PERFORMANCE REWARD MANAGEMENT2 Table of Contents Activity 1.....................................................................................................................................................3 1.1 Explain at least 2 purposes of performance management and its relationship to business objectives. .................................................................................................................................................................3 1.2 Identify 3 components of performance management systems............................................................5 1.3 Explain the relationship between motivation and performance management, referring to at least 2 motivational theories...............................................................................................................................5 2.1 Identify 2 purposes of reward within a performance management system.........................................7 2.2 Describe at least 3 components of a total reward system, 1 of which should be non-financial..........8 3.1 Explain the factors that should be considered when managing good and poor performance...........10 3.2 Describe at least 2 sources of data, including 1 external to the organization...................................10 4.1 Explain the frequency, purpose and process of performance review...............................................11 Activity 2:..................................................................................................................................................12 4.2: Performance Review and Feedback Form......................................................................................12 Observation record................................................................................................................................14 4.3 Reflect on the outcomes of the review, producing a short statement explaining your effectiveness in achieving this outcome, and how this could be improved on a future occasion.....................................17 References.................................................................................................................................................19 Appendix: Performance Review meetings Transcripts..............................................................................22
PERFORMANCE REWARD MANAGEMENT3 Activity 1 1.1 Explain at least 2 purposes of performance management and its relationship to business objectives. Performance management (PM) is related to repetitive procedures that are developed by firms to support them for attaining their purposes by increasing performance related to the team, individuals, and entire firm in addition, makes sure that objectives are attained. PM procedure is key element for the whole strategy of the firm to management of its individuals (Van Thielen, et. al., 2018).As an element of performance management, the PM process aims to attain the given below: • To make competent the individual workforces to understand exactly what is predicted both concerning outputs (the delivery of targeted objectives) as well as, feasible and applicable behavioral style (role associated competency model) that would underpin the delivery of predetermined goals(Kuhil and Michael, 2019). • To make the competent team and individual efforts to be emphasized on planning of departmental firm. •To make competent each workforce for feeling encouraged as well as, valued for their contribution to ongoing achievement about firm. •To make competent an individual for addressing and attaining feasible career goals over time. •To make competent firm for rewarding people equally as per the objective evaluation of their contribution. •To make competent the firm for auditing capability about its employees. •To make competent firm to plan related to series of employees(Mangipudi, et. al., 2019). • A positive and authentic working liaison among staff members and managers.
PERFORMANCE REWARD MANAGEMENT4 PM aims to make sure the attainment of objectives of an organization and to improve the employee’s strengths. Achievement of firm objectives is a significant existence goal regarding firm. With respect of attaining the objectives of the firm, there should be developed through upper management as well as, then interacted with its workforces. After communicating objectives of workforces, it has to be addressed, appraised, monitored, and considered an action plan. But the performance management procedure consists of the whole business objectives origin since its beginning till its end(Patel, 2019). For increasing the measured employees’ strengths, a performance management procedure develops particular goals to be attained in some time. The employee’s strengths are increased through reward and motivation. In order to retain and motivate higher performance by offering career development initiatives such as reward and motivational strategies, challenging working assignments as well as, others on job learning initiatives that would direct the ongoing satisfaction of job and development of career(Mulyanto, 2018). The performance management procedure is generally intended to support workforces for comprehending what they require to learn as well as, how they require to understand it. Workforces are predicted to be in continuous achievement as well as, learning method that illustrates the firm and role-specific capabilities, set of skills, attitudes as well as, knowledge. It is critical to competency of company to execute its business approach. Furthermore, mentoring and coaching initiatives are implemented on formal basis for providing workforces with constant assistance as they create together with, implement new capabilities(Pavlov, et. al., 2017). 1.2 Identify 3 components of performance management systems. A sound PM system can consider different elements:
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PERFORMANCE REWARD MANAGEMENT5 Developing objectives and clear comprehension about job expectations Illustrate outcomes, assess areas for enhancement, focus on a joint agreement regarding action plan, recommend the phases for enhancing performance On job training, coaching, formal training as well as, other development practices along with, rewards related to good performance(Ogunyomi and Bruning, 2016). 1.3 Explain the relationship between motivation and performance management, referring to at least 2 motivational theories. Motivation is regarding what makes an individual reflect, behave, and act in specific manner. Moreover, relation among performance management and motivation is very clear. When workforces are highly encouraged then they would perform significant. Hence sound performance could direct for sense of attainment together with, outcome in higher motivation. Along with this, the given below theories provide advice and insight regarding how an individual creates selections for working hard and not working hard as per the available rewards, individual preferences together with prospect work results (Ogunyomi and Bruning, 2016). Reinforcement Theory This theory is relied on E.L. Thorndike’s law of effect and illustrates association among consequences and behavior. This theory emphasizes on adapting the on-the-job behavior of workforces via feasible application of given tools: • favorable reinforcement rewards desirable attitude: Favorable reinforcement like pay raise and promotion is offered as reward for favorable behavior to increase chances that expected behavior would be repeated.
PERFORMANCE REWARD MANAGEMENT6 •Avoidance is making efforts to demonstrate a workforce regarding what the consequences of improper behavior would be. When the workforces do not involve in inadequate behavior then he/she would not practice the result(Van Waeyenberg and Decramer, 2018). • Extinction is generally disregarding behavior about subordinate as well as, not offering either favorable or unfavorable reinforcement. Classroom tutors can apply this method while they avoid scholars who are performing to get attention. This tool can be implemented when a tutor observes behavior as provisional, not distinctive as well as, not thoughtful. • Punishment is making efforts for declining the chances of behavior that recurs by implementing unfavorable results(Noronha, Aquinas, and Manezes, 2018). This theory has given below implications related to management: • Learning what is suitable for firm affects motivated behavior. • Top executives who are making efforts for encouraging their workforces can be ensured to discuss people regarding what they are performing inappropriate as well as, be cautious not to reward all workforces simultaneously(Wang, et. al., 2019). • Top executives should tell the workforces regarding what they can perform to get favorable reinforcement. • Top executives should ensure to organize reinforcement as cautiously as possible to existence of attitude. • Top executives should address that failure to reward could adjust the behavior. Workforces who state that they would be rewarded and not get any reward then they would become dissatisfied with both firm and managers(Mellahi, et. al., 2016). Goal Setting Theory
PERFORMANCE REWARD MANAGEMENT7 This approach is developed in 1960s by Edwin Locke which is planned that has purpose to operate about the purpose are the main source of inspiration. The key goal could workforces what requires to be completed how much effort could be expanded. It is examined that the goal is determined by the organization and affecting the performance of the organization. The manager of organization is accountable for making goals as well as aware to the employee towards their goal as it would be effective for meeting the organizational purpose in limited time and cost(Van Thielen, et. al., 2018). It is examined that the one key benefit of the workforces participating in the objective setting is that as they might be more likely to act towards the purpose, they supported created. Besides, it is illustrated that no matter who develops goal but workforces perform significant while they get response on their achievement(Audenaert, et. al., 2019). Apart from feedback, the following factors could affect the goal-performance associations: • The workforces should be engaged to the goal. • The workforces should believe that they are competent in task performance. • Tasks considered in attaining goal can be familiar, modest, as well as, sovereign. In case of following goal-setting theory, top executives should perform with their workforces in terms of addressing the goal objectives concerning offering targets for motivation. Moreover, goals that are developed should be precise as compared to general as well as, top executives should offer response on the performance(Van Waeyenberg, et. al., 2017). 2.1 Identify 2 purposes of reward within a performance management system. The key purposes of reward within the PMS are to encourage and retain workforces as well as, reduce turnover. It is known evidence that individuals are significant resources within the firm and company where I am performing could be a sound illustration. Moreover, CEO awards are
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PERFORMANCE REWARD MANAGEMENT8 additional short-term reward that could be intended to reward unsettled the workforces that performed extraordinarily in time of one year(Franco-Santos and Doherty, 2017). But the CEO awards are open to all workforces. Moreover, awards for last year were a trip regarding one of Jubilee Sailing Trust vessels. Several award schemes is initiated for rewarding, recognizing, and encouraging the contribution for the ongoing achievement of firm and nominations were used for evidence given below category: - Involvement to individual colleagues’ development - Involvement to business success this period - Involvement to management in health and safety of business - Demonstrating leadership characteristics(Rasool, et. al., 2019). 2.2 Describe at least 3 components of a total reward system, 1 of which should be non- financial. The whole reward scheme is based on different techniques that the employer has in its hand and could be applied for motivating, attracting, as well as, retaining the workforces. From the workforce’s point of view, total rewards demonstrate everything that they observe for valuing that results from employment association. In addition, concept of reward considers both financial as well as, non-financial compensation (Van Waeyenberg, et. al., 2017). In addition, elements of total reward system are illustrated as given below: - Compensation – It is significant element of a reward schemes that involves basic pay structure (annual or monthly salary rate) along with, variables and incentive pay structures (skills base compensation, sales commissions as well as, appraisal/performance-related pay).
PERFORMANCE REWARD MANAGEMENT9 -Benefits – It is implemented for supplementing cash compensation that workforces obtain as well as, are intended for protecting the workforces and family through financial uncertainties. Examples of benefits are life insurance, medical insurance, retirements, clean-up time, company holiday, company car, membership of gym, social insurance, uniform, saving schemes, company car, breaks, as well as, individual data, clean-up time, and vacation. - Work life- This category considers following: workplace elasticity, caring for dependents, paid as well as, unpaid time off, management involvement,financial backing, community involvement, and health and well-being(Audenaert, et. al., 2019). - Performance and recognition It is significant element of firm objectives that entails link of team, organizational, as well as, individual efforts concerning the attainment of business goals as well as, success of firm. Moreover, recognition acknowledges as well as, provides the particular focus on action, performance, efforts, and behavior of workforces. It is identified that recognition initiates consider the contribution promptly after completion of task. This type of recognition award could be related to financial and non-financial like tickers, certificates, dinner, verbal recognition, and trophies(Mellahi, Frynas, and Collings, 2016). -Development with career opportunity It involves the learning opportunities (such as new technology training, corporate universities, self-development techniques, tuition, on job learning as well as, conferences); advancement opportunities (like overseas tasks, succession planning, internal job openings, promotion, career pathways, and internships); and mentoring (such as formal and informal mentoring initiatives,
PERFORMANCE REWARD MANAGEMENT10 association memberships, leadership training, as well as, acquaintance related to resident experts (Noronha, et. al., 2018). 3.1 Explain the factors that should be considered when managing good and poor performance. When managing performance of workforces, there is a need to emphasize on given factors like objective achievement as well as, behavioral structures. It is identified that to have significant outcomes from performance management procedures, individuals should base the judgment on different factors: • Openness among manager together with, individual workforce. • Workforces and executives both having required competencies to practice procedure adequately for mutual advantage. • Rigor as well as, objectivity in developing and interacting the judgments(Guerci, Longoni, and Luzzini, 2016). • Taking the time required for developing and managing each of the different elements of the system. Along with this, all the executives have to be skilled in ways for implementing PA (performance appraisal) and interact with their workforces all transformations that positioned during PM procedure. A competent workforce would be appraised and this resulting required minimum time as well as, sound outcomes(Ogunyomi and Bruning, 2016). 3.2 Describe at least 2 sources of data, including 1 external to the organization. Collecting performance information through different sources that increases objectivity as well as, making sure all the factors affecting performance are involved. This data can involve objective information such as sales reports, call records, and deadline reports. Along with this,
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PERFORMANCE REWARD MANAGEMENT11 other worthy data involves the outcomes of individual observation, feedback from others, records of any environmental and external factors, and documentation of ongoing dialogue can impact on the performance(Mulyanto, 2018). Different reviews involve workforce self-evaluation. Other documents support in illustrating the performance objectives such as existing organizational and departmental objectives, past performance assessment as well as, documented standards associated with career goals(Patel, 2019). For collecting feedback through other workforces, the firm would provide 360° feedback procedures. Moreover, completion related to self-evaluation, chosen subordinates, peers, as well as, executives are asked for contributing in feedback in around specified fields. Furthermore, feedback relies on particularly addressed capabilities and outcomes are compared in against the self-evaluation of workforces. This kind of feedback surges self-awareness as well as, in some circumstance, it is implemented for supporting procedure of evaluation of performance (Kuhil and Michael, 2019). 4.1 Explain the frequency, purpose, and process of performance review. In performance management review procedures of Emirates Group who work to annual cycle that unites with budgeting procedures and business planning. In essence, system performs by different stage procedure annually that initiates as well as, end in February to match to business financial as well as, reporting time(Van Thielen, et. al., 2018). Stage One The initial phase can position in February that consists of persons reach a work agreement, personal development plan, and occupational standards with her line executives. Stage Two
PERFORMANCE REWARD MANAGEMENT12 During period of second stage, it will implement in way of constant advance procedure that is intended for maintaining work agreement modern, on target as well as, feasible to dynamic atmosphere where, company deals. A mid-year development meeting is required(Mangipudi, et. al., 2019). Stage Three During the review of placing the performance of each individual, decisions are developed as well as, justified with respect to objective benchmarks as well as, judgements regarding development and progression of career. Along with this, stage one and three should run together once the system is in practice(Kuhil, and Michael, 2019). Activity 2: 4.2: Performance Review and Feedback Form BOTOX UK LTD PERFORMANCE REVIEW FORM Date of Review: 20 March 2020Period Covered: 6 months Name of Manager: Peter Name of employee: Jones Job Role of Employee: Call center manager 1. Summary of discussion on performance over the last six months Jones states that he has not performed sound in last six months as he was unable to accomplish his sales targets. There were some favorable aspects such as he has enjoyed working with his team and is supportive as well as, meticulous. He has maintained sound associations to some clients. He does not like cold-calling aspect of his job as well as, has faced challenges to deal with his new clients and faced complexity to satisfy them. There are some clients who have budget restrictions that means it is very complex for specified sales to them.
PERFORMANCE REWARD MANAGEMENT13 2. The quality of the work provided, recording areas that have gone well and those where improvement is required There is some work who has higher standard as well as, different clients have offered better feedbacks. He has detailed technical comprehension about products as well as, his sales methods are sound. He has coordinated his colleagues. But he did not achieve his revenue target over the past five years. He has always attained his goal however in last six-month period, there was reduction in revenues and that results in Jones arriving only 50% of his target. Performance has been recorded against target developed as well as, in those situations, in which, they are not attained. Along with this, reasons are recorded and views are provided on these. Target of Jones for March 2020 was to attain the sales of £500,000. The actual sales of Jones were about £250,000. Jones has stated regarding obstacles that was faced by him to deal with some clients who was evidence of problem as well as, others who are unwilling in terms of committing for larger purchases. It can downturn the economy as well as, increased the rivalry can illustrate some short-fall. Furthermore, all team members have experienced declining sales during first half of year. But, the sales amount of Jones was minimum in a team as well as, I observed that there could be other factors considered. Moreover, the evaluation illustrated that Jones was de-motivated in his existing roles as well as, addresses it repetitive and inadequately rivalry. He has illustrated regarding his interest to become a team leader as well as, demonstrated that in past roles, he had supported some colleagues, performing accountabilities for developing targets and for providing training. As past work of Jones was of higher standard together with has generally illustrated a commitment to firm, I felt that it will be feasible for accessing possibility to find the higher competent role
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PERFORMANCE REWARD MANAGEMENT14 regarding his. It will be liable for some actions regarding his part to depict his commitment to the next phase such as considering steps in terms of enhancing the sales levels in the shorter term. 4. Outline agreed on actions to overcome any shortfall against targets including such factors as training and development needs, equipment needs or medical support Actions by line manager:Actions by employee: Managing scrutiny knowledgeSpend time to colleagues in terms of illustrating how they increase sales training. Organizing PowerPoint and Excel trainingApply some new tools to enhance target Jones onto sales workshop of potential team leaders Co-ordinate some team leaders as well as, focus on the role Support and coachingE-learning modules regarding team-leading competencies 5. Indicate whether a performance-related bonus should be made at current rates.(In circumstances where the full target has not been met a case must be made before any partial bonus payment can be paid, with reasons provided for that recommendation) Performance associated bonus would not be provided for this half of year because targets were missed through effective margin. When sales enhance in second half of year then it would be entailed in end of year appraisal. Signed:Line Manager ……………………………….Date ………………………………. Observation record FOUNDATION CHRP CL&D ASSESSMENT Supporting Good Practice in Performance and Reward Management (3PRM) Observation
PERFORMANCE REWARD MANAGEMENT15 Record F306A Student name: Unit 3PRM - Learning Outcome 4 Assessment Criteria 4.2 Be able to conduct and reflect upon a performance review. Observation CriteriaAssessor feedback – tobe completed by the assessorwith notes to support the decision Identify purposeSettling of appraisee, virtuous communication, as well as, fully recognized Plan meeting: ● aims and objectives ● questions ● roles/resources structure. Sound planning as well as, delivery of meeting to clear objectives as well as, questions for meeting. Prepare a suitable environment.Feasible together with, well-determined atmosphere developed for session. Open meeting appropriately: ● introductions ● aims and objectives. Overview together with, introduction were performed well to a higher level of praise as well as, communication through appraisees and managers. There are good settling of workforces and illustrating their attainment and goals. Establish rapport and put a candidate at ease.Good extent related to rapport created by questioning tools together with, probing
PERFORMANCE REWARD MANAGEMENT16 illustrative questions. Use appropriate questioning techniques: ● open questions ● clarifying. Good clear as well as, balanced questions as well as, illustrating where the coach was oriented for creating discussion. It aids the workforces in attaining the goals. Moreover, team-leading was illustrated and mentioned in depth with overall assistance in development related to different solutions that come from workforces. Control meeting without dominatingYou have created sound control over entire meeting permits appraisee to be understood as well as, heard. Communicate (listening and speaking) effectively with the candidate, using appropriate body language. You have implemented wider category of communication competencies in sessions such as verbal as well as, non-verbal that permitted evaluation to achievement. It assesses training as well as, knowledge gaps that could be affecting the target together with, attaining it. Along with this, workforces incorporated the development of team leaders as well as, a wider kind discussion created from this. It is a sound conversation. Invite, and deal with, candidate questions.The survey is invited to understand the
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PERFORMANCE REWARD MANAGEMENT17 candidates. Identify any development needs and actions.Development is addressed during as well as, assisted to shadow together with, demonstrates at the team leader role that further down line. Conclusion and summaryYou have created good summary as well as, conclusion to the session. It summaries goals as well as, transform the result that is essential for considering the raised concern. Furthermore, the bonus is agreed upon and illustrated. Conduct meetings within legal and ethical requirements. Good comprehension about legal as well as, ethical needs. Tutor name:Date:Tutor Signature: 4.3 Reflect on the outcomes of the review, producing a short statement explaining your effectiveness in achieving this outcome, and how this could be improved on a future occasion. Although, in my daily task, I am not dealing to conduct the PM review, I have addressed it very exciting. The performance review meeting is supported me in practices that I have observed in past modules, particularly the mentoring together with, coaching modules. Moreover, sound performance review cannot only do miracles for people that are surged as well as, for firm, but only, when individuals conduct is well developed.
PERFORMANCE REWARD MANAGEMENT18 To conduct performance review, I had to develop myself in earlier as well as, carry out some investigation about this. I have experienced that when you initiate performance review, I have to initially, understand procedure, as well as, illustrates it to appraised individual. There is a need to give attention together with, time, being helpful as well as, open with honesty supports in understanding the appropriate thing in that individual. Even when an individual did not do well and did not attain his/her goal then, managers should provide favorable feedback as much as probable. I have understood that PM review is not only associated to past but also for future as well.
PERFORMANCE REWARD MANAGEMENT19 References Audenaert, M., Decramer, A., George, B., Verschuere, B. and Van Waeyenberg, T., 2019. When employee performance management affects individual innovation in public organizations: The role of consistency and LMX.The International Journal of Human Resource Management,30(5), pp.815-834. Franco-Santos, M. and Doherty, N., 2017. Performance management and well-being: a close look at the changing nature of the UK higher education workplace.The International Journal of Human Resource Management,28(16), pp.2319-2350. Guerci, M., Longoni, A. and Luzzini, D., 2016. Translating stakeholder pressures into environmental performance–the mediating role of green HRM practices.The International Journal of Human Resource Management,27(2), pp.262-289. Kuhil, A.M. and Michael, T.W., 2019. Employee Performance Management System Practices and Challenges: A Case of Commercial Bank of Ethiopia.Arabian J Bus Manag Review,8(370), p.2. Mangipudi, M.R., Prasad, K.D.V. and Vaidya, R., 2019. Employee Performance as Function of Performance Management System: An Empirical Study Information Technology Enabled Services Companies around Hyderabad.European Journal of Business and Management Research,4(4). Mellahi, K., Frynas, J.G., and Collings, D.G., 2016. Performance management practices within emerging market multinational enterprises: the case of Brazilian multinationals.The International Journal of Human Resource Management,27(8), pp.876-905.
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PERFORMANCE REWARD MANAGEMENT20 Mulyanto, M., 2018. Enhancing competence, environmental management system, job satisfaction, and employee performance.Journal of Environmental Management and Tourism, (01), pp.40-45. Noronha, S.F., Aquinas, P.G. and Manezes, A.D., 2018. Is job performance better attributable to the performance management system through work engagement?.Indian Journal of Commerce and Management Studies,9(1), pp.1-6. Ogunyomi, P. and Bruning, N.S., 2016. Human resource management and organizational performance of small and medium enterprises (SMEs) in Nigeria.The International Journal of Human Resource Management,27(6), pp.612-634. Patel, M.N., 2019. A study on performance management system on employee productivity at maruti suzuki comrt motors.International Journal of Advanced Research in Management and Social Sciences,8(4), pp.52-57. Pavlov, A., Mura, M., Franco-Santos, M. and Bourne, M., 2017. Modelling the impact of performance management practices on firm performance: interaction with human resource management practices.Production Planning & Control,28(5), pp.431-443. Rasool, S.F., Samma, M., Wang, M., Zhao, Y. and Zhang, Y., 2019. How Human Resource Management Practices Translate Into Sustainable Organizational Performance: The Mediating Role Of Product, Process And Knowledge Innovation.Psychology Research and Behavior Management,12, p.1009.
PERFORMANCE REWARD MANAGEMENT21 Van Thielen, T., Bauwens, R., Audenaert, M., Van Waeyenberg, T. and Decramer, A., 2018. How to foster the well-being of police officers: The role of the employee performance management system.Evaluation and program planning,70, pp.90-98. Van Thielen, T., Bauwens, R., Audenaert, M., Van Waeyenberg, T. and Decramer, A., 2018. How to foster the well-being of police officers: The role of the employee performance management system.Evaluation and program planning,70, pp.90-98. Van Waeyenberg, T. and Decramer, A., 2018. Line managers’ AMO to manage employees’ performance: the route to effective and satisfying performance management.The International Journal of Human Resource Management,29(22), pp.3093-3114. Van Waeyenberg, T., Decramer, A., Desmidt, S. and Audenaert, M., 2017. The relationship between employee performance management and civil servants’ turnover intentions: a test of the mediating roles of system satisfaction and affective commitment.Public Management Review,19(6), pp.747-764. Wang, M., Zhu, C.J., Mayson, S. and Chen, W., 2019. Contextualizing performance appraisal practices in Chinese public sector organizations: the importance of context and areas for future study.The International Journal of Human Resource Management,30(5), pp.902-919.
PERFORMANCE REWARD MANAGEMENT22 Appendix: Performance Review meetings Transcripts Identify purpose Settling of appraisee, good communication, and fully recognized Plan meeting: ● aims and objectives ● questions ● roles/resources structure. Good planning as well as, delivery of meeting with clear objectives and questions for the session. Prepare a suitable environment. Feasible and well-determined environment developed for the session. Open meeting appropriately: ● introductions' ● aims and objectives. Overview and introduction were performed well to a good level of praise and communication through appraisees and managers. There are good settling of workforces and illustrating their attainment and goals. Establish rapport and put the candidate at ease. Good extent of rapport created by questioning tools and probing illustrative questions. Use appropriate questioning techniques: ● open questions ● clarifying. Good clear and balanced questions as well as, illustrating where the coach was oriented for creating discussion. It aids the workforces in attaining the goals. Moreover, team-leading was
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PERFORMANCE REWARD MANAGEMENT23 illustrated and mentioned in depth with overall assistance indevelopment related to different solutions that come from workforces. Control meeting without dominating You have created sound control over all the meeting permits the appraisee to be understood and heard. Communicate (listening and speaking) effectively with a candidate, using appropriate body language. You have implemented a range of communication competencies in sessions such as verbal and non-verbal that permitted the discussion to achievement. It assesses training and knowledge gaps that could be affecting the target and attaining it. The workforces incorporated the development of team leaders as well as, a wider supportive discussion developed from this. It is a very good conversation. Invite, and deal with, candidate questions. A survey is invited to understand the candidates. Identify any development needs and actions. Development is addressed throughout as well as, supported to shadow and demonstrate at the team leader role that further down the line. Conclusion and summary You have created a good summary as well as, the conclusion to the session. It summaries the goals and transform the output that is essential for considering the raised concern. Furthermore, the bonus is agreed upon and illustrated. Conduct meetings within legal and ethical requirements. Good comprehension of legal and ethical needs.
PERFORMANCE REWARD MANAGEMENT24 Summary of discussion on performance over the last six months Jones states that he has not performed well in the last six months as he was unable to accomplish his sales targets. There were some favorable aspects such as he has enjoyed working with his team and is supportive as well as, hard-working. He has maintained good associations with some of his clients. He does not enjoy the cold-calling aspect of his job and has faced challenges to deal with his new clients and faced complexity to satisfy them. There are some of his clients who have budget constraints that means it is very complex for specified sales with them. Jones feels that he has been contributing unrealistic expectations on himself. He has positioned a higher emphasis on small mistakes that he has developed when avoiding the times that he creates praise and favorable feedback regarding his performance within an organization. Through his work in the call center, he is competent to take a more realistic strategy and accept that faults are inevitable while permitting himself in terms of acknowledging times when he performs soundly. Jones and his colleagues collaborate for creating a plan to increase his lifestyle balance. He has been competent for creating time each day for relaxation and exercise that has supported him for declining his whole stress level. Whether it is managers, employees, and boss, an organization could be filled to individuals who do not interact well and they discriminate and harass others. Some colleagues are gossipers, complainers, troublemakers, slackers, bullies, whiners, saboteurs, and backstabbers. These could cause anxiety, stress, distrust, and misunderstanding. They could influence the mood, reputations, morale, productivity, employee or management associations, and performance. I have not participated in training and development initiatives because of my hectic schedules, several learning habits, higher costs, lack of engagement, geographically dispersed, and
PERFORMANCE REWARD MANAGEMENT25 irrelevant training. It will result in insufficient trained workforces that could lead to poor job performance, higher turnover, increased stress, lost money, time, and consumers. It is identified that technology makes effort to advance at a rapid rate as well as, competitors may wait for the next-generation tech. It could just be one year away as well as, it could use it to their benefit. Along with this, competitors have a higher risk and it could hard for mastering the existing technology of firm and stay informed regarding emerging technology all at once. Employee's motivation can directly affect the productivity of the firm. When workforces have inadequate motivation, opportunities are not performing their jobs significantly and the firm is suffering. It is significant to address the strategies for motivating the employees and it could be challenging because each individual has distinct motivating factors. In addition to this, what works for one workforce may not perform for another. To overcome this challenge, company owners and managers should assess several motivators that could appeal for the wider category of workforces like paid time off, monetary rewards, as well as, even free food rewards. Talking through concerns in the workplace with workforces is significant when I want to enhance the open atmosphere at the workplace. While transformations are coming, whether they be the execution of new technology and declining revenues, illustrating what is happening as well as, potential effects in the organization may keep the speculation down along with morale up. There are proactive communication approaches that extend to develop resource documents for common issues and developing formalized review procedures with verbal and written feedback for employees. There is also consistent communication that would make me feel more invested in their jobs and supports each individual to comprehend the larger vision behind the business.
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PERFORMANCE REWARD MANAGEMENT26 I have observed that customers provide another level of challenge into the mix. While there are several consumers that I deal with daily would be understanding and polite, there are generally components that are hard to deal with and belligerent. It could develop frustration between workforces and managers in dealing with complex consumers and clients. I have worked with different personalities who work together under the same roof. There is also bound to be resistance from time to time. Along with this, my team was working under a deadline and under pressure could be more apt to consider flare-ups of tempers. Each individual can get along and rarely happens. Introducing training could support workforces to learn about ways for managing working stress and get along to other individuals could be very advantageous in dealing with the challenge. There are some instances in which, work could be challenging and firm they work for counts on their output. The boss can keep on progress and marks how I did through timely performance ratings. It would come as a shock when I addressed, I have performed poorly or while I think I am performing a good job. Hence, it could be disconcerting to get this type of feedback. Despite getting anxious over what is already done, I can select to emphasize on personally evaluate myself and what I did to attain those less than stellar ratings. Under this condition, an individual often making efforts to come up with excuses regarding why they did ineffectively. Despite performing this, there is a need to learn to listen towards feedback and making efforts the recommended courses about actions. The way I could be performing things could not be at par with standards determine through the firm and are simply not good adequate. When I am the kind of individual who requires absolute peace as well as, quiet when I work, it could be significant to perform that when I am in office setting filled to distinct personalities. What others could think as a minor inconvenience could feel such as a huge insurmountable task
PERFORMANCE REWARD MANAGEMENT27 to me. When I have a disruptive workmate, who talked loudly and does something unrelated to performance that distracts me, then bring it to their consideration. It should let them understand that as a new individual in the firm, I am making efforts for addressing the way between the protocols and policy. There is a need to point out to them that I would appreciate it when they keep it down a bit so as I was not disturbed and others. When it does not work, then it could take it up with the manager. The quality of the work provided, recording areas that have gone well and those where improvement is required Some work has been of a higher standard and different clients have offered excellent feedbacks. He has thorough technical comprehension about products and his sales techniques are sound. He has coordinated his colleagues. But he has not kept his revenue sales over the past five years. He has always attained his targets however a six-month period has illustrated as a dramatic reduction in revenues, resulting in Jones arriving only 50% of his target. Performance has been recorded against target set and, in those situations, in which, they have not been attained. Along with this, reasons are recorded and views are provided on these. Target of Jones for March 2020 was to attain the sales of £500,000. The actual sales of Jones have amounted to about £250,000. Jones has discussed regarding complexities he has faced with some clients who have proved the problem as well as, others who are unwilling in terms of committing for larger purchases. It can downturn the economy as well as, increased the rivalry can illustrate some of the short-fall. Furthermore, all team members have experienced a reduction in sales at the time of the first half of the year. But, the sales figures for Jones are the lowest in the team and I observed that there may be other factors considered.
PERFORMANCE REWARD MANAGEMENT28 Moreover, the discussion illustrated that Jones has become de-motivated in his existing roles and addresses it repetitively and inadequately rivalry. He has talked regarding his interest in becoming a team leader and mentioned that in past roles, he had supported some colleagues, performing accountabilities for developing targets and for providing training. As past work of Jones has always been of a higher standard and has generally illustrated a commitment to the firm, I felt that it will be feasible for accessing the possibility of finding the higher competent role for his. It will be liable for some actions regarding his part to depict his commitment to the next phase such as considering steps in terms of enhancing the sales levels in the shorter term. Outline agreed on actions to overcome any shortfall against targets including such factors as training and development needs, equipment needs or medical support Actions by line manager:Actions by employee: Managing shadowing knowledgeSpend time to colleagues in terms of illustrating how they increase sales training. Organizing PowerPoint and Excel trainingTry some new tools to enhance Book Jones onto the sales workshop of next team leaders Achieve some team leaders and illustrate the role Support and coachingE-learning modules regarding team-leading competencies Indicate whether a performance-related bonus should be made at current rates.(In circumstances where the full target has not been met a case must be made before any partial bonus payment can be paid, with reasons provided for that recommendation)
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PERFORMANCE REWARD MANAGEMENT29 A performance associated bonus would not be provided for this half of the year as targets were missed through effective margin. When sales enhance in the second half of the year then it would be considered in end of year review. Reflect on the outcomes of the review, producing a short statement about your effectiveness in achieving this outcome, and how this could be improved on a future occasion. Although, in my daily job, I am not dealing to conduct the performance management review, I have found it very exciting. The performance review meeting is supported me in practices that I have observed in past modules, particularly the mentoring and coaching modules. Moreover, a good performance review cannot only do miracles for an individual that is surged as well as, for the firm, but only, when a person conducts is well prepared. To conduct the performance review, I had to develop myself in earlier and carry out some investigation about this. I have learned that when you initiate a performance review, I have to initially, understand the procedure, and illustrates it to appraised individual. There is a need to give attention and time, being supportive as well as, open with honesty supports in understanding the appropriate thing in that individual. Even when an individual did not do well and did not attain his/her goal then, managers should provide favorable feedback as much as probable. I have learned that performance management review is not only related to the past but also for the future as well.