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Report performance management (base pay & benefit) - Essay Example

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The paper undertakes the examination of performance management process at Boeing and will find out the appropriate suggestions and the benefits of these suggestions for the Company. The study also underlines the importance of Pay and financial benefits as a strategy of performance improvement in today's volatile business environment at International level.
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Report performance management (base pay & benefit)
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Download file to see previous pages Performance management is a developing subject area. Not many current and up to date books are available. Journal articles are more helpful providing to the point and current research material. The material used is basically based on material printed in last five or six years. Material related to the Performance Management mostly depicts diverse direction of thinking by different practitioner and the theories stated by them.
Findings: There is a big room for improvement, which is required for the company to improve its performance management process. It is also noticed from the previous research that the activities related to performance management process in the company were not synchronized with the organisational culture of the company.
Limitation of the study: - There is a vast area related to the topic addressed, which needs to be researched and analyzed. The comparative study of performance management practices in different countries could also be undertaken.
Practical implications: The study is a fair effort to help the individuals and the professionals attached to the field to understand the benefits attached to the right performance management process in the development of a company.
Mullins (1998) defined motivation is a complex subject and is influenced by many variables. Individuals have a variety of changing, which they attempt to satisfy in a number of different ways. Motivation at work operates in two ways. First, people can motivate themselves by seeking, finding and doing work which leads them to expect that their goals will be achieved. Second, people might be motivated by management through such methods as pay, promotion and praise. These two ways can be described into two types of motivation (Armstrong, 1999):
Intrinsic motivation- It can be described as the process of motivation by the work itself in so far as it satisfies people's needs or at least leads them to expect that their goals will be achieved. It is self-generated factors which influence people to behave in a particular way or to move in a particular direction. Intrinsic motivation refers to the intrinsic attractiveness of work itself (Child, 1994; Jackson & Bak, 1998; Tung, 1991).
Extrinsic motivation- This includes rewards such as increased pay, praise or promotion. It is crude, easy and often effective. Money is individual basic need. As Duall (1999) said that when individuals are able to satisfy their perceived needs, they see themselves as being successful. In this view, the desire to achieve personal success is a natural phenomenon, and people are self-motivated to achieve, grow, and develop in positive ways (Greenberg, 1986a & b).
Herzberg Motivator Hygiene Theory
Herzberg (1966) proposes that all individuals have two sets of needs hygiene and motivator. Hygiene factor affect job dissatisfaction, these include such things as quality of supervision, pay, company policies, physical working conditions, interpersonal relations and job security. Job satisfaction appeared to be caused by motivator factors; these include promotional opportunities, opportunities for personal growth, recognition, a sense of achievement and responsibility.
Most of the employees prefer to be recognized and appreciated through increment in pay ...Download file to see next pagesRead More
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