Performance Management Fundamentals Name: Institution: Performance Management Fundamentals What is performance management? The way employees embrace their work duties and responsibilities poses significant influence on the company’s financial performance. Engaged employees are more productive and profitable. Even though employee engagement is a major factor, other factors like organizational systems employed also contribute to maximum employee performance.
Ultimately, performance management plays the role of ensuring that goals are achieved in an efficient manner (Bacal, 2009). These goals are achieved by aligning the organizations employees, systems, resources, priorities and objectives to function in an orderly and harmonious manner. What performance management entails Primarily, it involves conducting a commitment analysis that involves drawing up a mission statement for each job. The job mission statement includes defining the job in terms of scope, product, target customers, and purpose. The objective of this analysis involves determining the key aims and performance standards associated with each job. After the commitment-analysis, follows the work analysis in terms of job description and reporting structure. If the description of the job is not available, then a systems analysis is conducted to facilitate drawing up the job description determining the performance standards requirements.
The benefits and risks of employing performance management in organizations Ultimately, managing system and employee performance fosters effective achievement of operational and strategic goals. There is an immediate and clear correlation between performance management strategies and improved organizational and business results. It bears the benefit of direct financial gain, motivated workforce, and an improved management control. Nevertheless, the aspect of performance management bears significant drawbacks. This system bears the risk of developing internal competition leading to rivalry between employees. Additionally, supervisors and employees may depend or trust on one employee too much (Chartered Institute of Management Accountants, 2011). This leads to distrust and dissension among team members. Furthermore, this system proves to be time consuming and expensive.
Reflection of performance management as focused on in the organization This program has allowed me to understand that managing performance is mostly applied in the workplace and anywhere that people interact such as governmental agencies, community meetings, churches, and schools. Baron and Armstrong define it as an integrated and strategic approach that increases a company’s effectiveness by improving the performance of its employees, and developing individual and team contributors. It is possible to have all employees synchronize personal goals with those of the organization and increase profitability and productivity by implementing this process (Chartered Institute of Management Accountants, 2011). How I intend to manage such systems in my department In this regard, judging by what I have learnt from this program, I intend to try to implement this system in my department of work and to my own self. Currently, I work as marketing unite officer at The Department of Ajman Municipality and Planning. Performance management looks to optimize group or individual performance to achieve the objectives and initiatives of the organization (Williams, 2007).
In this case, I intend to develop a relevant marketing performance management process that will enable group members and me in my department to demonstrate and communicate success to the organization. Hence, the success of my individual performance and my department will prompt the organization to adopt a similar approach and guarantee meaningful business results. References Bacal, R. (2009). Performance management. New York: McGraw-Hill.
Chartered Institute of Management Accountants. (2011). Performance management. London: BPP Learning Media Ltd.
Moglia, T. (2007). Partners in performance: Successful performance management.
Menlo Park, Calif: Crisp Publns. Williams, R. S.
(2007). Performance management. London: International Thomson Business.