STRATEGIC AND FINANCE MANAGEMENT
Your consulting organization has been engaged by Penelope’s Pie and Pastry Company that has emerged from a local hangout to a multinational Corporation that has operations across the globe. Since a company grew so fast, they really do not have a clue as to how to identify causal explanations of performance, performance outcomes related to resources or any other aspects related to managing performance. To this point, you are to come up with a company performance management program that includes items such as using history to estimate future performance, market-based aspects, functional challenges, resources that drive demand supply as well as revenue cost, among others. The company is giving your consulting firm much latitude in developing this company performance management program. Please provide an overview of your plan.
our response must be supported with references from Bolman and Deal Reframing organization.
Performance management program is a program that encompasses an entire organization and which goes beyond annual performance reviews that managers do. Organizational sustainability and business viability rely heavily on an effective performance management program. A good performance management program ensures organizational targets are derived and linked to corporate objectives set out in the long-term strategic plan (Bowness, 2017). A good program ensures performance levels are monitored and development activities are implemented in a structured manner and ensures issues are addressed in good time with a purpose that is very clear to everyone(Bowness, 2017).
Employee appraisal and development are the key components of a good performance management program. A good program clarifies job responsibilities and expectations on employees, enhances productivity, enhances feedback and a creates coaching atmosphere, aligns behavior with values, goals and strategies and assists in making decisions on how to motivate employees among others (Bowness, 2017).
Performance management program for Penelope’s Pie and Pastry Company
An effective performance management program for the corporation should first start by identifying the purpose for which the program needs to achieve as organizations have many needs that may not be met by a single program. In fact, designing a program that meets all needs will be cumbersome and ineffective (Torghabehi, Alireza, Kurczewski & Abdekhodaee, 2016). The first step is to prepare the organizational strategy for a certain number of years and define the goals and objectives to be achieved during the plan period. The organization should then undertake organizational planning which involves setting targets in consultation or collaboration with employees. Employees should agree with their supervisors on desired behaviours, quantitative and qualitative targets that should be achieved within a given time frame to achieve organizational targets (Bowness, 2017).
An effective performance program should set targets and employee development goals in line with Bolman and Deal model which is composed of four frameworks namely structure, human resources, political issues and symbolic issues. The model encourages structural issues to be considered as they involve setting measurable goals, task clarification, agreeing on activity key performance indicators and other metrics etc. Human resource issues which emphasizes on the needs of employees should be considered as well. The company should establish how each employee fits into the organization to ensure the needs of the organization are synchronized withy those of individual employees. This will enable the organization to identify training needs to ensure productivity is enhanced (Bell, Bolding & Delgadillo, 2011).
Political issues should also be put into in consideration according to the model in setting of targets and desirable behavior targets. These targets could re-enforce positive political behavior or act as a deterrent to behavior that is undesirable. Symbolic issues which touch on desire for employees to have a sense of purpose or find meaning should also be incorporated in the performance management and especially during setting of targets (Bowness, 2017).
The next step is that ongoing feedback should be provided on a regular basis and corrective measures agreed upon where there is a variance from the expected performance. Employee input should be taken into consideration in performance management. Employees should be allowed to rate their performance and that of their supervisors at the end of each year. This will enable the organization to gain a deeper understanding of issues that affect performance. The next step is evaluation of performance after performance appraisals are concluded. Evaluation of performance at a given time period will enable the organization to make decisions on promotions, training, restructuring etc. which is critical in a good performance management program (Torghabehi, Alireza, Kurczewski & Abdekhodaee, 2016). Lastly performance review is the last step in establishing a good performance management program. The review will insure there is continual improvement in performance management processes in the organization. Company executives should meet at the end of a financial year to evaluate performance of the organization and determine the fit that the performance has with the strategic plan goals, objectives and aspirations. Where there are variations measures should be recommended to ensure the fit is enhanced during the following year (Torghabehi, Alireza, Kurczewski & Abdekhodaee, 2016)
A good performance management program is critical in achieving organization sustainability and viability.
Bowness, A. (2017, 05). You need A performance management program people Won’t
hate. Talent Management Excellence Essentials, Retrieved from https://search.proquest.com/docview/1953061468?accountid=45049
Torghabehi, Y. E., Alireza, A. M., Kurczewski, K., & Abdekhodaee, A. (2016). Visual
management, performance management and continuous improvement. International Journal of Lean Six Sigma, 7(2), 187-210. doi:http://dx.doi.org/10.1108/IJLSS-09-2014-0028
Bell, J., Bolding, C., & Delgadillo, M. (2011). SERVANT-LEADERSHIP IN ACTION: How
mission, vision, and values are conveyed. The International Journal of Servant-Leadership, 7(1), 203-226. Retrieved from https://search.proquest.com/docview/2220698605?accountid=45049