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Managing Human Capital - Essay Example

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Summary
Organisations in today’s competitive and dynamic business environment have realised the importance of developing an effective, loyal and competent workforce. When the company has a competitive edge in its workforce, then it is able to excel in its market and respond to the…
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Managing Human Capital
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Managing Human Capital

Download file to see previous pages... Recently, there has been surging demand of designing, developing and implementing a total Performance Management system which will assist the organisation in conducing the strategic human resource planning process. Traditionally, the appraisal was done at year-end by the manager or supervisor of an employee in an informal way. The appraiser had to rate the performance of the employees on predetermined standards. This technique was ineffective as it reviewed the past performance of the employees and there was lack of feedback mechanism and suggestions for future developmental opportunities for the employees.
In order to address the discrepancies in the outdated appraisal processes, it was recommended that a Performance Management system is developed. This concept allows the organisations to not only evaluate an employee’s performance but the individual is made part of the process. Also, the employees have clarity about their roles, accountabilities, responsibilities, expected outcomes and behaviours.
As a result, the employees are able to designate their best efforts and make sure that they make valuable contribution in organisation’s long-term objectives. Hence, the performance appraisal process has to be developed in alignment with the organisational strategy and the corporate objectives so that the individual’s goals are effectively and strategically determined.
Every organisation is run and managed by people who assist them in attaining the desired goals and objectives. A company’s performance is dependent on the total sum of the members’/workforce’s performance (Biron, Farndale & Pauuwe, 2011; Hutchinson, 2013). As a result, the success of a firm relies on its ability of measuring the performance of employees accurately and objectively so that individuals can be utilised at optimum level as a valuable resource (Aguinis, 2013; Sharma et al., 2011).
On the basic level, an individual’s performance is the record of the results or outcomes ...Download file to see next pagesRead More
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