HRM-531: Performance Management Plan
Performance Management Plan
HRM-531
March 17, 2014
Patrice Cloutier
Mr. Stonefield, I am very happy to hear that you are considering a Performance Management Plan for your business expansion in Austin, Texas. As you may know there are sound organizational payoffs for implementing a strong performance management system. Study indicates that companies with a strong management plan is likely to outperform competitors by 51% on financial measure and by 41% on nonfinancial metrics. The performance management plan for the limousine operation with 25 employees, with a net $-50k revenue, with a growth of rate 5% for the first two years and expected rate of turnover of 10% should be straight forward. …show more content…
The core of any business is its employees. Employees should have full awareness of their job descriptions and of all the duties entailed. “Job analysis identifies what is to be done. “ (Cascio, 2013, p.338). When job descriptions are clearly outlined, employees will not have any questions as to what their responsibilities are. The human resource department will have to make sure to get the job analysis in place and organize any training that will need to be implemented. There are many types of methods to analyze job performance, behavior oriented and results oriented. My recommendation for the limousine operation is to utilize methods from both categories. The critical incidents method & interview method are behavior-oriented methods which focus directly on the employees’ behavior. The management by objectives method is a results-oriented system which focuses on the contribution of the employee to the success of the …show more content…
Monitor performance and communicate performance. Periodically assess progress against the goals. Do not forget about the organizational rewards and ensure that they are contingent on performance. (Cascio, 2013, p.359 - 362)
An effective performance management plan is the key to developing an engaged workforce and it is usually the corner stone of a successful business. Without performance management plan organization could lose time, money, knowledge and at the end the competitive edge in the market place. A business can be successful for a short period of time in the market but will not survive without having a workforce that is engaged and aligned to company’s vision.
References
1. Cascio, W. F. (2013). Managing Human Resources (9th ed.). New York, New York: McGraw Hill.
2. Miller - Merrell, J. (2014). 5 Steps to Identify an Organizational Skills Gap, and Where to Begin. Retrieved from http://blog.eskill.com/identify-organizational-skills-gap/
3. Performance Management—The Key to Outperforming Your Competition. (2014). Retrieved from https://www.successfactors.com/en_us/lp/articles/automate-performance-management.html
4. Performance Management. (n.d.). Retrieved from
HRM-531
March 17, 2014
Patrice Cloutier
Mr. Stonefield, I am very happy to hear that you are considering a Performance Management Plan for your business expansion in Austin, Texas. As you may know there are sound organizational payoffs for implementing a strong performance management system. Study indicates that companies with a strong management plan is likely to outperform competitors by 51% on financial measure and by 41% on nonfinancial metrics. The performance management plan for the limousine operation with 25 employees, with a net $-50k revenue, with a growth of rate 5% for the first two years and expected rate of turnover of 10% should be straight forward. …show more content…
The core of any business is its employees. Employees should have full awareness of their job descriptions and of all the duties entailed. “Job analysis identifies what is to be done. “ (Cascio, 2013, p.338). When job descriptions are clearly outlined, employees will not have any questions as to what their responsibilities are. The human resource department will have to make sure to get the job analysis in place and organize any training that will need to be implemented. There are many types of methods to analyze job performance, behavior oriented and results oriented. My recommendation for the limousine operation is to utilize methods from both categories. The critical incidents method & interview method are behavior-oriented methods which focus directly on the employees’ behavior. The management by objectives method is a results-oriented system which focuses on the contribution of the employee to the success of the …show more content…
Monitor performance and communicate performance. Periodically assess progress against the goals. Do not forget about the organizational rewards and ensure that they are contingent on performance. (Cascio, 2013, p.359 - 362)
An effective performance management plan is the key to developing an engaged workforce and it is usually the corner stone of a successful business. Without performance management plan organization could lose time, money, knowledge and at the end the competitive edge in the market place. A business can be successful for a short period of time in the market but will not survive without having a workforce that is engaged and aligned to company’s vision.
References
1. Cascio, W. F. (2013). Managing Human Resources (9th ed.). New York, New York: McGraw Hill.
2. Miller - Merrell, J. (2014). 5 Steps to Identify an Organizational Skills Gap, and Where to Begin. Retrieved from http://blog.eskill.com/identify-organizational-skills-gap/
3. Performance Management—The Key to Outperforming Your Competition. (2014). Retrieved from https://www.successfactors.com/en_us/lp/articles/automate-performance-management.html
4. Performance Management. (n.d.). Retrieved from