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Performance Management and Compensation
There is a strong relationship between performance management and compensation because of important link between performance and rewards. Performance management provides key information for compensation planning on the basis of performance assessment outcome. Decisions related to compensation and rewards are likely to be logical in the presence of performance management system within the organization. Performance management and compensation both are important functions of human resource management that are used to improve motivation and productivity of the employees .
Along with this our assignment help experts says that, compensation decisions are mainly based on the outcomes of performance appraisal process that is also a part of performance management system. Both are important elements of performance based pay system that is used by the modern firms to motivate their workforce for better performance with higher productivity. Additionally, the presence of sound performance management system within the organization rewards better performers with increased compensation and promotions. It indicates that how performance management and compensation are closely related due to dependence of compensation decisions on the outcomes of performance management proces.
Critical Factors for Successful Implementation
There are various factors that must be considered by the management when implement performance management system within the organization to ensure success and effectiveness. Some of them are as follow:
Enthusiasm and Commitment: Enthusiasm and commitment of top leadership in terms of active support is one of the most important factors for the successful implementation of performance management within an organization. Before implementation, it is important to consider that top management is actively committed towards the successful implementation of performance management or not.
Skilled Staff: Knowledge and skills level of existing staff is also critical for the successful implementation and sustainability of performance management within an organization. So, it is important for the firm to consider that the selected staff for execution process has required skills, knowledge and experience or not.
Flexibility and Simplicity: It is also essential to consider that the proposed performance management system has the flexibility to adopt changes or not. Along with this, the successful execution also requires that performance management process should be clear and simple.
Strategic Alignment with Other Management Systems: During the implementation, it is also important to consider that performance management process is linked or aligned with organizational strategies, internal support system, reward structure, organizational culture and policies.
Along with these factors, there are some other factors such as organizational culture, training and learning programs, change management process, audit data sources, and clearly defining organization direction etc. that are crucial for the successful execution of performance management system within the organization.
Get Performance Management Assignment help and business assignment help services from assignmenthelpexperts.com
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Performance Management and Compensation
There is a strong relationship between performance management and compensation because of important link between performance and rewards. Performance management provides key information for compensation planning on the basis of performance assessment outcome. Decisions related to compensation and rewards are likely to be logical in the presence of performance management system within the organization. Performance management and compensation both are important functions of human resource management that are used to improve motivation and productivity of the employees .
Along with this our assignment help experts says that, compensation decisions are mainly based on the outcomes of performance appraisal process that is also a part of performance management system. Both are important elements of performance based pay system that is used by the modern firms to motivate their workforce for better performance with higher productivity. Additionally, the presence of sound performance management system within the organization rewards better performers with increased compensation and promotions. It indicates that how performance management and compensation are closely related due to dependence of compensation decisions on the outcomes of performance management proces.
Critical Factors for Successful Implementation
There are various factors that must be considered by the management when implement performance management system within the organization to ensure success and effectiveness. Some of them are as follow:
Enthusiasm and Commitment: Enthusiasm and commitment of top leadership in terms of active support is one of the most important factors for the successful implementation of performance management within an organization. Before implementation, it is important to consider that top management is actively committed towards the successful implementation of performance management or not.
Skilled Staff: Knowledge and skills level of existing staff is also critical for the successful implementation and sustainability of performance management within an organization. So, it is important for the firm to consider that the selected staff for execution process has required skills, knowledge and experience or not.
Flexibility and Simplicity: It is also essential to consider that the proposed performance management system has the flexibility to adopt changes or not. Along with this, the successful execution also requires that performance management process should be clear and simple.
Strategic Alignment with Other Management Systems: During the implementation, it is also important to consider that performance management process is linked or aligned with organizational strategies, internal support system, reward structure, organizational culture and policies.
Along with these factors, there are some other factors such as organizational culture, training and learning programs, change management process, audit data sources, and clearly defining organization direction etc. that are crucial for the successful execution of performance management system within the organization.
Get Performance Management Assignment help and business assignment help services from assignmenthelpexperts.com
Get 100% original and complete assignment help services.....
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