Discuss about the Product Development Management Conference.
Performance management is a wide and a complicated process in the function of Human Resources (HR) team. It comprises of the activities such as complex setting of goals, constant review regarding the progress of the firm and an effective communication process involving the process of feedback. It also includes improvised performance concerning the mentoring of the employees, developing new programs to educate employees, bringing out the potential of the workers, and rewarding them for achieving more than the target goal (Van Dooren, Bouckaert and Halligan, 2015). Thus, it can be defined as the systematic process by which the entire organization benefits from the benefaction of the training that is received by the employees. A continuous communication process happens between the employees and the supervisors all the year round and is cyclical in nature (De Waal, 2013).
Strategic Human Resource Management deals with the profitability of the firm. It is concerned with the identification of the internal as well as the external factors that enables the firm to have a competitive advantage over others. To achieve this feat, the firm needs to efficiently manage the costs and operate on lean or alternate resources, which will be beneficial for the firm in terms of profit. It depends on two resources, the first one is the human capital which deals with the knowledge, abilities and the skills of the employees. The second form of resource is the policies and the practices that are needed to support the human capital (Armstrong and Taylor, 2014).
It consists of development of the descriptions regarding the jobs and the plans to enhance the performance of the employees, which directly results in the key areas of actions. The selection process is very important because the right employees are needed to carry out the specific job that is given to them. The performance standards in regards to the outcome of the job need to be measured in an appropriate manner and a benchmark needs to be set so that the goal of the organization can be achieved. To enhance the performance of the employees continuous coaching needs to be given to the employees and a proper feedback is required during and after the mentoring process is over. The organization should discuss with its employees on a regular basis regarding the outcome of the employees and the factors that led to it. The employees should always remain motivated and the promotions in the organization need to happen on a yearly basis so that the driving factor does not leave the employees (Yawar and Seuring, 2015). When the employees want to quit the firm, certain interviews need to be conducted to identify the reason of their departure.
The process of performance management helps an individual to identify its potential keeping in mind the missions and objectives that the organization sets and the rewarding practices that the employee gets after the completion of those. By setting clear-cut expectations regarding the performance such as the actions and the behaviors, it helps the individuals to understand the job expectations in setting the standards and eliminating the factors that are not required to carry out that specific job (Bridoux, Smith and Grimm, 2013).
The main aim is to build the relationship between the individuals and the team of employers so that they can jointly take the responsibility in improving the process of business and at the same time upgrades the skills of the employees within a management structure. The objectives of the performance management are that to enable the employees achieve better standards regarding the performance of the work (Frederiksen and Knudsen, 2014). The employees need to be assisted to identify the skills and knowledge that are required to perform the activity in an efficient manner so that the focus can remain on the right task. The employees should be boosted by carrying out employee empowerment programs and implementations of the reward mechanisms. A good communication system needs to be maintained so that the employees can clarify any doubts regarding the tasks and proper feedbacks need to be followed so that the employees are aware of the performance enhancement techniques. The barriers that can hinder the performance of the individuals need to be identified through proper tutoring so that it does cause any problem to the performing factor. The personal knowledge of the employees needs to be promoted and enhanced so that they have proper goals in their career regarding their skills (Armstrong and Taylor, 2014).
There are also some concerns, which the organization needs to keep in mind. The organization needs to be fast in reviewing the results of the employees who have achieved their targets. They also need to chalk out the plans needed in the business in advance so that the future of the company is secured. Learning activities and programs needs to be developed on a regular basis so that the employees receive the best quality training that is present in the market. The superiors have to be free in mixing with the employees so that the communication process can be in two ways and not a dictatorial type of communication. The decision making process should be transparent and communicated to all the staffs so that they know in which way and how to proceed to the targets (Shields et al., 2015).
The components of this system are divided in to six parts. Firstly, the performance planning process which is the most important process. It is done to ensure that the employees can have a proper view of the targets that are set and the areas on which they will be performing all the year round within a specific budget (Cummings and Worley, 2014). Secondly, the appraisals that are performed in an organization are twice a year in the form of mid review and annual reviews. The entire review process sees an active participation of the employees and the appraisers together and they discuss about the drawbacks in the performance and how it can be overcome. Thirdly, the process of communication and counseling is very important as it helps the organization in maintaining a free-flow of information between the management and the employees. The employees need to have an open and a transparent feedback process so that the top authorities can understand the problems that are faced by them in the organization and the allocation of proper training can be done only after that. The fourth process deals with the compensations that is given to the employees when they reach their targets in the form of rewards. In this process, the deserving employees are made to stand out in front of the whole organization and their efforts are recognized and rewarded. This has a direct influence on the self-esteem of the employees and it motivates them to work harder and achieve better things in life (Mone and London, 2014). The fifth process deals with the plans that are required in order to improve the performance strategy of the employees. This can happen through proper guidance and training that includes daily workshops conducted by experts to bring out the best from the employees. The sixth stage involves the appraisals that are required such as the vertical and lateral movements in the organization. This helps in identifying the potentials of the employees and the promotions that are granted are only to boost the morale of the employees and lose the monotonous habit of working in the same field (Cho and Korte, 2014).
The Woolworths group in Australia is a classic example for the role they played in managing the performances of the employees. The company has promoted many individuals who have worked in the integral part of the organization. The growth rate is supposed to be more than thirty percent who have switched the roles in lateral movements and around eight percent of the executives have moved from one location to the other and in different divisions. The ability to retain the staffs is so high that most of the members present and past of around forty five hundred plus members is in the 25-year club. The employees in the firm have a flexible time frame as the company keeps in the mind the needs of the individuals and the balance between work and life is maintained thoroughly. The company also undertakes health programs such as the Weight Watchers and the Quit programs so that the employees are benefitted from these programs. The company also took the pain to vaccinate the employees against flu, which was at one point widespread in certain parts of the country. The company also offers workshops on how to control stress and the health of employees and heart problems and how to tackle them (Woolworths.co.za, 2017). The remuneration of the company is also good as it gives proper incentives to the employees who have met their targets and achieved the goals that were allocated to them. The company offers remuneration in two structures such as the short-term incentive plan (STIP) and the long-term incentive plan (LTIP) respectively. The STIP is available to all the managerial employees who are on a salaried basis and the LTIP is offered to those employees who have a long-term interest for the benefit of the company. The company offers a variety of incentive policies to retain its employees and maintain a proper culture in their performance. The company reviews the performance of the employees on an annual basis from the managers and discusses the plans and targets that are set by the company based on the key performance indicators (KPI). The company does this annual review to set the targets for the employees for the next financial year. The company also focuses on the training of the employees and provides day-to-day management training to its core employees and the forefront managers. Personal Leadership programs that are conducted by the company help the employees to find their inner potential and effectively manage the course of the work in a systematic manner (Woolworthsholdings.co.za, 2017).
Another example is the Qantas Airlines which is an Australian company serving in the airlines sector. The workforce in the company is very diverse and includes the multicultural and the contemporary aspects of the nation. The employees are mainly indigenous to the nation, they receive proper training, and guidance through a firm called CareerTrackers, which is in a partnership with the airlines company. The company provides flexibility in regards to the workplace and the arrangement of the workplace related to the corporate and operation areas. The HR team selects and appoints the best candidates based on their merits and develops them through intense training programs so that the candidates are ready to join the team as soon as possible. The company also creates an environment of work that supports the employees and enables them to bring out the best work possible. The employees are reviewed on the basis of the performance that they deliver on the workplace both at the individual and the team levels respectively (Eqextportal.qantas.com.au, 2017). The company undertakes certain programs and workshops to let the employees identify their talents and to enhance their work according to the qualifications that they were hired for. The remuneration that the company pays to its employees are all based on the qualifications and the role they play in the company according to their basis of performance. The amount needs to reasonable and competitive to enable people to get attracted, motivated and to retain the employees that are currently working in the company. The company also organizes various internal programs so that the employees are congratulated when they achieve their targets. The employees are encouraged to compete with each other so that they put their best foot forward irrespective of the race, gender and the disability factor if any (Qantas.com, 2017).
Therefore, to conclude performance management strategy the human resource team of a company needs to be well informed and updated on the daily proceedings of the company. The team needs to actively participate in the recruitment process of the company so that the best workers are hired in the company to get the output that the firm desires. The team should organize proper programs that will indicate the potential that the employees have and apply it in to the work place (Goetsch and Davis, 2014). When some of the employees want to leave the firm, the HR team needs to find out the causes that are responsible for the people to quit the organization and the solutions needs to be provided to prevent the future extermination of the employees. This gives a competitive advantage over other firms to the company. The competition to get inside the company is very fierce due to the best remuneration rate it provides in the entire market and due to the training and practical methods that is done for the welfare of the employees keeping in mind that the employees reciprocate them with the best efforts in the work place. The reward systems that the company uses are also advantageous in the market because it gives an upper hand to the employees that are working and striving to get those rewards (Barney, 2014). Therefore, it pushes the employees to its maximum limit to bring out the best in the interest of the firm.
Reference List
Armstrong, M. and Taylor, S., 2014. Armstrong’s handbook of human resource management practice. Kogan Page Publishers.
Barney, J., 2015. 15 Firm resources and sustained competitive advantage. International Business Strategy: Theory and Practice, p.283.
Bridoux, F., Smith, K.G. and Grimm, C.M., 2013. The management of resources temporal effects of different types of actions on performance. Journal of Management, 39(4), pp.928-957.
Cho, T. and Korte, R., 2014. Managing knowledge performance: testing the components of a knowledge management system on organizational performance. Asia Pacific Education Review, 15(2), pp.313-327.
Cummings, T.G. and Worley, C.G., 2014. Organization development and change. Cengage learning.
De Waal, A., 2013. Strategic Performance Management: A managerial and behavioral approach. Palgrave Macmillan.
Eqextportal.qantas.com.au. (2017). Workforce Performance Management Overview (Oracle HRMS). [online] Available at: https://eqextportal.qantas.com.au/OA_HTML/help/state/content/navId.2/navSetId.iHelp/vtAnchor.sintwpm/vtTopicFile.iHelp%7CHelpServlet%7CUS%7Cper%[email protected]/ [Accessed 12 Jan. 2017].
Frederiksen, M.H. and Knudsen, M.P., 2014. An Empirical Assessment of the Links between Creative Actions and Performance in Innovation Projects. In Proceedings of the 20th International Product Development Management Conference. European Institute for Advanced Studies in Management.
Goetsch, D.L. and Davis, S.B., 2014. Quality management for organizational excellence. pearson.
Mone, E.M. and London, M., 2014. Employee engagement through effective performance management: A practical guide for managers. Routledge.
Qantas.com. (2017). Corporate Governance | Qantas. [online] Available at: https://www.qantas.com/travel/airlines/governance-structure/global/en [Accessed 12 Jan. 2017].
Shields, J., Brown, M., Kaine, S., Dolle-Samuel, C., North-Samardzic, A., McLean, P., Johns, R., Robinson, J., O’Leary, P. and Plimmer, G., 2015. Managing Employee Performance & Reward: Concepts, Practices, Strategies. Cambridge University Press.
Van Dooren, W., Bouckaert, G. and Halligan, J., 2015. Performance management in the public sector. Routledge.
Woolworths.co.za. (2017). Make your performance appraisal matter | Woolworths.co.za. [online] Available at: https://www.woolworths.co.za/store/fragments/article/article-index.jsp?contentId=cmp202030 [Accessed 12 Jan. 2017].
Woolworthsholdings.co.za. (2017). Woolworths Holdings Limited. [online] Available at: https://www.woolworthsholdings.co.za/investor/annual_reports/ar2011/sustainability/governance/values.asp [Accessed 12 Jan. 2017].
Yawar, S.A. and Seuring, S., 2015. Management of social issues in supply chains: a literature review exploring social issues, actions and performance outcomes. Journal of Business Ethics, pp.1-23.
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