Performance Management
Introduction:
In modern business world, any organization can strategically use; pay, compensation, benefits and other rewards as effective performance management instruments to increase operational efficiency and enhance performance. It is very important for the organisation to attract, motivate and retain the best people who will be a key influence on its future success. Furthermore, in recent times, most members of the community believe that skilled people are an essential part of sustaining an organization's long-term competitive advantage. So, successful pay, rewards, compensation and benefits strategies are the main components that can ensure people are paid equitably, recognise and reward excellent performance, and aid the attraction and retention of top-quality staff. For this strategy, an organisation's performance management system should be designed to link employee performance outcomes and expectations to its goals, improve productivity, emphasize the employee's role in the process, recognise employee development needs, require meaningful communication between a supervisor and employee and recognise accomplishments.
In fact, people also vary in their expectations of what contributions they deem important. Much loyalty is expected of some groups, little of others. Although most people in organisations work in similar conditions, some work in such different circumstances that these are seen as an important part of the employment exchange. When these differences in jobs and their serving become great enough, organisations respond by specialising the concept of pay, compensation, and reward decisions for the group involved.
In Airbus UK, the principle of performance pay had long been argued over, and resisted by the unions. But a partnership approach to the issue, whereby unions and management work together to resolve organizational problems, and the work of a joint management-union project team has breached the principle, and resulted in new
In modern business world, any organization can strategically use; pay, compensation, benefits and other rewards as effective performance management instruments to increase operational efficiency and enhance performance. It is very important for the organisation to attract, motivate and retain the best people who will be a key influence on its future success. Furthermore, in recent times, most members of the community believe that skilled people are an essential part of sustaining an organization's long-term competitive advantage. So, successful pay, rewards, compensation and benefits strategies are the main components that can ensure people are paid equitably, recognise and reward excellent performance, and aid the attraction and retention of top-quality staff. For this strategy, an organisation's performance management system should be designed to link employee performance outcomes and expectations to its goals, improve productivity, emphasize the employee's role in the process, recognise employee development needs, require meaningful communication between a supervisor and employee and recognise accomplishments.
In fact, people also vary in their expectations of what contributions they deem important. Much loyalty is expected of some groups, little of others. Although most people in organisations work in similar conditions, some work in such different circumstances that these are seen as an important part of the employment exchange. When these differences in jobs and their serving become great enough, organisations respond by specialising the concept of pay, compensation, and reward decisions for the group involved.
In Airbus UK, the principle of performance pay had long been argued over, and resisted by the unions. But a partnership approach to the issue, whereby unions and management work together to resolve organizational problems, and the work of a joint management-union project team has breached the principle, and resulted in new