Assignment Sample UMPCXL-15-M Performance Management
Introduction
Performance management can be defined as the continuous communication process between the official heads and the workers (JAYAKRISHNAN et al. 2018).http://UMPCXL-15-M Performance Management This helps the organization in the accomplishment of its goals. Performance management helps to improve the productivity and efficiency of the employees.
Every organization all over the world uses this strategy to increase its competitive nature in the potential market. Communication helps the employees to mitigate risks and resolve doubts and hence improves their productivity level. There are various policies of performance management that can help the business organization to achieve its objectives. In this study, an American company named General Electric has been chosen. The topics chosen for this essay are Performance appraisal through feedback and performance-related reward.
Discussion
Overview of the company
General Electric is n American company that has various segments like health care, aviation, renewable energy, finance, manufacturing, and many others. It helps to provide innovative solutions for the people and for the environment. It also tries to improve the sustainability of people through its creative and innovative solutions.
It believes that the only way to enhance employee productivity is to support the employees and provide proper enthusiasm so that they can extend their support for the organization. Employee satisfaction is the key to a successful business organization (Kawiana et al. 2018).http://UMPCXL-15-M Performance Management
The problem faced by the company
Benefits of reward system identified by the company
There are various ways to improve the motivation of the employees. Reward systems are very essential and help the employees to increase their performance levels. The reward system helps to boost the work culture of the organization. It increases employee engagement and increases their loyalty toward other team members (Martono et al. 2018).http://UMPCXL-15-M Performance Management
This also facilitates proper team collaboration and engagement which empowers the employees to fulfill their goals and visions. Excellent work culture can increase the brand reputation and awareness of the company. It further removes the pressure of employee turnover and provides continuous growth for business organizations.
Problems faced by not adopting performance-related reward
In previous years, General Electric never stressed providing rewards to employees. In the national new challenges, there were often comments regarding the improper management practices that were persistent in General Electric. It reduced the reputation of the business organizations. On the other hand, the workers were not appraised by the managers no matter how hard the employees performed.
This led to decreased employee satisfaction. Improper management can decrease the enthusiasm and job performance levels of the employees. In all the sectors of General Electric, there was an increase in the level of job dissatisfaction which was very dangerous. Job dissatisfaction can increase the turnover of employees (Sarker and Ashrafi, 2018).http://UMPCXL-15-M Performance Management As a result of a negative culture, the number of workers in the organization decreased considerably. This hampered the performance of the company.
It was noted that the company dropped its productivity levels from the years of establishment which posed threats to the sustainability of the firm. The employees were not treated well by the managers. This decreased their enthusiasm for the work and increased work errors (Wise, 2020).http://UMPCXL-15-M Performance Management Improper management of the employee can increase work errors and it affects the performance of a business organization. The employees were also not loyal to the firm’s objectives; there were also improper team collaborations, improper communication, and many other factors. The workers did not have a proper relationship with other co-workers.
Negative work culture reduces the loyalty of the employees, increases their work errors, and increases unhealthy competition, and so on (Sarker and Ashrafi, 2018).http://UMPCXL-15-M Performance Management Most of the employees in the organization was not focused on their job roles and did not have a proper understanding of the mission and vision of the firm.
All these factors are the potential to increase the overhead costs and decrease the profit and revenue of the company. General Electric also reduced its profit margin and as a result, there was a decreased amount of cash flow within the business organization.
Benefits of feedback system identified by the company
As stated by Bose and Emirates (2018), feedback is very important to improve the performance of employees. Feedback also facilitates the workers to know about their weaknesses and strengths. Understanding this can facilitate them to improve their weakness and increase their performance rate to accomplish certain goals.
General Electric recognized that feedback can help the employees to estimate their performance level and improve their performance. This system helps to improve the culture of the organization and the confidence of people. This also facilitates proper learning and development for the employees. The HR department of General Electric introduced a system of ranking the employees on the basis of their performance so that they are able to improve their efficiency.
The problem faced by the company on performance appraisal, including feedback
The General Electric managers understood that the traditional process of work culture is unsuitable in the present competitive market. Degraded management systems had increased the internal conflicts among the employees. Internal conflicts are very dangerous as it increases errors in work.
Furthermore, the employees of General Electric were not enthusiastic to improve their work performance as there were no appraisal systems in the organization (Wise, 2020).http://UMPCXL-15-M Performance Management All these factors reduced the competitive advantage of the company in the market. It reduced their prestige, brand awareness, and reputation terribly.
This decreased reputation did not allow the company to hire talented employees which immensely affected the productivity of work.
Toxic work culture is very dangerous as it creates problems for employee retention. On the other hand, as said by Malik et al. (2019), improper work culture forces employees to choose an alternative option for their careers
. Feedbacks are necessary for the continuous development of the employees. Without continuous development, the employees face challenges to develop their careers. Career development is very necessary for the employees as it helps them to acquire a better job position and financial stability. Financial stability is essential for increasing the satisfaction of the employees.
At General Electric the employees felt that the managers and the company did not care about their efforts (Wise, 2020). http://UMPCXL-15-M Performance ManagementThis factor decreased the amount of work output and created chaos in the work culture of the company. This increased their problems regarding human resource management and many others. The employees were unable to clear their doubts regarding the work.
An improper amount of communication was the main factor behind this. There was an excessive level of stress and anxiety among the employees regarding work. All the departments of General Electric faced this problem which reduced their prestige in a terrible manner.
Contrary to this, as said by Molaro (2019), meetings need to be arranged on a regular basis so that the staff can communicate with the authorities regarding their problems. The firm had no communication with the employees nor was it interesting to know their problems. This increases the dissatisfaction of the employees and as a result, increases turnover.
General Electric faced various problems as retention of staff can pose a threat to the reputation of the company (Wise, 2020).http://UMPCXL-15-M Performance Management Moreover, the company estimated that the competitors have gained enough benefits due to these factors.
The form had excellent solutions for the environment as well as the people. Renewable energy sources are very beneficial for the sustainability of the environment.
This form provided innovative solutions regarding finance, health, energy, and many more which had the potential to reduce the complexity of the problems faced in the present moment (Wise, 2020).http://UMPCXL-15-M Performance Management There were great demands for the facilities and services of General Electric in the market.
Hence, the firm identified that improving management is required for increasing the market share, competitive advantage, and revenue of the business.
Recommendations for the company
Recommendation on the basis of rewards on the basis of performance
Track performance
General Electric needs to monitor the performance of the employees on the basis of work performed by them. This can help to provide a clear understanding regarding the efforts put in by the employees to improve their performance. The system needs to be completely biased so that every employee feels that the organization cares for their efforts. This can help to increase trust and improve their engagement (Dilz and Rangatlathan, 2017).http://UMPCXL-15-M Performance Management
Reward best teams
These kinds of rewards can help the company to boost its performance and communication. Communication is very essential for reducing work errors. It can help the employees to increase their engagement with other team members. It would facilitate them to increase their dependency and loyalty on other team timbers. This can help them to increase their work efficiency and boost their enthusiasm to produce the best work for the benefit of the company.
Rewards for best behaviors
The managers and leaders of the company need to reward the employees on the basis of the best ethics and code of conduct. This can help the employees to improve their behavior in the office. This can facilitate the firm to have an excellent work culture which can improve the concentration and performance level of the employees (Gul, 2019).http://UMPCXL-15-M Performance Management, On the other hand, rewarding the best behavior can encourage other employees to improve their ethics which can, in turn, build excellent relationships between the workers and official heads.
Training for the managers, employees, and leaders
Training is the best option for the health of which one can enhance their skills and knowledge. Training facilitates the employees to enhance their performance level; and risk mitigation techniques (Cohen, 2017).http://UMPCXL-15-M Performance Management On the other hand, training provides leaders and managers with the most innovative policies for employee engagement, collaboration, reward systems, communication, maintaining ethics, and many others.
Recommendation on the basis of performance appraisal on the basis of feedback
Use tools and technologies
Improvement of technology helps business organizations to adopt software that can help to rank the performance of the employees.
These tools provide proper records and help to improve the performance level of the employees. It also helps the managers and the leaders to construct policies to understand the requirements of the employees. These tools are Reward Gateway, Weekdone, and many more.
Establish weekly meetings
Meetings are very beneficial for both the employees and the official heads of the business. Weekly meetings can increase communication between managers, leaders, and employees. This facilitates the employees to relate their problems faced during work. Furthermore, the managers can appraise the workers on a weekly basis regarding their performance.
This appraisal helps to motivate the employees and increase their performance levels. Negative feedback is also essential for these employees as it helps them to improve their knowledge and skills regarding work (Gul, 2019).http://UMPCXL-15-M Performance Management This facilitates continuous career development and provides job satisfaction.
Enhance the channels of feedback
General Electric needs to provide feedback to the employees through applications, weak assessments, leaders, and many more channels. Feedbacks need to be provided regarding the work, ethics, and behaviors of the workers.
This can help to improve the performance and work culture of the company. Providing feedback through all these channels can enhance their level of satisfaction and mitigate the issue of employee turnover. Increased communication can also help to reduce the excess stress and anxiety at work.
The proper environment in order to support feedback
The managers in the company need to assure that a perfect environment is present. This can help the workers to improve their performance on the basis of feedback.
Excellent work culture can help the employee to support each other so that they can improve themselves by utilizing the feedback (Van Hoye et al. 2018).http://UMPCXL-15-M Performance Management Negative culture can result in mocking other employees on the basis of their performance which can reduce their enthusiasm.
Conclusion
There are several performance management procedures that can be adopted by the business organization. The managers of the organization need to analyze the situation of the firm in order to implement policies for improvement. Performance management is very essential in the present scenario for improving organizational performance.
It ensures a healthy culture and work environment which can improve the revenue in the market. It also facilitates the hiring of the best talents to boost the efficiency of the business organization. The above-mentioned policies can help General Electric to improve its competitive advantage in the market and establish its brand loyalty.
References
Bose, I. and Emirates, U.A., 2018. Employee empowerment and employee performance: An empirical study on selected banks in UAE. Journal of Applied Management and Investments, 7(2), pp.71-82.
Cohen, E., 2017. Employee training and development (pp. 153-162). Routledge.
Dilz, D. and Rangatlathan, J., 2017. Measuring up: Toward a common framework for tracking corporate environmental performance (pp. 209-245). Routledge.
Gul, M.A., 2019. SELF-DETERMINATION THEORY IN THE CONTEXT OF REWARDS MANAGEMENT: REVIEW SECTION.
JAYAKRISHNAN, M.A., MOHAMAD, A.K.B. and YUSOF, M.B.M., 2018. THE HOLISTIC VIEW OF BUSINESS INTELLIGENCE (BI) AND BIG DATA ANALYTICS (BDA) TOWARDS DESIGNING STRATEGIC PERFORMANCE MANAGEMENT FRAMEWORK: A CASE STUDY. Journal of Theoretical & Applied Information Technology, 96(7).
Kawiana, I.G.P., Dewi, L.K.C., Martini, L.K.B. and Suardana, I.B.R., 2018. The influence of organizational culture, employee satisfaction, personality, and organizational commitment towards employee performance. International research journal of management, IT and social sciences, 5(3), pp.35-45.
Malik, M.S., Sattar, S., Younas, S. and Nawaz, M.K., 2019. The workplace deviance perspective of employee responses to workplace bullying: the moderating effect of toxic leadership and the mediating effect of emotional exhaustion. Review of Integrative Business and Economics Research, 8(1), pp.33-50.
Martono, S., Khoiruddin, M. and Wulansari, N.A., 2018. Remuneration reward management system as a driven factor of employee performance. International Journal of Business & Society, 19.
Molaro, A., 2019. Meetings: A Framework to Improve Effectiveness and Employee Satisfaction. Library Leadership & Management, 33(2).
Sarker, M.A.R. and Ashrafi, D.M., 2018. The relationship between internal marketing and employee job satisfaction: A study from retail shops in Bangladesh. Journal of Business and Retail Management Research, 12(3).
Van Hoye, K., Wijtzes, A.I., Lefevre, J., De Baere, S. and Boen, F., 2018. Year-round effects of a four-week randomized controlled trial using different types of feedback on employees’ physical activity. BMC public health, 18(1), p.492.
Wise, G., 2020. Willis R. Whitney, General Electric and the Origins of US Industrial Research. Plunkett Lake Press.
Appendix
Company background
General electronics was established in the United States of America in the year 1892. The headquarters is in “Boston, Massachusetts” and it is an organization that serves the world.
The company deals: with aircraft materials, health, finance, renewable energy, the digital industry, wind turbines, software, and many more. The income of the company in the year 2020 was 5.230 billion dollars. The company has assets worth more than 253.400 billion dollars. It has more than 2 hundred thousand employees working in the United States and the solutions provided by the company are very effective by society.
