 (3) Retrieved October 14, 2004 from http://www2.icma.org/pm/8603/southard.htm
Today, America is faced with many issues as a society. From environmental concerns, to sexual and racial equality, to common health fears, our issues as a whole appear to be spread across a wide shield of worries. It seems like generational issues would be miniscule compared to these overarching problems, however generational issues in American work settings are actually rapidly becoming a growing concern for many companies and organizations, including this one.
Currently there are 3 major generations in the workforce, Baby Boomers, Generation X, and Generation Y. The two biggest clash is seen between the largest generation gap, Boomers and Generation Y. The two generations have contradictory work preferences. “Boomers obsession with work vs Generation Y's flexibility, Baby Boomers preference for autonomy and Generation Y's for collaboration and working in teams, Baby Boomers respect for workplace hierarchy against Generation Y's preparedness to challenge management and so on” (Helyer & Lee, 2013). “Some generational differences can be addressed through effective human resource management. For example, organizations train managers to provide frequent feedback to members of Generation Y, and they show respect for older generations’ hard work and respect for authority by asking them to mentor younger workers” (Raymond, Hollenbeck, Gerhart, & Wright, 2014).
Performance management aims to manage and improve individual performance with a vision to improving performance across the entire business. [Walter. M, 1995] defines performance management as the process of ‘Directing and supporting employees to work as effectively and efficiently as possible in line with the needs of the organisation’. It is very important to direct and support employees to work efficiently, and this can only be successful if a well-structured performance management system is put in place. But, nonetheless some organisations don’t get it
The current state of the workforce is that millennials are now entering the workplace in record numbers. This creates a dilemma because the Baby Boomers are not necessarily retiring at the given time. The baby Boomers is not concerned with retirement at age 65. In fact, age 85 is the new 65. The result is that 60-year-olds are working alongside 20-yearolds and because the difference in their formative experiences, this have led to generational misconceptions and have help to create tension and hostility within the workforce.
...ll about what is right, and good for the whole company not just themselves. Young people have preconceived ideas that older people are stuck in the past and they do not want to listen to how things used to be done. As well, the older worker thinks that the new ways are a waste of time and money and they want to stick with what is tried and true.
Preview: This book provides a lengthy indoctrination of the what and why of performance management. This summary will cover both the pragmatic and practical pieces of the text; while excluding some of the specific instruction for those who oversee the overall orchestration of performance management in the workplace. The purpose of this paper is to allow its readers to grasp some main themes of performance management and develop a vocabulary for discussion and debate of the topic.
middle of paper ... ... Today’s companies may have Veterans, Baby Boomers, Generation X, and Generation Y as a component of their workforce. The imbalance in the age distribution creates challenges for today’s organizations. Each generation has its own work behavior and attitudes that are influenced by social events, the economy, politics, and progress in technology, and experiences.
Performance management is a great tool for both the employee as well as the organization. For the employee, it gives the employee a clear picture of his areas of improvement and helps him improve and grow. From the organization’s perspective, it lets them understand the potential they have in their employees and how to realize them. It helps them to analyze who are worthy of being held onto and whom to let go so that the organization grows. In all, an effective tool, if used in the correct manner by all the parties involved.
Introduction Performance management is the process of establishing a favorable working environment for a given organization such that every employee will have the ability to work at their level best to achieve the organizations goals and objectives. This process basically involves developing clear job description, acquisition of proper work force, providing appropriate training of employees and designing equitable compensation plans along promoting career development for the employees. Managing performance in any given corporate body is one of the most important contributions that managers should put into consideration. Setting up goals, laying down objectives and strategizing on appropriate methods to achieve such goals are the main essentials
Performance management is a process that guarantees an organisation and all of its available resources are working collectively and effectively towards achieving the organisation’s mission or goal. Performance management affords an understanding of what drives an individuals, and even organisations, performance at all levels. An understanding of performance management allows for the identification and minimisation of unproductive areas of an organisation, as well as an ability to predict future performance. It is a powerful tool that can be used by managers at all levels of an organisation to help improve a company’s productivity.
Organisations worldwide are experiencing new challenges due to the increasing of globalization, business complexity and uncertainty in the economic climate. As the business environment becomes more knowledge based, we now see organisations in a different light. They are now knowledge driven institutes that focus on performance and continuous improvement, placing greater significance on human resources, their knowledge and capabilities. Singh (2013). Greater emphasis is now placed on performance management systems as it is seen an important and critical HR activity. However performance management is not a simple and uniform process it is a complex and lengthy process that requires total commitment from all levels of the organisation.
Performance management is used for the basis of promotion, reduction in force purposes (talent management), gives transparency of what an organization is looking for, merit increases, and lastly it provides protection against lawsuits for unlawful termination by keeping written documentation. Performance evaluations are advantageous to both the organization and the employee. A leading advantage of performance evaluations is it gives the employee an opportunity to create and achieve smart goals. Although performance evaluations primary function is to measure whether an employee is a good fit or a bad fit for the organization, its function is so much a broader. Performance management is tool purposely used to motivate employees to examine themselves and determine if they have selected the profession that is best for them; consequently the feedback an employee receives from their superior supports them with increase their knowledge and
Performance Management is a critical component to organizational success. However, creating, developing, and maintaining a system that captures all the characteristics of an ideal performance management system should involve an ongoing collaboration between leadership and employees to achieve a successful outcome. After all, the performance and success of the organization is dependent upon the employees. Therefore, performance management should incorporate organizational goals, employee goals, and continuous feedback that reflect individual’s contribution (NorthCoast 99, 2012).