200864 - New Trends in Global Business Environment - Reinventing Performance Management
Added on 2020-03-01
13 Pages2534 Words139 Views
Leadership Management
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Running head: NEW TRENDS IN GLOBAL BUSINESS ENVIRONMENTNew Trends in Global Business EnvironmentName of the Student:Name of the University:Author Note:
2NEW TRENDS IN GLOBAL BUSINESS ENVIRONMENTTable of ContentsResearch Questions..........................................................................................................................3Literature Review............................................................................................................................3Reinvent performance management............................................................................................4Suggestions to reinvent performance management.....................................................................6Theme 1: Crisis of credibility..........................................................................................................7Theme 2: Performance review leads to:..........................................................................................7Theme 3: Motivating Employees.....................................................................................................8Theme 4: Modern pay for performance...........................................................................................8Linking pay to performance.........................................................................................................8Sources of secondary data...............................................................................................................9Conclusion.......................................................................................................................................9Reference List................................................................................................................................10
3NEW TRENDS IN GLOBAL BUSINESS ENVIRONMENTBrief Summary of the core article The title of the research title selected for the study is “Reinventing performanceManagement” (Buckingham and Goodall 2015). At Deloitte, they realized that the performancemanagement is used for evaluating the work of employees where the company train, promoteand pay the employees based on their experiences, expertise, job role and job position. Thecompany decided to implement new system that will have no cascading objectives. In order toplan for a new system, Deloitte drew on different pieces of evidence that is simply count hours aswell as carefully controlled study of own business and a review of research in the science ofratings. The case study is related to the audit firm named as Deloitte and published on 22ndFebruary 2017 in Harvard Business Review (Buckingham and Goodall 2015). Deloitte is one of the audit firms that provide professional services to their clients. Theaudit firm is the largest professional service network in and across the world in terms of revenuesas well as number of present professionals. In the year 2013- 2014, Deloitte generated revenue of$34.2 billion USD. It is therefore decided by Deloitte to take on reinventing performancemanagement for smooth functioning of business enterprise (Van Dooren, Bouckaert and Halligan2015). Both Marcus Buckingham and Ashley Goodall had properly explained the process aswell as findings of the large-scale audit firm named as Deloitte (Buckingham and Goodall 2015).The information was presented in form of performance management survey and published onHarvard Business Review. It is now important to find out how Deloitte changed the approach toperformance management as well as review the practical action items where the information aretaken from case study of Deloitte for reinventing own performance management. Performance
4NEW TRENDS IN GLOBAL BUSINESS ENVIRONMENTappraisals are perhaps the most reviled standard practice in all of management (Spira and Page2013). Research Questions 1.What made Deloitte think that their current approach is not working well?2.Why it is necessary for Deloitte to reinvent performance management in their businessoperations?3.Differentiate between old versus new approach to performance management? 4.What are the suggestions to reinvent performance management? Literature Review Inefficiency of current approach (360-degree feedback) by Deloitte As rightly put forward by Cappelli and Tavis (2016), Deloitte recognizes that theircurrent approach to performance management (360-degree feedback) was wasting a shocking 2million hours per year. In addition, using the old management tool in practice was not able toengage employees and level of performance of employees were dropping. In order to solve theproblem, Deloitte set out ways for building something that is more nimble, real-time as well asindividualized. It is important to take a look at why Deloitte need to change before getting intothe new approach (Pulakos et al. 2015). After getting the results, it is noted that most of them come as feedback from their ownhigh performing team members where they had the chance to make use of their strengths oneveryday basis (Buckingham and Goodall 2015). To solve this, Deloitte had come up with clear
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