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JVA Corporation - Assignment Example

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JVA Corporation NAME: AFFILIATION: UNIVERSITY: JVA Corporation Performance Management System (PMS) Strategy for JVA Corporation The proposal for enhancing Performance Management System (PMS) at JVA Corporation incorporates all important factors that are mandatory for allowing easy progression of company in such tough economic turmoil…
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JVA Corporation
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Download file to see previous pages Organizations that lack proper PMS are unable to fulfill their commitments and even compromise on quality of their goods and services which can significantly impact their relationship with their customers (Performance Appraisal, 2011). Likewise, ineffective PMS will not be able to give confidence to employees as they will see that they are not being rewarded for their contributions and they will be unable to develop important skills required for performing their job with zeal and enthusiasm (Armstrong & Baron, 2005). Since economic recession has impacted working of all organizations, it has become important for them to take appropriate measures that will help them in enhancing their performance and cut back costs (Performance Management, 2012). Organizations have to make choices among various options such as close down their operations, cut down salaries of employees, lay off workers and many more; JVA Corporation will have to review its PMS so that it can make the right decision for its business operations and ensure that it is able to generate enough profit for its ongoing survival in the market. Considering the scenario of JVA Corporation, the most ideal strategy is the second one as it will allow it to ensure that people are secured about their jobs that they will not be made redundant. The strategy suggested for implementation by Human Resource Director is that every six months, performance and revenue will be reviewed so that decision about cutting or increasing pay can be effectively made. During these reviewing periods bottom line will be revisited as well. Employees will be motivated that they can get raises in their pay twice a year if they perform well. Implementation plan for PMS Since JVA Corporation has been losing money in the last couple of years due to economic recession, it will have to cut back perks and amenities that are offered to the employees. Before making any adjustments in compensation packages, heads of respective departments will have meeting with their departmental employees so that they convey the changes being made in PMS. Along with modifications in their pay packages, JVA Corporation will be able to save 2-3% of their net income; in order to raise salaries and wages, employees will have to meet demands of enhancing their performance so that they are eligible for pay increases. With this strategy, employees will be affected to a greater extent as they will be suffering from incentives such as pay raises, auto insurance, transportation cost and many more. However, workers’ morale will get boosted as they will realize that the company will not lay off the workers and they will not lose their jobs. JVA Corporation can be affected by implementation of the strategy because some employees might be reluctant to such impositions which will affect their motivation level and they will be discouraged to enhance their productivity; as a result of this, employees might get de-motivated. In order to boost the morale of such employees, HR staff will arrange counseling sessions with them so that they can tell them the reasons of making such changes and help them in developing their potential skills. One point needs to be clarified that strategy implementation is temporary and ...Download file to see next pagesRead More
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