Performance Management

Published: 2021-09-10 14:45:12
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Category: Business

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Performance Management

All high-performance organizations must be interested in developing and utilizing effective performance management systems; since it is only way that they can remain high-performance organizations. As today's business environment challenges organizations to adapt to constant change, the need for organizations to be sure that their projects and activities are aligned with their strategic goals and business objectives is critical. Performance management is the gauge that lets management know whether or not they are reaching strategic goals and which areas need improvement. Performance management spans across various management functions and helps ensure that the people, processes and technology are working together to achieve an organization's missions and goals.

Performance Management
Performance management is a process in which an organizations involve their employees in improving organizational effectiveness through the accomplishment of mission and goals. It directs the business function by justifying budgetary expenditures, documenting progress towards established objectives, identifying areas of both strength and weakness, providing an on-going assessment of the current organizational climate, and driving business improvement. Employee performance management includes: planning work and setting expectations, continually monitoring performance, periodically rating performance and rewarding good performance.

Types of Performance Management Plans
The most prominent types of performance management plans are strategic and administrative plans. Plans established at organizational levels are called Strategic Plans. Whereas, the plans established for a department or area of the firm are said to be administrative plans.

Strategic planning is concerned with long range planning. It also often involves plans which relate to how the firm reacts to the outside environment such as the local business community, the economy, and other external influences. Strategic planning also focuses on where the firm sees itself in the future.
Administrative plans relate to the internal need and pressures of the firm. Administrative plans are most concerned with the organization of a firm's resources; how they are obtained, what they will be used for, and how they will be used. These plans are critical to any firm, as they seek to show how the firm will go about doing what it needs to do.

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