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Human Resources: Performance Management Essay

1562 words - 7 pages

Performance Management

One of the most important resources of any organization is its employees, the human resource. This makes it very important that these resources are properly managed; so that they thrive and grow along with the organization. People stream defines performance management as “A process for establishing a shared workforce understanding about what is to be achieved at an organizational level. It is about aligning the organizational objectives with the employees’ agreed skills, competency requirements, development plans and the delivery of results. The emphasis is on improvement, learning and development in order to achieve the overall business strategy and to create a high ...view middle of the document...

The third indicator that we use is that of the percentage of repeat business. What this indicates is how much revenue are we able to generate from the existing customers. As an example say, currently we are generating revenue of X from all the clients I got this year. In the coming year if I am able to generate a revenue of X-25% then my rating is 3 (this would effectively mean that I have to generate or retain 75% of the business). The rating would be 4 if I achieve revenue of X and the rating would be 5, if the revenue is X+25%. As you can see that all these goals are specific (we need this type of business from these customers), measurable (we need to retain 75% customers, we need to get 3 new customers etc), achievable ( all the figures are a bit tough to achieve but still can be achieved with the right effort), realistic (the targets are not set at very high like 10 new customers or X+200% revenue), timely (The target is a yearly target so it has to be achieved by the end of the year, not a day later. In addition to this, even a training plan is drafted for the improvement and growth of the employees. The learning and development team is then told to arrange for the trainings as per the discussed and agreed upon training plan. This also ensures that the employee increases his/her skills and stays with the organization for a longer time and at the same time makes proper use of his new found expertise.
Performance measuring. After 6 months, the employee and the manager meet again to check on the progress of the goals set. An open discussion happens as to what has been achieved, if it is not on track then why is it so? What can we do to get it on track? Are there any changes that are required due to any unavoidable circumstances? In addition to the other factors even the personal growth and achievement of the employee is discussed in detail. If the manager or the employee feels that more training or mentorship is required the same is arranged for. The plans for acquiring new customers are revisited. If there are some major changes like certain companies black listing the organization, government introducing new laws that do not let certain clients be a profitable proposition. Then these clients are dropped from the list and new clients are added. If the economy has suddenly nosedived then the revenue targets are revised to match with the current scenario. The management also reviews the efforts taken by the employee and accordingly provides suggestions, if any are required to help them improve.
Mentoring and coaching. Almost every potential employee is assigned to one of the senior management members in the organization. These senior management people interact with their mentees on a regular basis and try to help them with their professional and in some cases their personal lives as well. Whatever discussions happen during these sessions between the mentor and the mentee, it is not recorded anywhere. All that information is strictly...

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