Essentials of People Practice: Performance Management and Reward

This presentation on Essentials of People Practice covers the purpose of performance management, factors affecting performance management systems, types of appraisal, key components of an effective total reward system, relationship between reward and performance, and reasons for fair treatment with employees. It emphasizes the importance of creating a work environment where people perform to the best of their capabilities and produce high-quality work efficiently and effectively. The presentation also highlights the role of rewards in motivating employees and increasing their productivity.

Essentials of People
Practice

Table of content
INTRODUCTION
AC 4.1: The Purpose of performance management
AC 4.2: Factors and components affecting performance management systems
AC 4.3: Types of appraisal and uses in performance management
AC 5.1 Key components that are required to achieve an effective total reward
system
AC 5.2: Relationship between reward and performance
AC 5.3: Reasons for fair treatment with employees
REFERENCES

Introduction
Performance management and reward
is process that includes
communication that is there in
between supervisor and employee
which helps in attaining strategic goals
and objectives of entities.

AC 4.1: The purpose of performance
management
 Within Technow, performance management
serves purpose of creating a work
environment wherein people perform to the
best of their capabilities along with produce
the highest-quality work most efficiently and
effectively.
 One of the important purpose for
performance management is to ensure
effective leadership and coaching aspect in
organisation.

AC 4.2 Factors and components affecting
performance management systems
 Co-workers and environment
 Expectations of management
Personal problems

AC 4.3 Types of appraisal and their use
in performance management
 Grading
 Trait-based appraisals
 360 reviews

AC 5.1 Key components that are required
to achieve an effective total reward system.
 Effective reward system in the company
ensures that employees re able to form a
meaningful bond with the establishment. In
order to achieve effective total reward system
at Technow, key components are as mentioned:
 Financial components
 Non financial components

AC 5.2 Relationship between reward
and performance
Rewards are important in the lives of an employee. They
play an important role in motivating employees and this
motivation directly results in the greater performance of
employees. Motivation is important in employee life as if
they have motivation it can lead to completion of any task in
an effective way. The company can use Herzberg two factor
theory for motivating its employees.
The performance of the employees is directly related to the
rewards provided by the company as it motivates employees
to perform higher performance. The example of rewards are
health insurances and appraisal for higher performance.

AC 5.3 Reasons for fair treatment with
employees
 Mentioned below are some reasons to treat
employees in fair manner at workplace:
 Respect and value
 More trust
 Higher productivity
 Increases motivation

Conclusion
 The presentation concludes that performance management helps managers
monitor and evaluate employees' work. Factors that affect performance
management system in the company are organizational cculture, co-workers and
environment, expectations of management bonus and incentives.

References
 Robert, M., Giuliani, P. and Gurau, C., 2022. Implementing industry 4.0 real-time performance management
systems: the case of Schneider Electric. Production Planning & Control, 33(2-3), pp.244-260.
 Kubiak, E., 2020. Increasing perceived work meaningfulness by implementing psychological need-
satisfying performance management practices. Human Resource Management Review, p.100792.
 Liu, H.L., Shi, H.B., Shen, H. and Xie, G., 2019. The performance management of a Li-ion battery by using
tree-like mini-channel heat sinks: experimental and numerical optimization. Energy, 189, p.116150.
 Mahmoudimehr, J. and Sebghati, P., 2019. A novel multi-objective Dynamic Programming optimization
method: Performance management of a solar thermal power plant as a case study. Energy, 168, pp.796-814.
 Pollitt, C., 2018. Performance management 40 years on: a review. Some key decisions and
consequences. Public Money & Management, 38(3), pp.167-174.

Thankyou