Performance Management

2869 Words12 Pages
Executive Summary Strong performance management plays main role in managing companies during the financial crisis. This report will detail the need for implementing a performance management system during the current global financial crisis. The report will discuss the principles and aspects of performance management and detail several challenges that are presented when implementing a performance management system, or adjusting a current system already in place. In addition, it will analyze the company, DMG World Media, who will be used as a basis for best practices as they are known for their successful positive performance system. Moreover, it will show how a performance management scheme could be successfully introduced in this company. Finally, we will explain and justify the need of implementing the systems especially in time of economic upset throughout the global markets. Introduction DMG World Media is an international exhibitions company which is a leader in home and consumer shows. The company employs fewer than 1,000 employees and is much decentralized and maintains numerous offices in many countries across the world. The company maintains a stringent, yet highly successful, human resources performance management system. Unlike traditional performance management systems that occur yearly and in more of a review format that discusses positives and negatives, DMG has performance reviews based on superior performance after each major event that it has. The executive vice president of HR, Warren Girling, states "We have a culture of how we manage our people to get that high performance. We select groups of highly motivated and developed people who understand their customers and their busin... ... middle of paper ... ..., Ohio, p.272 Varma A., Pawan S Budhwar and Angelo D., 2008. DMG World Media. Open Exchange: A Case Study, pp.30-32 (7) Jackson, Terence, 2002, “ The Management of People Across Cultures: Valuing People Differently”, Human Resource Management, vol.41, no.4 , pp.455-65. (8) McGraw, Dr. Phillip C., 2001, Self matters ,(Free Press). New York, p.30. (9) Robbins, Harvey, 1992, How to speak and listen effectively, worksmart series, (AMACOM Books), New York, p.42. (10) Skiffington , 2006, The Future of Leadership Development -is a Behavioral Coaching Approach, accessed 15-05-2010, (11) Topchik, Gary S., 2000, Managing workplace negativity, (AMACOM Books), New York. (12) Twentier, Jerry, 1998, The positive power of praising people,(NTC Contemporary) Lincolnwood, Ill, New York, p.54.
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