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Strategic Performance Management System

   

Added on  2019-11-20

19 Pages5311 Words227 Views
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ContentsINTRODUCTION.....................................................................................................................................1A LITERATURE REVIEW..........................................................................................................................2Multi perspective SPMS Research.....................................................................................................2Motivation theories and Reward System Research...........................................................................6B COMPANY RESEARCH.........................................................................................................................9Company profile & disclosure of SPMS..............................................................................................9Company performance & link to reward.........................................................................................11CONCLUSION.......................................................................................................................................11Bibliography.........................................................................................................................................121

INTRODUCTIONThe strategic performance management system (SPMS) is a method of linking theperformance of the employee with the performance of the organization in order to enhancethe performance of compensation system on the whole[ CITATION Pet16 \l 1033 ]. The systemensures that the employees meet the goal assigned by the company and the company meet thegoal assigned by the strategic plan. The basic objectives of SPMS are s followed:Linking the performance of the organization with the already assigned strategicdevelopment planIt ensures the effectiveness of the organization as well as increases the accountabilityThe performance management system is linked with the HR system of the company.The basic element of SPMS is as followed:The agency assigned goals are the top priority for the organizationIt is output and outcomes oriented system Works on team managementMonitoring and evaluation orientedA set communication plan[ CITATION CSC17 \l 16393 ]The process of SPMS has four stages. The process of SPMS is described below:Planning of performance and commitmentMonitoring of the performance and coaching laterReviewing and evaluation of the performanceRewarding of the performance and making a development plan[ CITATION dai14 \l16393 ]2

A sense of satisfaction comes in the employees once they have achieved the goals set by thecompany. This satisfaction will motivate the employees to work harder and improve theirperformance in future. One of the most popular theories is the Maslow’s hierarchy of needs.Maslow classified the needs of the human being in a hierarchy from top to bottom. Maslowstated if the needs of one level are satisfied it no longer motivates employees. . Money is themajor motivating factor. So, a salary hike is the most effective manner of motivating theemployees to perform better in a company.The companies being considered in the assignment are AGL energy Ltd and Bank ofQueensland. AGL is an Australian company that provides energy solutions to economy ofAustralia. The company is responsible for generation of electricity for domestic as well as thecommercial use. AGL generated energy from the thermal power station, hydroelectricity,wind power and natural gas.The bank of Queensland has more than 252 existing branches.The bank has a very high rate of customer satisfaction which ranges up to 88%. The majorproducts of the bank are consumer banking, commercial banking, mortgage loans, creditcards, finance and insurance.Both the companies use SPMS to enhancetheir performance.[ CITATION Ind14 \l 16393 ]3

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