Improving Performance Management in the Finance and Banking Sector

Running Head: HUMAN RESOURCES
HUMAN RESOURCES
Name of the Student:
Name of University:
Author Note:

1HUMAN RESOURCES
Question 1
My organisation is belonged to the finance and banking sector specifically an insurance
company with approximately 1000 employees. The major occupational types are from insurance
sales agent and insurance investigator to claims adjuster and claim examiner. All those job
occupations are incorporated into my organisation. Most of the employees are belonged to the
profession of insurance sales agent with the specific objective to sale insurances to customers
and claims huge profitability for the company. Moreover, my organisation is particularly located
in the central business district (CBD) of Sydney with the purpose to maximisation of potential
customers. As a matter of fact, most of the CBD people are belonged to different professions and
it will create profitable advantage for my company to maximise employees. Besides this, in other
central business district regions like Brisbane, Perth and Melbourne have 5 branches.
Question 2
This organisation strives to offer a healthy environment for the employees in order to
prepare them effectively with the organisational goals. In this regard, there will be assured to be
recognised and rewards are also guaranteed. The employees are provided ample opportunity for
developing their personal growth and the annual performance review will measure their
performance transparently. Therefore, the organisation also sets a performance management
process in association with the plan, manage, review and reward performance features.

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Question 3
1. Does the organisation have a mission/vision that is shared
with employees? YES NO Unsure
2. Does the organisation have goals and objectives that are
communicated to employees? YES NO
Unsure
3. Does the organisation have a performance management
system that aligns with the strategic direction of the
organisation? YES NO
Unsure
4. Do all positions have current position descriptions
specifying key requirements of the role including KPI? YES NO
Unsure
5. Performance appraisal meetings:
 have set organisational timeframes,
 require documentation to be completed and secured. YES
YES
NO
NO Unsure
6. Are reports on employee’s performance reviewed to ensure
the performance standards are consistent with position
description requirements?
YES NO
Unsure
7. Is there a review process to check that appropriate
organisational procedures have been followed for
acknowledging good performance through recognition and
reward?
YES NO
Unsure
8. Is there a review process to check that appropriate
organisational procedures have been followed for
addressing under-performance?
YES NO
Unsure
9. Is specialist performance management advice and support
available where there is dissention about performance
appraisal outcomes0
YES NO
Unsure
a. As far as the strengths of the performance management of my organisation is concerned,
it can be stated that the mission and vision statement of the organisation is highly linked
with the performance management system. In fact, the goals and objectives of the

3HUMAN RESOURCES
organisation is also briefed to the employees so that they will get a clear perception about
the expectation of the company. This performance management system of the
organisation is formulated on the basis of strategic direction that can foster future
advantage for the organisation. Moreover, there is also the key feature of this
performance management system in terms of aligned with the key performances of the
employees. It means the performances of the employees are measured in reference to
their KPI. As a result of that it becomes easier for my company to evaluate the
performance on the basis of individual skills and qualities. Based on this perception,
another major factor of this performance management system is to follow timeframes so
that a structured and transparent mechanism is generated.
However, there are also some limitations that can jeopardize the process of the
performance management system in my organisation in terms of lack of consistent
employee performance review. Moreover, it can be stated that there is no such specialist
performance management advice that will be entertained for the development of the
performance management framework. As a result of that the process follows a rigid
mechanism.
b. From the above discussion, it can be stated that there are some key issues that my
organisation is facing in the performance management system. For instance, the lack of
consistent employee review will be considered as a biased mechanism and the lack of
advices identifies the negligence of the organisation to bring any change. As a result of
that it becomes a serious problem for my organisation because the efficacy and
transparency of the entire performance management system is under question.