Supporting Good Practice in Performance and Reward Management
1. Explain at least 2 purposes of performance management and its relationship to business objectives.
Performance management is a holistic procedure collectively brings various types of elements that constitute towards the flourishing exercise of people management including, above all, learning and development. The purpose of Performance management is to develop the ability of individuals to meet and often exceed expectations to achieve their full potential in the individuals given field of expertise, therefore benefiting themselves and the organisation. Performance management provides an origin for self-development and it helps ensure that the support and direction these individuals require to improve is readily available. Perhaps the most significant purpose of performance management is the consistent communication of strategic goals with operational workers and the resulting performance achievements of associated people and processes. This aids in motivating employees to become high performers because they feel valued within the organization because they can relate their performance towards organizational success through performance management.
2. What are the 4 components of performance management systems?
Several organizations put into practice a performance management system to lay down standards and expectations for employees at all levels in the organization. Performance management systems remove the subjectivity out of individual employee reviews and performance rewards performed by managers. Performance management systems also generate an expansive sense of equality since any employee can attain performance rewards by attaining expectations and goals set forth by the organization.
Components of Performance Management Systems
Job Expectation and Goals- An imperative component of a performance management system involves the job expectations and goals for each position in the company. All departments in organizations generally have dissimilar expectations for its employees due to the requirements for the positions in the department. Clearly distinct expectations and targets give employees the best possible opportunity for advancement within the organization.
| Timely Reviews and Feedback- Performance management systems will not benefit an organization unless a timely employee review and feedback system is put into operation. Timely employee reviews and feedback sittings depend on the type of organizational operations and human resource strategy. These review sittings will notify employees the standard of their performance in their role and what areas could be improved.
| Performance Rewards- Performance rewards are an integral component of the performance management system. The best way of motivating employees is the thought of earning rewards for their actions, whether monetary rewards or another type. Organizations will generally connect an employee’s performance review with his financial bonus or pay raise; therefore the organization is ensuring they get the best performance out of each individual.
| Training and Coaching- Employees who fail to meet organizational standards for performance rewards may require extra training or coaching to improve their job skills. Performance reviews will be used as an opening position for the supplementary training; subsequent performance reviews may be planned to see how much the employee has progressed from the initial review. Performance management systems are unproductive if they simply reward employees for good performance. The system as well needs to contain guidance or training procedures to make sure all employees can improve their performance.
3. Explain the relationship between motivation and performance management, referring to at least 2 motivational theories.
Motivation can be observed as being a significantly important aspect of an organisation as it...
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