Strategic Management : Sample Assignment
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Added on 2021-06-18
Strategic Management : Sample Assignment
Added on 2021-06-18
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[Date]Student detailsEmail ID:Strategic management
Strategic Management Page | 1The strategic performance management system is a method which create a connectionbetween the performance of the employee and the performance of the organization in order toboost the performance of the compensation system. It aims at ensuring that all the employeesworking in an organization must achieve the goals and objectives set by the organization andon the contrary the organization aims at achieving the objectives which is based on the settarget plans and strategic plans as well (Soltanizadeh et al., 2016).The strategic performance management system is also called as SMPS in short. The majorobjectives and goals of SMPS is to concretize the connection between the performance oforganization and Agency strategic plan, Organizational performance indicator and otherdevelopment plans as well. It is also connected with the performance-based incentive systemi.e. PBIS which include Productivity Enhancement incentive and the performance-basedbonus i.e. PBB as well (Kaplan and Norton, 1995).The SMPS is a tool which aims at evaluating the performance and creating new ways ofmanaging the performance in the Muliti National Companies. It aims at serving and workingas an evaluation strategy for in order to assess unit performance or the combined performanceof an individual inside the smallest operating unit. To boost the goals of an individualperformance evaluation, the management has introduced a tool of setting some criteria andstandards which will match with the objectives of an individual as well as the performance ofthe organization. The SMPS is majorly applied on output manufacturing units and it has amajor goal to measure the combined performance by focusing on the outputs by usingstandard units of measurement. This permits to compare and evaluate performance which willfocus on both the factors i.e. productivity as well as efficiency of an individual as well asoperational units. By the use of SPMS, the companies find out the actual demand to introducetangible results which will focus on the performance at many levels with a motive to decreasethe subjective factors. Each accomplishment is provided due credit and rewards by theprovision of an additional objective measurement (LeRoux and Wright, 2010). This caneasily be done and managed by setting similar standards for all the outputs which has beengenerated and converting many targets into one individual measurement. The outcome ofsuch combination simplifies the comparison of outputs, permitting the management to focuson the effectiveness of an individual units as well as combined units and determine necessaryaction plans which will perform as an indicator to evaluate the overall performance of theentire unit (Micheli and Manzoni, 2010).
Strategic Management Page | 2The necessities for the support and assistance of the SPMS The performance-based evaluation system assists that all the employees must be accountablefor the growing clientele’s satisfaction. It is dependent on the proposition that considerationof performance results should be a crucial element of the process involved in the evaluation.It is also dependent on the proposition which continued workers development andenhancement is very important role in any organization and all the employees working in anorganization should be given effective support to boost their performance and create a senseof belongingness towards the goals and objectives of the organization. The main objective ofthe system is to determine if the employee satisfy the criteria, introduce excellence in theresults, set standards to evaluate the performance of the employees, make sure that thesupervisors are competitive and provide all the required resources to boost the performanceof the employees (Poister, 2010).Implications related to strategic alignmentNo matter what the main business objectives and business strategy an organization focuseson, customer intimacy, optimization of latest technology or innovation, work environmentpractises must show and drive the behaviours in order to deliver on that goals and strategyand the consistent market positioning. Strategic alignment is an intense hands-on businessredesign process in which strategic goals and objectives are aligned with the principlebusiness purpose and the core mission and values. A tool for converting strategy into action plansThere are large number of tools which are used to translate strategy into action plans. Thestrategy must be implemented successfully and effectively in order to create success of theorganization. Those organization which are unsuccessful set an example of the failures. Inanother words, it can also be said that a company having a strategy does not guarantee toachieve success. The two main factors which are critical in nature that determine the successof the company are effectively formulated strategies and effective implementation offormulated strategy. There are huge number of Multi-National Companies which becamesuccess in creating the “Strategic translation” converted into the accurate measurementsystem which are far good enough to execute the strategies. This is just because they cancommunicate their direction in a more better ways, be more focused on the drivers which are
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