Compensation
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- Date Submitted: 03/19/2015 08:49 PM
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Performance Management Plan
Larry Curry
HRM531
3/16/2015
Virginia McMinn
Performance Management Plan
Over the past few weeks working with Landslide Limousines has been a great pleasure. We have been working to build a solid foundation for the hiring process, as well as developing a compensation and benefits plan that meets the needs of the employees and aligns with the operating goals of the firm. We are at a point now where it is vital to develop a plan for managing the performance and productivity of the work force. In order to effectively implement a performance management plan, management must understand both the technical and interpersonal aspects of the performance management process. The structure of the performance management plan will be major a component of developing employees and encouraging their growth within the company. The goal of this correspondence is to aid the employer in building a performance management plan that takes into consideration the projected business statistics, and addresses all aspects of employee performance and company strategy.
One of the most important aspects of the performance management plan that the company must consider is how the plan aligns with its business strategy. Being a new company, the ultimate goal of the business is its growth over the next few years. It is imperative that the performance management plan is structured so that the employees are encouraged to grow and support the growth of the company. “The majority of employers are missing a trick by failing to align performance management with strategy and culture. As a result, many employees are unaware of how they can contribute to their company's strategic goals. Rather than pushing people to work longer and harder, the answer may lie in equipping them to work smarter” (Magazine, 2011). In order for employees to begin working smarter they must have a strong understanding of their competencies. This understanding comes from direct manager’s...
Larry Curry
HRM531
3/16/2015
Virginia McMinn
Performance Management Plan
Over the past few weeks working with Landslide Limousines has been a great pleasure. We have been working to build a solid foundation for the hiring process, as well as developing a compensation and benefits plan that meets the needs of the employees and aligns with the operating goals of the firm. We are at a point now where it is vital to develop a plan for managing the performance and productivity of the work force. In order to effectively implement a performance management plan, management must understand both the technical and interpersonal aspects of the performance management process. The structure of the performance management plan will be major a component of developing employees and encouraging their growth within the company. The goal of this correspondence is to aid the employer in building a performance management plan that takes into consideration the projected business statistics, and addresses all aspects of employee performance and company strategy.
One of the most important aspects of the performance management plan that the company must consider is how the plan aligns with its business strategy. Being a new company, the ultimate goal of the business is its growth over the next few years. It is imperative that the performance management plan is structured so that the employees are encouraged to grow and support the growth of the company. “The majority of employers are missing a trick by failing to align performance management with strategy and culture. As a result, many employees are unaware of how they can contribute to their company's strategic goals. Rather than pushing people to work longer and harder, the answer may lie in equipping them to work smarter” (Magazine, 2011). In order for employees to begin working smarter they must have a strong understanding of their competencies. This understanding comes from direct manager’s...