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Performance Management Project Analysis

Decent Essays
Successfully owning a business takes much more than an idea and a dream. It takes a great deal of preparation. A pivotal part of my preparation is the Performance Management phase, and that is why I chose Chapter 2 it describes the performance management process as the subject for my project. The subjects included in this chapter the performance management process starting with what should be done before a system is implemented and ending with the performance renewal and reconstructing phases. Nearly half of startups fail in the first year of operations, and not having a proper Human Resource planning strategy is one of the main reasons why. Human Resource management and planning is critical for all types of businesses, especially…show more content…
It is not uncommon for smaller organizations’, due to the nature of their business, not to have specific documented processes in place. Any employee goals and objectives set will be mutually agreed upon between the manager and employee, generally adopting an informal approach. Larger organizations’ will tend to have a more formal documented process in place for managing employee performance.
It is generally considered a good practice to communicate what form of performance management system your organization uses for its employees during the induction process. By the end of the induction process, the employee should be aware of their goals and objectives they need to achieve their role to ensure they are performing satisfactorily.
The sole purpose of a performance management system is to assess and ensure that the employee is carrying out their duties which they are employed to do in an effective and satisfactory manner, which is contributing to the overall business objectives. That can be seamlessly transferred into the successful opening of my business.
From the information presented in this chapter, I hope to gain several things. One is an increased knowledge of the Performance Management process that will ensure I know what I am doing when or if I take on
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