HRM 561 Week 4
To: Traci Goldman
From:
Date: July 20, 2015
Week 4 - Large Company Summary
Re: PERFORMANCE MANAGEMENT
Hello Traci, I will be putting together some recommendations based on the current business strategy to increase performance. I will be choosing different topics that will produce a successful performance plan that the large corporation can identify areas for improvement and areas of expertise. I understand that Bollman Hotels is projecting to retain its 15% net revenue for the first year of operations in India and will be growing its employment rate by 20%. It is imperative to come up with a strategy to maximize performance and try to minimize the 5% turnover rate. In order to achieve these numbers I will need to look at the topics listed to define the organizations overall performance plan.
1. Alignment of the performance management framework to the organizational business strategy is crucial to the performance plans success. Performance appraisals play an important role in the overall objective that will be reviewed with various methods. Performance appraisals serve as a tool to guide employees to attain their overall standards by helping them realize their full potential as well as provides information to all employees and managers to be able to be successful in the decision making process. Appraisals provide reasoning’s for employees to be place in a different path or career, rather than providing them with more training, promotions, and or deciphering termination. This allows plenty of feedback to all employees for developmental purposes, as well as aids in finding organizational problems or hiccups internally that need to be addressed. By utilizing the management by objective (MBO) process establishes objectives that employees need to accomplish their day to day job functions and agreeable standards by both management and staff. By creating self-evaluations and customer evaluations will aid in this process. Supervisors’ who are most familiar with the
From:
Date: July 20, 2015
Week 4 - Large Company Summary
Re: PERFORMANCE MANAGEMENT
Hello Traci, I will be putting together some recommendations based on the current business strategy to increase performance. I will be choosing different topics that will produce a successful performance plan that the large corporation can identify areas for improvement and areas of expertise. I understand that Bollman Hotels is projecting to retain its 15% net revenue for the first year of operations in India and will be growing its employment rate by 20%. It is imperative to come up with a strategy to maximize performance and try to minimize the 5% turnover rate. In order to achieve these numbers I will need to look at the topics listed to define the organizations overall performance plan.
1. Alignment of the performance management framework to the organizational business strategy is crucial to the performance plans success. Performance appraisals play an important role in the overall objective that will be reviewed with various methods. Performance appraisals serve as a tool to guide employees to attain their overall standards by helping them realize their full potential as well as provides information to all employees and managers to be able to be successful in the decision making process. Appraisals provide reasoning’s for employees to be place in a different path or career, rather than providing them with more training, promotions, and or deciphering termination. This allows plenty of feedback to all employees for developmental purposes, as well as aids in finding organizational problems or hiccups internally that need to be addressed. By utilizing the management by objective (MBO) process establishes objectives that employees need to accomplish their day to day job functions and agreeable standards by both management and staff. By creating self-evaluations and customer evaluations will aid in this process. Supervisors’ who are most familiar with the
References: Cascio, W.F. (2013). Managing Human Resources. New York, NY. The McGraw Hills Company, Inc.. Heathfield, S. (2014). 360 Degree Feedback: The Good, The Bad, and The Ugly. Retrieved from: http://humanresources.about.com/od/360feedback/a/360feedback.htm.