When performance management is successfully executed, its multiple components contribute to the prosperity of a company by facilitating the timely and successful accomplishment of the firm's goals as well as the ongoing improvement of operations in order to obtain the best possible results. According to Baron and Armstrong (2007), performance management is a process that entails a deliberate strategy that improves the firm's productivity and employees by enhancing employee performance via teamwork and individual abilities. This is accomplished by providing employees with feedback on how they can improve their performance. Productivity in the workplace can be defined as the degree to which individuals make effective use of the resources at their disposal to advance the objectives of the business (Mefford, 2009).
The result is the result of efficiency in the workplace and care for the success of the firm in accomplishing its goals, which are founded on the ambitions of the employees. The aspirations of the employees were the basis for the goals of the organization. An effective performance management plan is one that helps businesses retain a highly efficient staff. This approach consists of a combination of employee training and development, performance evaluation and appraisal methods, and an effective review and feedback system (Stewart & Ramen, 2007).
The primary goal of human resources is to create an atmosphere that is beneficial to learning, growth, and high output, all of which contribute to the organization's ability to remain profitable in the long run. The performance and output criteria of employees can be successfully communicated through the use of solutions for performance management (Marsor, 2011).
According to Jackson & Schuler (2005) definition, performance management is a collection of procedures that includes goal formulation and measurement, performance evaluation and feedback, reward systems, career development planning, as well as motivation and training. One of the attributes was a system that allowed for the reevaluation of judgments regarding performance enhancement and the comparison of actual results to ideal outcomes. It is possible to evaluate an individual's level of performance with the assistance of a number of methods that are involved in the process of reaching organizational goals that are associated with the wishes of individuals (Jackson & Schuler, 2005).
Evaluation is a tool that may be used to drive workers to enhance their performance by building on their existing strengths and addressing any areas in which they fall short. Poaching is a method that allows organizations to accomplish responsibility harmonization and diversity management (Nevins, 2002).
Employing great performance management solutions is required for this method. Clearly, making investments in the expansion and development of your team has the potential to assist you in accomplishing the goals you have set for your company, particularly if you couple this growth with an efficient review process. Employees are more likely to satisfy expectations and display initiative toward goal attainment after receiving a performance assessment that functions as a self-reflective look at their prior performance. A worker's performance gaps can be identified through the use of sincere criticism, and the worker can then take the necessary activities to improve, which is beneficial for any organization (Marsor, 2011).
References
Armstrong M. (2007). A handbook of
employee reward management and practice (2nd ed.). Kogan Page.
Jackson, S. & Schuler, R. (2005). Managing
Individual Performance: A Strategic Perspective. 10.1002/0470013419.ch18.
Marsor,
R. (2011). Influence of prior acquaintance with the ratee on rater accuracy and
halo. The Journal of Management Development 26 (8), 790.
Great approach Vidura. According to Armstrong & Taylor, (2014), Performance management is a method of improving results by enabling people to perform well within an agreed framework of planned goals, standards, and competency requirements. It entails developing a shared understanding of what is to be accomplished and how it is to be accomplished.
ReplyDeleteHi Ishara, thank for your valuable comments. Adding to above, the steadily increasing maintenance related costs in manufacturing industries is emphasizing the need of a performance management system, in order to utilize the scarce maintenance resources more effectively so as to improve the overall efficiency and effectiveness of an organisation (Komonen, 2002; Eti et al., 2005; Tangen, 2004; Cohen and Kaimenakis, 2007; Tsang et al., 1999). A performance management system is needed which is able to pursue all maintenance efforts made by the organisation, which is synchronized to the organisational strategy. In a survey conducted by Cholasuke et al. (2004), on manufacturing organisations, it was found that only one‐third of the organisations, with good maintenance management practices tend to realize the full benefits of their maintenance management initiatives.
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