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Reward And Performance Essay

3674 words - 15 pages

PERFORMANCE MANAGEMENT TECHNIQUE
REWARDS AND PERFORMANCE MANAGEMENT

7/5/2013
BLUESTAR LTD
Arun Paul Jerine F11069


Contents
INTRODUCTION 2
PERFORMANCE MANAGEMENT 3
PURPOSE OF PERFORMANCE MANAGEMENT SYSTEM 4
BLUESTAR’S PERFORMANCE MANAGEMENT SYSTEM 5
360-DEGREE FEEDBACK PERFORMANCE MANAGEMENT SYSTEM 6
Key Inferences 8
Steps in the Implementation Process 8
Important aspects of 360 degree method in Blue Star Ltd: 9
MANAGEMENT BY OBJECTIVES 10
Definitions of Management by Objectives MBO 10
Features of Management by Objectives MBO:- 11
Steps In Management By Objectives 11
Advantages of Management by Objectives MBO 13
Limitations of Management by Objectives MBO 14
...view middle of the document...

It is a process which contributes to the effective management of individuals and teams in order to achieve improved levels of individual and organisational performance and its development. Performance management is all about establishing a culture where individuals and teams take responsibility for continuous improvement of service delivery and of their own skills, behaviour and contributions. It is therefore a complete strategic process, long term in nature, aimed at the development of an appropriate culture linking people management, service issues and long term goals. It is not a once off quick fix process as it is a long term one.

Performance management can be also defined as the process of “identifying the objectives, measuring them, managing, and developing the performance of the human resources in a company”. The criticisms are given and a choice is made about training the employee, transferring, promoting to higher levels, demoting or terminating the contract of an individual. Performance management has the potential to improve the performance of the organization and act as a lever to achieve cultural change in the organization. Thus a focus on performance can bring rewards for the organization. And it impacts organization success, individual careers and a manager’s reason for his existence. A successful performance management system is all about being clear about the performance .It is highly important that the organization must understand that it must be in its performance culture. The system should be focused on how individual employees will benefit and play their part in the process.

PURPOSE OF PERFORMANCE MANAGEMENT SYSTEM

Feedback Mechanisms:
These performance measures provide feedback to the employees serving to them as vehicles for personal and career development.
Documentation Concern:
The main purpose of this concern is to keep a clear and crisp document support for the entire performance management process that happens. The Documentation helps the organization in supporting its legal aspects.
Development Concern:
It helps the organization to find out where the employee needs development and in turn on which department it could help the organization.
Identifying the organizational needs:
The organizations needs to identify the problems and make use of the system to design their training needs etc.
Employment Decisions
Promotions and Demotions can be made based on the performance management systems.

BLUESTAR’S PERFORMANCE MANAGEMENT SYSTEM

Blue Star is one of the India's largest central air-conditioning companies with an annual turnover of Rs 2300 crores, a linkage of 24 offices, 5 modern manufacturing facilities, 650 brokers and around 2600 employees. Blue Star fulfils the air-conditioning needs of a large number of corporate and commercial customers and has also established leadership in the field of commercial refrigeration equipment ranging from water coolers to cold...

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