Youth Entrepreneurship Policy Making – A Perspective
Keeping in line with the ILO and UN Organizations focus and emphasis in the area of Youth Entrepreneurship, several countries have begun to work towards designing policy framework for developing Youth Entrepreneurship in the country. Academicians and several agencies have invested into studying and bringing out a lot of data and information defining Youth entrepreneurship […]
Some Tips for Fresh Graduates Entering the Corporate World
Getting a job in these recessionary times is difficult. More so, getting the dream job of yours in a coveted company is even more difficult. Hence, you need to not only hold the job once you get it but also ensure that your performance exceeds expectations of your manager and the organization. First, fresh graduates […]
Competency Based Assessment and Organizational Processes
We have explored quite comprehensively the objective and process of competency based, now we come to the point where it would be interesting to explore how competency based assessment can be linked to organizational process and how it can influence the traditional methods. Let us begin with the starting step of the employee’s life cycle […]
Need and Importance of Employee Retention
Employee Retention refers to the techniques employed by the management to help the employees stay with the organization for a longer period of time. Employee retention strategies go a long way in motivating the employees so that they stick to the organization for the maximum time and contribute effectively. Sincere efforts must be taken to […]
How Using the HR Scorecard Creates Long Term Value for Organizations
Shorter Term Targets and the HR Function Typically, the Human Resources (HR) function is supposed to operate on short-term targets such as the number of people hired for different positions and within the targets set in the short term. For instance, in most manufacturing companies, it is the norm to ask the HR function to […]
Performance management is an integral component of talent management that is aimed at ensuring that organizational goals are being met effectively and efficiently through individual and collective performance. It can thus encompass an individual employee, a department, a team, or even a process to build a service or a product.
Dr. Aubrey Daniels in late 1970’s used this term to describe a science for managing and enhancing both behavior and the results. It is this behavior and results that amounts to the performance of an employee. This is primarily achieved through attitudinal interventions. It was also defined as a strategic and integrated approach to increasing the effectiveness of organizations by improving the performance of the people who work in them and by developing capabilities of teams and individual contributors (Armstrong and Baron - 1998).
Performance management is most often used in professional organizations where the results and behavior of a certain course of actions has financial implications. Otherwise we can use it anywhere we wish to or enhancing people performance like sports, education, NGO’s, anywhere where there is an interaction between people.
Through performance management, organizations aim to align personal goals of employees with organizational goals and increase the overall efficiency, productivity and profitability for the larger benefit of the latter. There is no cap to the number of individuals on which it may be applied. It can be applied to one single individual or the entire department.
Typically the following steps are involved in performance management:
In commitment analysis a job mission statement is made for each job or process which is a job definition in terms of product, scope and purpose. Here the key objectives are outlined and performance standards are set against the same.
Work analysis follows next; this underlines the reporting structure and job description. Finally performance standards and expectations are set against each job or process keeping in view the efficiency and effectiveness both.
Employee performance management is of key benefit to organizations in helping them realize effectively the strategic and operational goals. In organizational behavior lexicon, performance problem is a gap between desired and actual results and performance management seeks to address just the same problem. There the effort is called as performance improvement. The guidelines that determine whether or job is being carried out effectively is based upon factors like whether the work is planned and clear expectations are set, work performance is monitored, staff is trained and developed continuously for a certain job etc.
The benefits of performance management are both financial and non financial in nature. Financial benefits include growth in sales, reduction in costs incurred, organizational alignment with the vision and mission, decrease in lead time.
In addition the workforce is motivated to a greater extent, employee engagement is enhanced, the incentive plans are optimized as per specific target or goal achievement and the importance professional development programs is better understood and made used of in learning and development. The management gains more control over its human capital, a transparency is ensured, work efforts are rewarded befittingly which boosts employee morale.
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