Essay on Performance Management

2867 Words 12 Pages
Executive Summary

Strong performance management plays main role in managing companies during the financial crisis. This report will detail the need for implementing a performance management system during the current global financial crisis. The report will discuss the principles and aspects of performance management and detail several challenges that are presented when implementing a performance management system, or adjusting a current system already in place. In addition, it will analyze the company, DMG World Media, who will be used as a basis for best practices as they are known for their successful positive performance system. Moreover, it will show how a performance management scheme could be successfully introduced in this
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Employees may feel resentment to such a program as they may feel that the program is meant to cut more hours and jobs of those that may not be over achieving. Implementing a positive reinforced performance management system will help overcome these challenges and help the company to align its performance with its business objectives. First, we must analyze in detail performance management systems and how DMG is considered a best practice company to examine.

Performance Management Systems
Performance management systems integrate human resource activities with the organizational and strategic objectives of the business unit or organization. For DMG, utilizing its strong and successful performance management systems allows for improved performance and therefore stronger sales and profits. Typically, traditional performance systems deal with face to face interactions discussing and planning goals, objectives, and a performance review of the past time period, often yearly. During this time, negative and positive characteristics are analyzed including negative performance, action plans established, and new goals set. This is done by relating the needs of the organization to the individuals’ performance for the time period. Usually, the performance