Performance appraisal and evaluation have often become something to look forward to for many that require progression in future. It has become accepted in many companies and businesses due to its induction to facilitate the growth of businesses and companies. However, many businesses and companies have not accepted the idea of performance appraisal and evaluation, thus leading to failure or a lack of important investors and employees that could encourage the growth of those companies. Generally, the importance of a performance management system in a company goes beyond promotions, raises and evaluation.
It has the propensity to determine the growth or failure of the company. Employees and investors contribute a lot to the company’s significant performance because they can induce certain elements of business ideas that enhance and motivate the company’s growth. Investors in any company help to provide funding and moral support that encourage the company’s performance. They also offer informed decisions from the outer part that encourage the company’s performance appraisal and evaluation, leading to growth and future success. On the other hand, employees contribute to the company’s growth through quality products, promotions and maintenance of the records decision-making that aligns with the company’s goals. This paper intends to analyze the changes to the performance management system for the ABC Company.
Clearly Defined Goals and Objectives
Objective setting and defining goals for the company is an important aspect of performance management and ensuring that organization personnel contribute to the required strategic goals for the company’s progress. Clearly defined goals for the ABC Company could help align the organization’s goals, leading to the production of quality goods and services that increase the company’s reputation to the public. Clearly defined goals by the management would help the employees to pursue the hard task to increase the company’s reputation.
It also increases the motivation and commitment efforts by the employees and management towards the company’s growth, which leads to an increase in profit. On the other hand, objective setting in the ABC Company would help to motivate and engage employees and investors by providing clarity on the strategic goals that need to be implemented in the company so that to ensure the company achieve the required goals(Dos Santos & Pedro, p.01123). The clearly defined goals and objectives by the management would help the company to enhance the skills and knowledge of its employees, which leads to the production of quality goods and services to the company that help to attract more customers and hence more revenues.
Reward and Recognition System
Most companies and businesses neglect the vital role of recognizing and rewarding their employees. The neglect of rewards and recognition in the company leads to the failure of many businesses and companies due to the inability to motivate and encourage employees to work towards achieving the organizational goals more efficiently and effectively. Rewarding and recognizing employees help encourage them and go beyond the higher limit to work towards the organization’s benefit.
This reward and recognition process works effectively in the organization that employs tracking employee feedback. ABC Company needs to employ this mechanism to help track the overall performance of the employees and then reward and recognize them at a specific period to encourage development and motivation for other employees. Performance management systems should initiate this process to help identify employees that go above and beyond for the company. With continuous performance management, the management can identify efforts and activities of the employees that are worth rewarding and recognizing. For instance, product A is projected to decrease the number of employees from 55,000 to 40,000. Could this approach obtain the targeted revenues? Rewarding and recognition would motivate and encourage the workers available in the company hence meeting its target.
Regular Performance Feedback and Coaching
Performance feedback and coaching in the organization help reinforce the organization’s goals. Effective coaching in the organization helps to build employees’ strength and skills, provides encouragement and increases their confidence. Regular performance feedback and coaching for the ABC Company would encourage employees and investors on the decision to perform their work hence increasing customers in the company.
For instance, feedback and coaching would minimize the risk of employees on the product-making, which leads to quality products and services. For example, product C of the ABC Company needs frequent coaching because it contributes many revenues to the employees and hence needs professionals and experts for new skills and knowledge. For instance, product C costs the company $600,000 in revenue for each employee annually.
Training and development opportunities
Providing training and development opportunities to employees provides a clear insight into the knowledge and skills that their employees ought to have to ensure the success of their organization. Training and development programs for both employees and investors help to educate the employees on the skills and knowledge cognizant that enable the efficient and effective running of the organization.
Managers should encourage initiatives that enable the growth of ABC Company. For instance, initiating leadership skills in product A needs to be uplifted in the company to facilitate the work effectiveness that will increase the company’s revenues. The anticipated 35% work effectiveness in product A can be enhanced through better training and opportunities programs for employees and employers. To ensure growth, the performance management system should also employ equal chances for all employees without disparity. For instance, the employer of both Product A and B should receive equal opportunities of bonuses, raises and promotions to encourage working hard towards achieving the organization’s goals.
Continuous performance monitoring and evaluation
Monitoring and evaluation is a continuous management function that enhances the assessment of the company’s progress to achieve certain results. Monitoring and evaluation allow the company to analyze the spot bottlenecks in the implementation and identify the unintended effects of the investment plan or program. Performance monitoring and evaluation provide a result-based management (RBM) approach that helps make informed decisions by employees and investors essential for explicit goals.ABC Company should initiate each employee’s monitoring and evaluation approach to help reward and recognize them in an organization. Monitoring and evaluation is also a holistic approach because it encourages and motivates workers to achieve the organization’s goals.
Conclusion
The implementation of positive strategies in the companies leads to growth. Clearly defined goals and objectives help to provide clear insight into the organizational goals. Rewarding and recognition through gifts, promotions and bonuses encourages and motivates employees and investors to work towards their plan. ABC Company also need to implement training and development opportunities that increase the company’s morale. Organizational performance can be viewed through monitoring and performance. Collaboration of the managers, employees and investors in the ABC Company has led to progress. The continued support through strategy by the management and other stakeholders would increase the company’s performance rate and revenues.
Work Cited
Dos Santos Sousa, Pedro Miguel. “Strategy and Operations Playbook for a new Tech Campus.” (2023).
https://repositorio-aberto.up.pt/bitstream/10216/148249/3/613140.1.pdf
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