Performance Management And Reward Systems In Context

Performance Management and Reward Systems in Context
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Learning Objectives :
By the end of this chapter, you will be able to do the following:
•    Explain the concept of performance management (PM).
•    Distinguish performance management from performance appraisal.
•    Explain the many advantages and make a business case for implementing a well-designed performance management system.
•    Recognize the multiple negative consequences that can arise from the poor design and implementation of a performance management system. These negative consequences affect all the parties involved: employees, supervisors, and the organization as a whole.
•    Understand the concept of a reward system and its relationship to a performance management system.
•    Distinguish among the various types of employee rewards, including compensation, benefits, and relational returns.
•    Describe the multiple purposes of a performance management system including strategic, administrative, informational, developmental, organizational maintenance, and documentational purposes.
•    Describe and explain the key features of an ideal performance management system.
•    Create a presentation providing persuasive arguments in support of the reasons that an organization should implement a performance management system, including the purposes that performance management systems serve and the dangers of a poorly implemented system.
•    Note the relationships and links between a performance management system and other human resources functions, including recruitment and selection, training and development, workforce planning, and compensation.
•    Describe and explain contextual and cultural factors that affect the implementation of performance management systems around the world