Benefits of a Performance Management System Essay

Activity information Outcome1. Describe the purpose of carrying out vigilance and its relationship to business objectives.Armstrong says that One of the aims of performance trouble is to breach the capacity of throng to meet and exceed expectations and to achieve their full say-so to the benefit of themselves and the judicature.Organizations want people to reach their best be stick underperforming abide cause loose for business. Performance management allows employees to look at their cargoner exploitation and potential promotions and c atomic number 18er prospects. Also, performance management allows employees and management to discuss blood line changes (an example is bemusen juvenile technologies coming to the comp either) and can adapt disclose to changes in the environment.2. Explain the components of performance management systems.The main component of a good performance management system is a performance follow-up or appraisal This could be annually or two propa gation a year and even monthly. This way Managers ensure and check their employees are performing as they would expect them to. A nonher component is training. For example, new computers or some sort of new technology might have arrived at the company and managers should ensure that all members of the staff are full trained. genuinely important as well is to have a good quit policy in place for good performers.3. Explain the relationship among motivation and performance managementPeople that are motivated give work harder, therefore motivation helps higher performance. When staff is motivated, they go forth slit looking at locomotes prospects including training to acquire new skills or get out new ones to then seek for promotions. If theyre motivated they become more(prenominal) ambitious and want to go up the companys organisational chart.If employees are motivated, theyll be willing to develop themselves not waiting for management to suggest or ask to go, for example, on a training course. lag will be proactive annd look for it themselves. Some clocks, self-learning is practically more effective than a training course if theyre motivated.According to Taylor in his Instrumentality motivation theory that people are motivated in general by punishs. This comes from the massification era and he sustained that the more you ante up to your employees, the harder they will work for you. This was lately discussed as he was thought to treat people the the likes of objects.Vroom defended a Process/Cognitive motivational theory, where the persons motivation depends on the perception of the effort they put on their work, as their efforts will result in better work. The doed the culture they were given, questioned if the target given were achievable and if it was and if they achieved it if management were really going to give them the reward. And if they did, do they really value it?Learning Outcome1. Identify 2 purposes of reward within a performance man agement system. in that location are plenty of purposes of the reward of performance management, being the main one to notice performance and motivate individuals. Reward attracts people, motivates them and the most important thing, retains them within the organization. Recruiting is truly hard, competitive and meter-consuming therefore, a low turnover of your employees always benefits the company. The melodic phrase market is incredibly competitive and candidatesA good reward schema can definitely change behaviors and control expenditure, helping companies to advance their ideas of address savings in their aims.2. Describe at least 3 components of a total reward system, 1 of which should be non-financial.A total reward is the combination of monetary and non-monetary rewards. Some of the monetary rewards are mandatory, like the pay and the pension, just now others are at the employer discretion. Non-mandatory and really valuable for the employee rewards are, at the moment, th ings like flexiwork or working from home, recognition by their managers and colleagues and made the employee feel valuable, career opportunities where they know that if they work hard, their hard work will be value and also quality of working life, having friends at work and being joyous going to your workplace (is priceless).The example is given When I worked at illusionist Corporation, we had a Flexipoints flexible benefits system that was our own choice. Depending on your job division and seniority level within the company, you were allocated several points (e.g. 2500 points) and you could choose your own benefits from a wide range in their intranet for a certain period. In my case, I usually went for the health insurance, which was about five hundred points, plus a few extra days of holiday, which was around one hundred points each, and possibly something else, and the rest was converted to extra annual cash. I loved itLearning Outcome1. Identify and explain the factors tha t contend to be realiseed when managing performance on that point are plenty of factors to be considered when managing performance of the employees, starting with the goals of the organization. Managers should ask themselves things like what is the organization about? What are the goals of this specific individual? Does this employee have any training involve? Do they have any issue with the organization?Make sure they know the answers to these questions will help them to set an take over target for each of their staff. Managing performance should be a continuous process that is always measuring that the person that works for your organization contributes to the goals and objective of the company. When managing performance, we should consider different factors like Resource Issues Do your team have the resources they need? Are some members of staff performing extra work because of hiring needs? All of this should be considered when reviewing their performance. Time Issues Is the employee coming to work on time? How important is punctuality for you and your team? And not only punctuality but does the employee uses the time as a resource effectively? How are his time management skills? Does the same task seem to take some employees much more time than to others? Motivation As explained above, the motivation of the employees and regular one-to-one would improve enormously their productivity Skills and Knowledge Issues Are your employees prepared and fully trained to perform their job? Have you started using a new piece of software recently and if so, are the staff fully surefooted about it? Extenuating Circumstances As we would see below in the performance review I had to conduct, some generation employees have difficult times at home and go through the sad period that can affect their performance. Managers should not forget we are all humans and is not easy to leave all our problems at home.2. Describe the data undeniable by individuals involved in perform ance and reward management processes.There are plenty of documents and data required for performance and reward management processes.Learning Outcome1. Explain the frequency, purpose, and process of performance review