Development of a Performance Management System

Published: 2021-06-29 06:28:49
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The developed performance management system will require both employee and manager input. The performance management system will have the ability to create performance goals at the company, departmental or employee level. To determine whether productivity standards were met by any input level, the system will set goals that are measurable, reportable, and weighted. An employee will be able to critic his or her performance and send the critic to his or her superior. The superior will the offer his independent assessment then invite the employee to a discussion on the performance.

Evaluation of Compliance with Federal Laws and Regulations

The developed performance management system complies with federal laws and regulations through having an objective approach to performance management. Objectivity here is attained through the fact that there is a closed loop in performance assessment whereby both employees and superiors review the performance. The employee is thus not subjected to a one-sided view of his or her performance. Additionally, compliance is seen through the documentation of the process thus seeking loopholes for misinformation and miscommunication that can set WeaveTech as a defendant in a discrimination case.

How the Developed Performance Management System enables the Organization Meet individual and organizational needs

The improved performance management system allows the organization to meet personal and organizational needs now and in future through the creation of an environment that makes staff members work with a set of preconceived benchmarks. Having a set of objectives is a prerequisite towards goal attainment. Thus, even though the organization or an employee fails to achieve a set goal, the company will still have set a direction, will, and culture for employees towards goal attainment.

Performance Appraisal Methods Applicable to the Organization

The most appropriate performance evaluation process for the organization is Management by Objectives. According to Russell-Walling (2011), the use of MBO encompasses a process whereby an employee and his or her superior cooperatively identify goals, evaluate major areas of responsibility in terms if results, and asses the employee's contribution. A discussion is then made based on the employees progress towards the attainment of stipulated goals. The use of an MBO by the organization will encompass four steps that include goal setting, setting of performance standards, making comparison and periodical reviews. The periodical reports for the company's case can be done every quarterly period. The performance appraisal method can be used in setting compensation mechanism through measuring and making comparisons between set performance standards and a comparison with attained results.

Development of a Total Rewards System

The organization may use a total rewards system that makes use of compensation, time-off, recognition, and reward catalog programs. The payment section of the total rewards system will encompass a base salary with a profit-sharing program, uses quarterly performance bonuses, and a guaranteed promotion for meeting company standards for two consecutive years. The time-off package will encompass personal time off, sick and bereavement leave and a paid vacation depended on employee job grade. The organization will also recognize employee input and acknowledge them publicly. The technique is inexpensive but highly effective in motivating employees (Kohn, 1993). The undertaking can be done by designating a particular section in the premise for placing employee of the month portraits. The companys total rewards program may also encompass catalog programs, which may allow employees to collect points using performance measurement schedule such as a successful completion of a project or achieving production timelines. The points can then be redeemed for a good or service preferred by the employee depending on the number of redeemable points the employee has.

Development of Compensation and Benefit Strategies

The remuneration and benefits strategy that may work best for WeaveTech is one that considers both exempt and nonexempt employees since it has both categories of employees (Beer & Sweircz, 2014). Nonexempt employees may be paid an hourly wage and an overtime rate calculated by one and a half times the hourly rate. Exempt employees will be paid an annual salary, which will not require overtime pay but will be based on market rates and job grade. All employees will also be served with a retirement savings plan such as the employer sponsored 401k plan. For instance, if an employee contributes 10% of their pretax earnings to the savings plan WeaveTech will add 50% of the total amount provided by the employee towards his or her retirement saving. The company will also include salary raise and bonuses that will be dependent on the findings from the performance appraisal process and provide group health benefits by paying total monthly premiums to a health insurance provider. The health benefits will cover employee health, vision, dental and short-term disability insurance.

How to communicate to appropriate Stakeholders

Communication with relevant stakeholders concerning issues that relate to self-service technologies such as benefits programs will occur through a memo that is addressed to a group of employees who the recommended benefits program affect. The memo will be sent to only employees that it pertains and their superiors will receive a copy of the same. The memo will have information regarding whom to contact in case there is issue concerning the information contained, and they will be sent to the recipient's email as opposed to pinning them on the office noticeboards.

References

Beer, M., & Sweircz, P. (2014). WeaveTech: High-Performance Change. Retrieved April 20, 2017, from https://hbr.org/product/weavetech-high- performance-change/914553- PDF-ENG

Kohn, A. (1993). Why incentive plans cannot work. Harvard business review, 71(5).

Russell-Walling, E. (2011). Management by Objectives. In 50 Schlusselideen Management (pp. 128-131). Spektrum Akademischer Verlag.

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