Effective Performance and Reward Management Systems
Added on 2019-10-01
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Running Head: ReportSupporting Good Practicein Performance andReward Management
2ReportTable of ContentsActivity 1:...................................................................................................................................31.1 A description of the purpose of performance management and its relationship to business objectives:................................................................................................................31.2 An explanation of the key components of performance management:............................41.3 An explanation of how performance management processes can affect staff motivation:................................................................................................................................................52.1 Clarification of the purpose of reward within a performance management system:.......52.2 An exploration of the components of an effective total reward system and how a total reward system links to performance management:................................................................63.1 Identification and explanation of five factors for managing performance.......................73.2 Description of the various items of data that are needed within a performance and reward management system...................................................................................................94.1 Examination of the frequency, purpose and process of performance reviews...............10Activity 2:.................................................................................................................................114.3 Reflective Review..........................................................................................................11References:...............................................................................................................................13
3ReportActivity 1:1.1 A description of the purpose of performance management and its relationship to business objectives:Performance management is the tool with which the managers ensure that the organizations remain competitive and achieve the success with excellence. The performance management isthat method with which the individuals and the teams are well managed to achieve the highest level of performance at every phase of the organization. It is the process with which feedback documentation and accountability are provided to the employees to evaluate and assess the performance outcomes and to help the employees to channelize their skills and talents towards the achievement of the business objectives of the organization [ CITATION Mel12 \l 1033 ]. The main aim of the management is to get the preset objective and goals achieved and these objectives could be achieved with the help of the contribution of the human resources who are considered to be the capital assets of the organization. The organizational goals and objectives are being understood and shared among the individuals ofthe organization on the basis of the role being played by them in the organization. Performance management is that tool with which help the managers in achieving their vision and mission of making their organizations successful and competitive. The HR managers in collaboration with the other managers of the organizations manage the performance of the employees. They provide the employees regular feedbacks on their performances. The employees and the managers discuss on the targets which are given to the employees either on individual basis or on the entire teams. This enhances the motivation of the employees. It is desirable that the performance management is established on clear communication and trust between the managers and the employees which benefit both. The employees get job
4Reportsatisfaction and contribute their best to the overall success of the organizations and to the achievement of the objectives through their performances [ CITATION SUS182 \l 1033 ]. 1.2 An explanation of the key components of performance management:The key components of performance management include management involvement, goals setting, learning and development, feedback and training and ongoing conversation[ CITATION Zha121 \l 1033 ]. The managers are responsible for shaping the expectation of the performance level of the employees by directing them towards the right ways of accomplishing the tasks. They coach the employees and make them understand that they are capable of doing the tasks. They help the employees in correcting the tasks by providing feedbacks to them. The managers set the goals for the convenience of the employees. The connection between the performance management and employee performance helps to engage the employees with the goals and objectives of the business. The managers help the employees to achieve the goals and objectives by providing them learning and development. To achieve higher performance the managers invest huge amounts towards the learning and development. This supports the achievement of the goals in the current time and for the future. Feedback and coaching are the two most important components of performance management.The employees are given feedback on regular basis by their managers so that they could understand the areas where they need to be careful and more effective. Along with the feedback the managers also provide arrangement for their training. The managers provide the employees necessary training and coaching which boosts up their skills and confidence with which they enhance their performance level. Ongoing conversation is another vital component of performance management which includes management, learning feedback and gaols. The organization must ensure that that culture where the ongoing conversations
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