Best Practice Performance Management Strategy

Essay

Topic: Having a best practice performance management strategy is key to an organization’s ability to gain a competitive advantage.

An effective human resource strategy is a fundamental aspect on which organization builds its success. Organizations which have adopted performance management as their pivotal strategy work by defining appropriate goals, assessing employees’ performance on established benchmarks and critically evaluating any gaps between the actual and expected performances. Hence, there is always a room for an improvement and they gradually achieve the success which they had envisioned. Performance management not only entails continuous assessment and feedback of employees from their supervisors and managers on their

It is very necessary as the employee’s reaction towards the performance appraisal will govern predominant performance of an organization. (Hartog et al., 2004). Employees can bring improvements in them when they are provided with a relentless and effective feedback. Performance management system also instills creativity among employees. When employees have the goals and a time limit to reach their goals, they think creatively to reach their goals in a shorter time span without compromising on quality. These goals should strictly adhere to overall strategic vision of an organization. Human resource policies and regulations affect employees and it is very necessary to design a performance appraisal system which is unbiased and help the employees to feel that they are wanted and are essential part of an organization. Performance should only be expected from the skilled and trained employee, therefore, it is crucial to choose the right candidate for the right job, as employees can only performs better if they know their job i.e. they possess the required skills to perform that job. (Kinnie et al., 2004). Performance management enhances overall job satisfaction of the employees and induces leadership traits among them. This not only benefits the employees but entire organization. Performance management succors an organization to realize that which employees are high performers and are assets for that organization. In turn, organization do everything to keep that employee associated with it by providing that employee promotions, incentives and authority. Good performance does not depend on a single factor but is a consequence of multiple factors. Besides an employee’s ability to do a job, performance also depends on an employee’s intrinsic motivation and the environment. Training and development,