MGMT338 U3 IP Research Paper Example | Topics and Well Written Essays - 500 words

MGMT338 U3 IP - Research Paper Example Performance management of process includes the review and evaluation of processes performance and effectiveness. The use of clear objectives, standards, performance dimensions, and other measures helps to focus companies and also employee’s efforts. This increases productivity as departments within the organization get what needs to be done, and the redundant work is eliminated. This further saves organizational cost and streamlines the entire business operations. There are various tools to choose from which can help in evaluating the performance and developing appraisal systems. (Dinkin, E.,2009) These include ranking systems, three sixty feedback system, forced distribution, management by objectives, competency based performance, graphic rating scale, and behavioural anchored rating scale. There are multiple types of performance management plans that can be used by organizations. These range from strategic plans to the individual operational performance plans. The performanc e management plans that are used in the strategic planning of the firm relate to the long term performance goals and objectives. Hence, performance management plans can be divided into three main categories, the long term performance management plan, short term performance management plan, and micro level or individual level performance management plans. (Gruman, J. A., & Saks, A. M. ,2011) The impact of performance management on employees and the organization is positive in terms of productivity and efficiency. The use of performance management to align the strategic goals and objectives with the employee goals and aims help in streamlining and effectively achieving these strategic goals and objectives. The organizational productivity and performance is enhanced with the use of performance management. It has impacted directly on the company’s gross sales; the performance