PERFORMANCE AND REWARD MANAGEMENT

Running head : Performance Management and Reward System

Human Resources Management

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Performance management is the methodology to vigorously utilize the performance related information , which is collected by the appraisals and uses to improve the wellbeing of the business . Performance management includes many actions it more complicated than merely review what employees have done . It includes continuous exchange of ideas between the boss and his employees . They exchange their outlooks and objectives , provide continuous

feedback , discuss guidelines , evaluate performance , talk about future plans . The purpose of the performance management is to provide feedback , as that shows how the employee has done his job . Two way feedback between the boss and the employee leads to an increased level of motivation and more efforts put by the employees . Another aim that performance management serves is that of development of the employee . When an employee has some weakness it can be easily be eradicated by this evaluation process . A firm should have an efficient performance management system to enhance productivity and it should include the documentation of the employee performances , as that is required for legal purposes

The rating method and the goal setting method are some of the ways of measuring the performance criteria . The rating method uses information from behavior and trait basis , the employees are rated on these precise characteristics such as job knowledge , innovativeness , relation with co workers , quality of work etc . While the goal setting method emphasizes on the achievements of objectives , in this method goals are set at the beginning by the employee and the boss . Performance is evaluated on the basis of how far these objectives have been accomplished

Behavior based measures are better evaluators of performance then the trait based ones . Traits that are liked with good performance sometimes fail to provide desired results . Hence behavior based measures should be used to review performance . For instance , how a person deals with his coworker or how efficient a person is to complete his work on time is more reliable for evaluation purpose rather than if the person has traits of good interpersonal skills and conspicuousness

Ongoing feedback has become a necessity in the dynamic organizations that we now have . As feedback on a yearly , semiannually or quarterly basis provides delayed feedback and is insufficient in the present era Continuous feedback gives employees multiple chances to discuss the negative aspects of the employee 's performance and the weaknesses that exist . As the employees are evaluated regularly there is less chance for the employees to make such major blunders as they are corrected by the supervisors on a timely basis . Such efficient evaluations enable the organization to move towards the road to prosperity and be ahead of tits competitors . The feedback should be on a two way basis so not only do supervisors evaluate the performance of the employees but the employees should also be given a chance to comment about their supervisors...