Performance Management and Rewards Assignment


Added on  2020-05-03

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Professional Development
Running head: PERFORMANCE MANAGEMENT AND REWARDS PERFORMANCE MANAGEMENT AND REWARDS Name of the Student:Name of the University:Author note:
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1PERFORMANCE MANAGEMENT AND REWARDS1. 1TermDefinitionPerformanceManagement SystemThe process to assist and improve the employees effectivenesswhere leaders and employees continuously work together to plan,control and observe an employee’s goals or objectives and his orher total contribution to the workplace objectives. Performance AppraisalA yearly review of an employee’s total contribution to anorganization, which is documented or evaluated by his or hermanager. It the evaluation tool to judge an employee’s skill, growthand achievement. Critical success factorThis factor is required for an organization to attain its goals. Key result AreaIt refers to the general areas of outcomes in which a team ordepartment’s activity is responsible. Performance Indicators(or Key PerformanceIndicators)It is a measurable tool to evaluate the company’s success forachieving the key business objectives.Performance Standards It is a standard set by a company. The employees are boundto achieve this standard to meet the appraisals at a specific level ofperformance (Cizek, 2012). ExcellenceinperformanceIt refers to a coherent approach to the organizational performancemanagement that helps in improving the overall organizationalcapabilities and effectiveness. Code of ConductIt is a set of rules or guiding principles laid out by an organizationfor appropriate workplace behaviour. It considers organizationalvalues, the client’s values and ethics and the service an employeeprovides.MBO (Management byObjectives)This aims at improving the performance of an organization byclarifying the objectives, which is set after agreeing bothemployees and management. CoachingThis helps the employees to improve in their performance withinan organization. MentoringThe mentor provides guidance for improving the performance ofthe less-experienced employees.Informal feedbackIt is a feedback from manager to an employee apart fromthe formal reviews (Rijt, Bossche and Segers, 2013). Formal feedbackIt consists of formal reviews that are communicated officially andit is planned systematically and beforehand.Employee AssistancePrograms (EAP’s)This program is designed for identifying and assistingemployees’ personal problems by resolving it, which is affectingon the performance (Richard, 2014). 1.2. Performance management relates with of the process of assisting and improving the anemployee’s performance while performance appraisal relates to annual evaluation report tounderstand an employee’s growth, development and skills.
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2PERFORMANCE MANAGEMENT AND REWARDSThe differences of these terms are important for a manager, as he should develop boththe strategies for guiding and evaluating the performance of an employee. 2.1 The management by objectives aims at improving the performance of anorganization by clarifying the objectives, which is set after agreeing both employees andmanagement. It is a measure tool to analyze the real performance and the achievementsagainst the set of objectives (Campbell, 2013).2.2. Advantages: Suggestions are in hand outcomes that could be obtained from the management. Managers and staffs have the clear working ideas, which are required to meet the standards.Disadvantages:It takes time to be effective.Companies, which have tendency raising the goals, the employees are getting frustrated if thegoals are too high.2.3. S.M.A.R.T goal-setting technique is the popular technique that applied for settinggoals maintaining the following criteria. Here, the S stands for specific, M stands formeasurable, A stands for attainable, R stands for realistic and T stands for time-based. Well-defined goals should achieve the SMART technique (Cothran and Wysocki, 2012). 3.1. If I were James, I would like to go to the HR department of the Yarra Bank about theproper performance appraisal procedure. 3.2 As Henry is not doing a mutual meeting with the staffs about the performance appraisal,this incident would affect negatively on the job satisfaction, motivation and performance
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