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Performance Management - Assignment Example

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Corporations have to find creative ways to motivate the employees and increase their performance. The human capital of a firm is its most valuable asset (Tchumancapital). In a large company a lack of production among the employees can cost companies millions of dollars…
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Performance Management
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Download file to see previous pages There are various types of performance management plans that a corporation may select to use. The two most prominent types of performance management plans are strategic performance management plans and administrative plans (Customwritingtips, 2013). Strategic plans place emphasis on the long term. As part of a strategic performance plan an organization must assess the external factors that affect the organization. Administrative performance plans focuses on the short term and on the internal factors that can be altered to achieve positive change in a company. The use of performance management impacts the employees of an organization in a variety of ways. Performance management helps improve the motivation of the workers. It does a more effective job of rewarding employees that are performing. The corporate culture of a firm is enhanced by the use of performance management. Firms that implement performance management typically experience a productivity boom. Using performance management can help track employee performance better. The total compensation of employees increases. Despite the benefits associated with performance management there are also cons associated with its implementation. Often work related stress increases as a direct consequence of the use of performance management. Cooperation and teamwork decreases among the employees. When performance management is used competition among the laborers rises. ...
Employees also feel a greater pressure to perform. Three ways to determine individual performance are personal observation, feedback, and performance reviews (Aprioritylearning). Performance management affects the compensation that the employees receive for their labor. The traditional compensation system of paying a fixed salary or by the hour has proven to be ineffective. When employees are paid a fixed compensation for their work they lose motivation. In a company that uses performance management the workers that achieve higher productivity receive higher reward. Low performers are adversely affected because they receive lower compensation. The compensation system under performance management is fairer. Companies obtain greater efficiency from its compensation plan under performance management. A lot of factors should be considered when starting a performance management plan. It is very important to properly train the workers on the different aspects and implications of the performance management plan. During the first few weeks of implementation the employees should undergo an orientation period. The skills of the workers should be aligned with the job requirements of the program. The company has to determine if the firm has adequate financial resources to pay for the added compensation of the workers. The corporate culture of the business is another factor that should be considered. The impact the plan will have on employee relations must be assessed. Administrative expenses are likely to increase under performance management. The effectiveness of the plan must be tracked. Companies must study the long term impact of using performance management and they also have to deal with the short term consequences. It is important to include a balanced ...Download file to see next pagesRead More
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