Supporting Good Practice in Performance & Reward Management

This presentation covers the importance of supporting good practices in performance and reward management. It includes the purpose of performance management, components of performance management system, motivation and performance management, factors to consider while managing performance, reward system, and data required in performance review.

SUPPORTING GOOD PRACTICE
IN PERFORMANCE & REWARD
MANAGEMENT

TABLE OF CONTENTS
• INTRODUCTION
• DESCRIBING THREE PURPOSE OF PERFORMANCE MANGAMENT
• PRESENTING THREE COMPONENTS OF PERFORMANCE MANGEMENT SYSTEM
• DESCRIBING THREE PURPOSE OF PERFORMANCE MANGAMENT
• PRESENTING THREE COMPONENTS OF PERFORMANCE MANGEMENT SYSTEM
• FOUR FACTORS THAT NEED TO BE CONSIDERED WHILE MANAGING THE PERFORMANCE
• EXPLAINING THE PURPOSE OF REWARD WITHIN PERFORMANCE MANAGEMENT SYSTEM
• FINANCIAL AND NON FINANCIAL REWARD SYSTEM
• DATA REQUIRED IN PERFORMANCE REVIEW
• CONCLUSION
• REFERENCE

INTRODUCTION
• Supporting good practices in the organization is very necessary as it helps in
motivating the employees to work hard. That contributes in enhancing the
performance of the firm in the competitive market.
• Along with this, performance management is a corporate tool that helps the
organization in evaluate their performance while working. It contributes in
identifying their strengths and weakness while working.

DESCRIBING THREE PURPOSE OF PERFORMANCE MANGAMENT
• FEEDBACK MECHANISM:
• This tool helps the employees to identify their strengths and
weakness that contributes in developing their career.
• Along with this, it contributes in knowing the performance
appraisals that it require to accomplish the organizational goals.
• DEVELOPMENT CONCERN:
• After identifying the needs of the employees performance
appraisals will help in establishing the objectives for training
program.
• It will include the weak area of the employees so that it can put
efforts to enhance its performance.
• DIAGNOSES OF ORGANIZATIONAL PROBLEMS:
• Due to proper specification of the performance level it helps in
reducing the issues faced by the company.
• Moreover, it helps in indentifying the training needs and
knowledge, skills and abilities that need to be consider while
hiring the candidates.

PRESENTING THREE COMPONENTS OF PERFORMANCE MANGEMENT SYSTEM
• SUCCESSION PLANNING
• In this method of planning the manager of the
organization review the past performance of the employee
and identify its weakness so that it can improve it.
• GOAL ALIGNMENT
• Once the organization and the individual set the goals it
is very important to keep the everyone aligned towards the
collective objective or the company with the wide goal.
• 360 DEGREE PERFORMANCE REVIEW
• This is one of the most prominent feature of the
performance review system that allows the employee to
have an opportunity to receive and constructive
performance feedback from their peers and manager that
contribute in collecting well round view of their
performance.

DESCRIBING THE RELATIONS BETWEEN MOTIVATION AND
PERFORMANCE MANAGEMENT
• Maslow’s theory of hierarchical needs:
• According to this theory the person will be
motivated when all his needs are fulfilled as it
motivates an individual to work hard.
• contribute in increasing their performance.
• Hertzberg Two factor Theory
• Hertzberg will classify the needs into tow broad
categories that are hygiene and motivating factors.
• MCCLELLAND’S THEORY OF NEEDS
• It has define three motivating drivers that do not
depend on gender or age though one of these
drivers will dominant in our behaviour.

FOUR FACTORS THAT NEED TO BE CONSIDERED WHILE MANAGING THE PERFORMANCE
• MAKE FEEDBACK A CONTINUOUS PROCESS
• SET SMART GOALS:
• MAKING USE OF KPI’S
• FOLLOW OKR METHODOLOGY:

EXPLAINING THE PURPOSE OF REWARD WITHIN PERFORMANCE
MANAGEMENT SYSTEM
• Motivation: With the help of providing the reward
the organization can increase the motivation of the
employees as it contribute directly in increasing the
overall performance of the employees.
• Employee development: It also plays an important
role in enhancing the overall performance of worker
during the work.
• Attraction and retention:
• The organization that give various award to their
employees tend t attract large candidates that
contributes in increasing turnover rate of the
organization.

FINANCIAL AND NON FINANCIAL REWARD SYSTEM
• Bonus:
• Extra allowance:
• Commission
• NON FINANCIAL
• Competion:
• Praise:
• Worker participation in the management

DATA REQUIRED IN PERFORMANCE REVIEW
• The organization can make use of KPI
tool as it will provide the organization
with the details regarding the overall
performance of the employees.
• Along with this, taking feedback from
the employees and customer will help in
indentifying the factors that need to be
consider while evaluating the
performance of subordinates.

CONCLUSION
• From the above report it has been concluded that in order to improve the
performance of the employees organization has to follow good practices such as
taking timely feedback.
• Along with this, it has also summarized that there is link between motivation
and performance management.

REFERENCE
• Books and journal
• Al-Zareer, M., and et.al.,2020. A thermal performance
management system for lithium-ion battery packs. Applied
Thermal Engineering. 165. p.114378.
• Chen, L., Jagota, V. and Kumar, A., 2021. Research on
optimization of scientific research performance management
based on BP neural network. International Journal of System
Assurance Engineering and Management, pp.1-10.
• De Rooij, M. M., Janowicz-Panjaitan, M. and Mannak, R. S.,
2019. A configurational explanation for performance management
systems' design in project-based organizations. International
Journal of Project Management. 37(5). pp.616-630.