Human Resource Management, Performance Management Assignment

Human Resource Management, Performance Management - Assignment ExampleAn efficient reward brass is linked with the system of performance development, which relies on the performance related pay and likewise offers sufficient role in encouraging the performance of teams, groups, and individuals. Variable pay also plays an primal part in boosting performance basically of star performers rather than fixed pay packages. Not galore(postnominal) award practices may take the shape of bonuses, usage sharing, team-based motivation, ESOPs, profit sharing, and also equity-based incentive rewards. 1 An effective management of award system may be advantageous for the performance of employees in many ways. First of all, it will instill an ownership sense amongst all the employees and may also give long-term focus with continual enhancement, lessens service operating costs, highlights teamwork, and reduces the dissatisfaction among employees and ameliorate employee interest in companys finan cial position. Only some organizations award their employees for achieving new skills which may adjoin value to the performance of employees and therefore drive on the process of cross training, job rotation, and self managed work teams. Some organizations also recognize the additional performance by giving recognition rewards and also bulky merit rewards for the employee commitment and achieving long-term advantageous outcomes.2 Performance management is a systematic process through which any organization involves its people as individuals and also as members of group, in enhancing the effectiveness of organization in achievement of the firms goals and mission. The performance of employee management includes consistently monitoring the performance, planning setting and work expectations, developing performance capacity, and also occasionally rating the performance in a summary fashion. It also considers rewards for good performance. In 1955, there were revisions made by the Gover nment for performance appraisal and also for rewards regulations to bolster the sound management principles.