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Performance Management Systems and Firm Performance - Essay Example

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This paper "Performance Management Systems and Firm Performance" focuses on the fact that in the fiercely competitive and dynamic business scenario to today’s world, human resources functions as a very powerful strategic asset. HR ensure that every employee in the organizations is competent. …
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Performance Management Systems and Firm Performance
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Download file to see previous pages For the company, performance plays a vital role in determining pay, promotions, transfers, terminations and other such decisions that impact well-being as well as the overall company performance. Thus access to objective performance evaluation systems is key to the overall benefit of the company, employees and the society. An objective performance management system will help improve the relationship between the managers and their subordinates as well as boost motivation (Jackson et al.2011).
As a newly designated manager for the HR department, we would ensure that performance management is properly designed, documented and implemented (Pope, ). It should be clearly understood that proper execution of the program cannot be done without the cooperation of line managers and unless the top management shows commitment to it. Activities such as ensuring performance management is embraced on a daily-basis, timely completion of performance reviews, providing valuable feedback throughout the process, and making developmental opportunities available to high performers are all responsibilities of line managers. Thus it is the proper execution of the performance management program by management and line-managers that can make or break it. The role of HR for this proper execution would be to:
According to the evaluation of past organizational practices, some departments have informally attempted to introduce performance-based pay systems in the form of appraisals. This process needs to be properly documented and managed by the HR department in coordination with other department managers. It has been proven in a study conducted by Subramanya, Krause, Norton, and Burns in 2008 that creating a model for competitive pay can be used as an incentive to enhance a company’s performance via enhanced employee performance (Chow et. Al, 2012). Some aspects that the new appraisal system should incorporate are:

The role of performance of company executive and their management teams reflects upon the company performance. Thus bearing this concept in mind the HR performance management program would enable us to evaluate the executive performance and identify the areas where strategic shortcomings lie and changes can be made effectively (Jackson et al.,).  ...Download file to see next pagesRead More
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