WAMAE MWANGI-090924.
PERFORMANCE AND REWARD MANAGEMENT ASSIGNMENT 1
Question 1
-It helps to boost employee engagement and productivity.
John, a manager at PWL Limited engages his employees regularly in exchange they stay longer
and actively involve themselves in the workplace and produce better results. Improving levels
of employee engagement is key to boosting productivity and maximizing ROI. Performance
management, done well, is a vital tool for having engaged employees.
-It helps to Create Employee Development Strategies.
Anderson a manager at JLO Limited uses the information he collects about the employee’s past
performance and current efforts, and the discussions they have to grow their talent. Use strategies that not only play to employees’ strengths but also reflect the direction the business is
heading.
Having a consistent understanding of your employees’ abilities, an agile platform that allows
you to regularly shift priorities — and focus on new areas of development —produces an environment where your workers are constantly moving in a direction that provides the maximum
possible benefit to your company. By failing to consider the importance of performance management, the employee-business focus can become misaligned, goals can become irrelevant
and employee potential squandered.
-It Allows for the Exchange of Feedback.
Peter an accountant working at XYZ Limited wants and needs feedback regularly. He deserves
to know how he is performing and how he can improve. In addition, he has the opportunity to
give feedback on XYZ Limited company and management. This is the only way company
processes can evolve and become more streamlined.
-It enables setting of effective Goals.
Alex a junior lawyer at ABC Limited has effective goals that are set collaboratively between his
manager and himself. They set SMART (S-Specific, M-Measureable, A-Achievable, R-Realistic, TTime bound) are tracked regularly. Regular meetings should be held in order to discuss goal
progress and what can be done to support the Alex in his work.
- It creates clarification concerning SMART Goals
At TIZ Limited, they use a performance management processes can eliminate ambiguity and
confusion about goal setting. Having regular, future-focused conversations through continuous
review helps to ensure employees are clear on everything they are supposed to be doing and
what is expected of them. Continuous performance management also encourages employees
to be more involved, giving them the autonomy to set goals relevant to them, their strengths
and organizational goals — thus providing employees with added ownership and motivation. All
of this will help them take control of their performance.
The process also ensures management is in touch with the work being delivered and able to
identify when performance is dropping off as a result of lack of job clarity.
QUESTION 2
- Planning and Expectation Setting
Goals must be set. The means by which those goals will be evaluated must also be made clear
and a specific time frame must be outlined and then adhered to. Performance management
success requires clear goal setting.
-Monitoring
This means that your employees will also be able to keep track of their performance at work,
which will give them ownership of their own development; an essential quality to cultivate in
an effective employee.
-Development and Improvement
Once you have monitored your employee for a specific period of time and through a number of
ways, you will need to encourage further improvement and development.
If an employee is on target to meet his or her goals, the performance manager will not stop
there, but encourage ways in which to help the employee exceed and go beyond their indicated
goal. Successful performance management always strives for more and we can help to show
you how to find further ways of stretching the capacity and potential of your employees.
- Periodic Rating
It is important to avoid waiting until judgement day when working on strengthening your
performance management system.
You will have outlined your cut-off point for reaching the goals that you set, but in the interim
period it is essential that you provide some kind of feedback or rating to help your employee
realize whether or not they are on track in terms of meeting that future goal.
Some employees see their development clearer than others. Some employees don’t realize
until the last minute that they are not going to achieve what they have been asked to achieve.
They over estimate their capabilities and do not plan ahead. This is why the successful
performance manager learns to provide periodic ratings in between the setting of the goal and
the evaluation of that target.
- Rewards and Compensation
If you want an employee to continue to achieve and develop, they need to feel recognized and
appreciated; there needs to be some kind of end to encourage the next round of triumphs.
The performance managers have an endless list of ways in which to reward and offer
compensation to your employees when targets are met or even when targets weren’t met, but
your employee did everything possible to try to get things done.