Performance And Reward Management Commerce Essay

Per ca-caance And Reward Management Commerce EssayPerformance trouble gist measuring criteria for organisational progress serviceing to accomplish their set place and goals by taking suitable actions for the improvement of the friendship. Performance precaution system aims to achieve the drawing tar waste ones timeEnabling each employee to know what is actually been ask and what should be his role in achieving those targets.It helps to maintain an honest relationship between the employees.Enabling each various(prenominal) employee to feel motivate at work and make him know roughly his valued piece in the project.Enabling organization to retaliate the employees for his exceptional contribution to the company.Performance management system is being designed to successfully achieve the set objective as well as it also focus on helping the employees to understand what is being compulsioned from them and how they could deliver it to the company.Three components of surgery man agement systemInitially setting up the involve aim which is compulsory to be target and making the employees to clearly know what should be their contribution towards achieving the required target.Distinguishing between the areas where the surgical operation is strong and the area where there is a need for improvement therefore suggesting ways to improve the service deli truly action.Rewarding the employee with the best performance outcome.Relation between motivation and performance management want refers to strengthening of internal activities which drives or boost the performance of man. There is a direct relationship between performances to motivation if an employee is highly motivated then he/she is expected to perform better at job. Theories suggesting the following implementations areReinforcement theory of motivation this theory describes the effect of present appearance onto its future consequences, focalisation on changing the employee behavior according to the surr ounding situation through and through four types of operational conditioningPositive supportMotivating employees by the means by increasing wages, fully grown him bonus or either promoting him, all this reinforcement is being provided as a reward to the employee to repeat the desired behavior adapted by the employee at the workforce.Negative reinforcementStrengthening the employee behavior and raise it up the baseline attempt like avoidance or ignorance if the employee is non been working(a) as he/she should be working.ExtinctionIt is like not providing the employee neither with the positive reinforcement and nor with the negative reinforcement, if an employee is working then also he is not getting a thanks or a reward for his work.PunishmentIt is for decreasing the continuity of behavior which the employee is being following at the workplace.The reinforcement theory on the management sideManagers should be informing the employee about the things which they are doing wrong and sh ouldnt be repeated spot directing them to the way which could help them to receive positive reinforcement.Managers should also understand it is strategic to reward employees for their performance because if the deserving candidate is not getting the reward then he/she may not be do to the level previously used to.Equity theory of motivation supposing two employees worked equally at office but an employee A gets 20% percent increment small-arm employee B gets 10 percent increment. Employee B is pleased with his performance because where other employees are getting only 6 % increment he got 10% but while comparing to A he will be rather disappointed therefore people correspond their reward to the ratio of the reward what the other soul is getting to the input applied.Therefore in such a case managers must be very careful while they are rewarding and provide each employee with a specified target to motivate them and even this removes the indifference attitude within the employe es about others. (analytictech website)Four factors that need to be considered when managing performanceIt is very crucial to check up on employees performance level which includes their behavior they should be exhibiting in the company.Factors that are needed to shoot for in consideration when managing performance arePlanningIt means setting up the performance goal and expectation which is required to be followed by the employees in line to achieve the set target, involving employees in the planning action to make them understand what the organization is targeting and what should be their contribution in the achieving the target.MonitoringProjects and assignment are monitored continuously for consistently measuring the performance and then giving them with feedback about their actions which is needed by them to follow for achieving the target, this regularly checking method helps to meet the determined example as pert the organization requirement.DevelopingDeveloping in the term s means increasing the performance capacity through giving them assignment, regular grooming session which helps the employees to introduce new skills and perform well.RewardingRewarding employees for their talent and contribution to the company procedure result in better effect on to the company performance. (US office for mortalnel management )The relationship between performance management and rewardTwo purposes of reward within a performance management systemIn any organization the main purpose behind rewarding employees is to motivate them, retaining them to the company and reducing the turnover costing. Employees are the most important valuable possession of the company and it is very important to continuously encourage them for their contribution to the organization. These reward systems are mainly been introduced into the companys environment to give a cognition and encouragement to the committed employee of the company for his extraordinary performance in the company by this Staffs understand what they are expected to do.Contribute to effective performance and reward management in the workplaceComponents of a total reward systemRewarding system is being used as a tool by company owners to attract the talent they have been looking for their company and to retain the talent with company and from seeing the employees perspective rewards are the payback for their commitment and inscription towards the company.Components of rewarding system areIndividual growthIt includes with investing in people, learning opportunities through training programs and career opportunities through new job openings, promoting or handling oversees assignment project.Compelling futureIt is very critical component of the rewarding system including companys growth and success, its reputation and image in the market and in front of the employees, stakeholders, companys vision and values.Positive workplaceThis category includes leadership, commitment and thrust towards the compa ny, working attitude towards his colleges and outside people, his communication inside the company and involvement of the employee. issue forth payThis category includes the performance criteria, recognizing the employee talent and giving him base pay, variable pay according to his work, providing the employee with additional benefits and pay for his performance in the company. This recognition gives a special entity of the employee in front of his colleges for his actions and performance in the task given to him. (schuster zingheim , 2012)Sources of data (1 of which should be external to the organisation) required by individuals involved in performance and reward management processes.Gathering performance information through quantity or sources helps to ensures that the objective is in line with the ongoing employees behavior and company is performing well. Types of information included are employees call record, sales report or the project deadline report while important informati on sources include getting feedback through others, privately observing the employee, and reviews on the employees. Getting data from feedback process involves with asking all the subordinate employees, manager about the employee any specified skill and while comparing that data to the final report submitted and based upon that judging the performance and rewarding process.Other data sources which are helpful in determining the performance chart are past performance report, what are the current objectives of the organization and a standard documentation relating to the career goal.To be able to conduct and glint upon a performance review and How to support good practice in performance and reward managementFrequency, purpose and process of performance reviewsConsidering performance management review system for an oil spill company, there is an annual cycle system which combines together with the budgeting process and business planning process. It is a three format process beginnin g annually in the month of January and remainder in the same over a year cycle.Stage oneIt is the initial frame starting in the month if January consisting of planning of work agreement, setting up occupational standard, meeting to the required competencies and assigning of the personal development planning in line with the organizational aim.Stage twoThis second phase is being carried out throughout the financial year going in a form of regular ongoing process aiming at keeping the information and work agreement data up to date according to the changing environment in which the company is being operating. Regular meetings are put up to discuss on the progress setup of the company.Stage threeAt the year ending each individual performance is being reviewed, judging their performance level and comparing the performance to the required level of performance needed for the task to get complete.Once the year get started it is mandatory to run all the three stages serially.Appropriate in terviewing skills in order to gauge performanceAn interview describes the employees intake to the company which can also be taken as a place to measure the performance level of the employee whom the company is planning to take in. Here are some of the questions which demonstrate the performance level of the employeewhat skills and special characteristics are up planning to bring in with the jobDescribe what are your duties and responsibility while performing a task at workforce.from previous event describe your creative workdescribe situation which describes you can work in a teamdescribe what would be your action in time going through intense pressure and stressAre you prepared to make personal sacrifice for the sake of work related purpose.Effective use of feedbackTimely and effective feedback managing system is essential and an important aspect for guarantying successful performance management, giving employees with proper feedback helps to improve their performance level and to timely correct themselves whenever they are falling apart from the required target, feedback helps to motivate them in the right sense to follow the proper path.SMART objectives for developmental purposesFollowing specific objectives are set to determine developmentSpecifically or exactly illustrating what specific action needed to be followed.Measuring the performance to evaluate are the activities going in line with the determined objective.The set objective must be achievable with the required resources.Relating whether the set objective target is required to get the desired goal.Setting the time limit in which the given objective must be accomplished.Notes on the covered pointTalking of my job in my day to day activity I am not dealing with performance management review but I found the task to be very challenging and a good performance review can change the company working and uplift its standard but there is only one requirement employee has to put his full effort.To conduct pe rformance review I have do many researches regarding the subject and regarding this I have learned in the process that for a good performance review it is very important to know the person efforts which he is putting for the development of the company and being supportive, honest and reward person for his achievement helps to bring out what is best from him and if after that also person is not putting his effort than if providing positive feedback to them gives a motivational sound to them and even they can perform well, from the above experience I can remark performance management is not only for the past but it is for the future wellbeing of the company.