Performance Management System
Introduction
This report is an attempt to analyse the existing Performance Management System for Large Financial Service Organisation (LFSO) and from this information, recommend, and implement an appropriate new performance management system.
LFSO is an organisation, which traditionally has a paternalistic culture with low levels of unionisation. LFSO current Performance Management system was implemented two years ago changing the nature of the previous incremental salary scales described as Prerogatives by Lupton and Bowey and led to the abolition of the annual cost of living increment. This change by LFSO was an attempt to achieve a strategic, integrative and flexible approach to pay, in order to address its organisational objectives. Therefore it ¡¥reflected on a pluralist approach with the use of job evaluated grade structures regarding financial rewards and benefits¡¦. (Heery, 1996) despite the fact that with most paternalistic culture have a Unitarist approach to Performance Management systems.
Initial research conducted by the organisation indicated that objectives are not always established and reviews were spasmodic. There was a high degree of resentment between the different members of staff leading to unhealthy competitiveness and unwillingness to support others. (Kerr, 1995) describe this behaviour as ¡¥esprit de corps¡¦. This resulted in an increase in general grievances. The BFU have been aware of this anxiety and have started a strong recruitment drive amongst employees but no figures on existing membership were available.¡¦
In general, both employees and management did not fully understand the scheme at its inception and saw it simply as a cost cutting exercise. The reward levels introduced were seen to be too small to act as a ¡¥motivator¡¦. There was also debate about the role of the annual appraisal interview as there was no consensus view on the purpose of these, which were regarded as an ¡¥inconvenience¡¦.
Now two years into the scheme, LSFO is facing the threat of a ¡¥Bargaining Unit¡¦ or possible Unionisation. Alongside high levels of dissatisfaction from employees and some line managers who have also expressed serious concerns about their role in the process. The system itself is under severe criticism with large numbers of appeals although only a very few of these have been upheld. ...
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...ments around these decisions. The manager will have in place a formal quality monitoring procedure and adherence to this will form part of the team and individual reward and appraisal procedure.
As the BFU has started to implement a strong recruitment drive amongst LFSO employees, the management/ and HR Manager should consider meeting with the union to obtain its views on a partnership agreement with the organisation. This approach would recognise the possible impact BFU may have on the new system and would demonstrate a gesture of ¡¥goodwill¡¦ by the management team. It would also address the collective representation can help achieve important business objectives, including good communication.
In conclusion it must be emphasised that an effective Performance Management system ensures that both Managers and employees understand each other¡¦s expectations, and how these are incorporated into the Corporate Strategy and how these impact upon their own context ¡V their roles, behaviours, relationships and interactions, rewards and futures.
Bibliography
Books
Beardwell, I. And Holden, L. (2001) Human Resource Management: A Contemporary Approach 3rd Ed. Prentice Hall
Employees protested, “that supervisors should have received a reduced bonus because they were not working as hard as they are and the company might be playing with the numbers” (Beer & Collins, 2008 p.6). A beneficial system for the new Scanlon Plan is to rearranged payout count. This will help to regain trust amongst employees and management. Equity Theory stresses integrity to all compensation arrangement and if this is effectively executed, then this will resolve the mistrust issue that employees have with their management team. The rewards should not be paid on a consistent month-to-month basis, instead, on a settled proportion plan, which gives rewards "each nth time the right behavior is demonstrated" (Bauer and Erdogan, 2013, p. 112). Traditionally, this would imply that workers are paid reward each time a specific measure of cash in permitted payroll is met. “The current permitted payroll is at 38% of sales value” (Engstrom, 2008). This requires no change. Instead, when Engstrom comes to a permitted payroll of one million dollars, then 10% of that sum should naturally disbursed to workers as rewards. This tackles numerous past issues with the Scanlon
Situational irony occurs throughout most of The Necklace; it appears when Madame Forestier lends Madame Loisel a diamond necklace since “[she’s] upset because [she] haven’t a single piece of jewelry or a gemstone or anything to wear with [her] dress.[She’ll] look like a pauper. [She] almost think[s] it would be better if [she] didn’t go” and lets her borrow it for a ball one night so Madame Loisel can fit in; however, she ends up losing the necklace(174).Madame Loisel was not informed of the fact that the diamond necklace was actually fake. In a panic, Madame Loisel and her husband work hard and pay the loans off for many years trying to replace the necklace only to find out it wasn’t real; they gave up their decent lifestyle and had to save up for ten years. The situational irony is the fact that Madame Loisel thought that if she borrowed the diamond necklace it would help her become closer to the life she wanted, but the necklace ended up putting her and her husband into poverty and without the life that she longed for, instead. The ten years of poverty that Madame Loisel and
The use of Irony is seen in both short stories representing the constriction in marriage. In “The Necklace” Madame Losiel receives a spectacular invitation to a prestigious gala which her husband went to great ends to get. Loisel had this desire to live a lifestyle that was way beyond her means. After purchasing a beautiful gown worth 400 franks Mathilde Loisel came to the realization that she had no jewelry to go along with the dress. Her husband suggested “You will wear some natural flowers” and she replied “ No; there is nothing more humiliating than to look poor among a lot of rich women” (Maupassant 2). Mathilde Loisel than went to her wealthy friend Mme.Forester to borrow a diamond necklace that was not affordable to replace if anything
Dessler, G. (2011). A framework for human resource management (6th ed.). Upper Saddle River, NJ: Prentice Hall. ISBN: 9780132556378
When a nurse is providing patient care, he/she creates a safe environment for the patient and enables the choice to establish a relationship on a human to human interaction or on a transpersonal level. The patient will be acknowledged as a person with the wholeness of their soul despite their illness or number on the bed. The ten carative factors in this theory are used as an education tool for nurses around the world and should be applied to the different care situations in practice. Nurses use the factors to promote growth in themselves and within the patient. A nurse should respect the patient’s decisions and take the time to fully be present in the moments with the patient. A lot of nurses complain about the time limitations they have and do not provide the necessary amount of time to listen and gather the patient’s perspective of the situation. Another way this theory can be applied to practice is by recognizing the caring moment between you and the patient. This will determine how the relationship will
This interactive grand theory is grounded in humanist philosophy, which expresses the belief that humans are unitary beings and energy fields in constant interaction with the universal energy field. This model guides the nurse who is interested in “physiologic” and “psychological” adoptions (McEwen & Wills, 2014, p. 177). This model views the nurse as holistic adaptive system constantly interacting with different stimuli. And also explains how different sets of interrelated systems maintain a balance between various stimuli to promote individual and environmental transformation (Alkrisat & Dee, 2014). This model creates a framework to provide care for individuals in health and “in acute, chronic, or terminal illness” (Shah, Abdullah, & Khan, 2015, p. 1834). It focuses on improving basic life processes of individuals, families, groups of people; nurses see communities as holistic adaptive systems. It consists of three basic assumptions: philosophical, scientific, and cultural. And it also contains many defined concepts about the environment, health, person, goal of nursing, adaptation, focal, contextual, and residual stimuli, cognator and regulator subsystem, and stabilizer and innovator control processes (McEwen & Wills, 2014, p.
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.
Byars, L. L. (1997). Human Resource Management. Chicago, IL: The McGraw-Hill Companies, Inc. Mills, D. Q. (1994).
“The Necklace” ends up to be a very ironic story as it explains why valuing the more important things in life can be very effective towards a person’s happiness. One example of the story’s irony is when she is at the party dressed as a beautiful and fancy woman. ‘She danced madly, wildly, drunk with pleasure, giving no thought to anything in the triumph of her beauty, the pride of her success…’ (pg 193). This is a form of dramatic irony because Guy explains earlier that Mme. Loisel is just a middle class woman who dreams of a wealthy life, but she is just alluding herself as a luxurious woman. Another example of irony in the story is when Madame found out that the necklace was paste. On page 196, Mme. Forestier, Ma...
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.
Throughout “The Necklace” it is clearly obvious that Madame Loisel is not satisfied with the
Nurse leaders should ensure that nurses are trained to understand the complete person, interested in discovering the whole experience of each individual patient, and skilled at eliciting information from each patient so that both the nurse and patient learn about the patient’s whole life experience. Using Newman’s theory, the nurse can help patients to understand their own realities better and find the “choice point” that allows the patient to decide to live a healthier life. The nurse, as part of the patient’s environment, can offer emotional, spiritual, and intellectual support that encourages a healthier choice once the patterns of the patient’s life experience become clearer through the nurse-patient
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.
When implementing a new performance management system in an organization there are both advantages and disadvantages that need to be taken into consideration by the design team. However, one of the best ways to know if a performance management system is effective is by implementing the system within the organization and then continuously monitor and reevaluate if the system is still relevant to the organizational
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).