Performance Management System and Total Rewards Plan for Weavertech

In order for an organization to achieve long term success, it must consistently evaluate those plans and consider all of the organization’s entities and how they link together. By appraising the existing performance management process, it forces deeper analysis of the process, as well as its intended and unintended influences towards employees and the organization.

WeaveTech, formally known as Johnson-Ware is a military and security apparel company entering into the high-end performance clothing market. Before the acquisition by CVX Partners, WeaveTech which was formed in 1905, relied exclusively on the military (70%) and security (30%) customer base. The need to change the company’s customer base from military and security to high-end performance clothing market apparently arose from the allure of the later market segment and the dwindling growth of the military and security market (Beer & Swiercz, 2015). The departure of Jack Davidson, a retired US Navy Rear Admiral, and WeaveTech CEO from 1983 to 2012 in addition to the conclusion of the Afghanistan and Iraq Wars meant that the traditional market was losing its reliability. Due to the unreliability, there was a need to redesign the customer base and to take advantage of the high-end market segment.

Performance management system makes a clear link between the performance and compensation, and allows the employees to understand the areas which need to be improved and directs them to appropriate training opportunities to enable improvement in performance to take place. Joseph Martocchio says, “Work with line managers to design the performance appraisal plan which best fits the specific duties and responsibilities of particular roles” (Martocchio, 2011). Compensation and reward decisions are likely to be arbitrary in the absence of a good performance management system. In short, performance management is a key component of talent management in organizations. It allows assessing the current talent and making predictions

First research objective was to determine whether it is profitable for J.Crew to shift their brand focus to a ‘sustainablity’ business model instead of resuming their position in the fast fashion industry.

In order to create a high performance organization, we need to develop the capacity of Tamarack staff to perform and contribute to a workplace in which employees can develop their full potential. An effective performance management/appraisal system, which managers lead and own, helps us to achieve our goals by connecting employee contributions to the overall organizational goals and providing a system of appraisal that is forward thinking and supports development.

The old Performance Management system was ineffective and did not lead to a fair incentive or salary raise for the employees of the company. Employees who worked hard and did well for the company received the same rating as low performing employees. There was frustration among the scientists for getting the

success factors. However, the company has a few weaknesses and threats they need to address in

Performance evaluations are important parts of all employees and managers tools to ensure positive actions are rewarded while negative actions can be evaluated and fixed to decrease problems in the future. Performance evaluations benefit supervisors and employees by identifying how to bring out the employees best attributes for the company (Hamlett, nd.). Evaluations provide a look at how a worker is doing compared to earlier reviews of their skill, knowledge, initiative and participation in the company’s vision (Hamlett, nd.). Introducing performance review evaluations is important to most organization for the success of their organization and the advancement of its employees. Performance evaluations provide a way for managers and supervisors to manage the performance of an organization and the people who make of the human resources of the organization (McCarroll, nd.). When implementing a new system it is important to understand the process must be realistic, challenging, yet attainable for performance expectations and standards to be successful for employees and the organization (McCarroll, nd.). Balanced scorecards are utilized in performance evaluations to essentially provide a way for organizations to align their strategic plans with day to day operations (Balanced Scorecard Institute, 2015). Balanced scorecards look at traditional financial measures, which are past events and long-term investments like

Performance management is a tool that managers use to ensure that their companies remain at the top of their competitive edge. The Chartered Institute for Personnel Development (CIPD, 2008), defines performance management as a method by which individuals and teams are managed in a way that achieves high performance at an organisational level. The individuals within the organisation share an understanding of the achievement goals of the organisation. In order to achieve this, a general strategy is created, with each individual within the organisation understanding his or her role and requirements within such a strategy

Johnson-Ware designs clothing primarily for the manufacturing and military industries. Over the years in the industry, Johnson-Ware has overcome economic and financial constraints in order to create a company name. In 2007, the third generation family of heirs decided to divest and CVX Partners purchased the firm, renaming the company WeaveTech.

As stated by Peter F. Drucker, “Management is about human beings. Its task is to make people capable of joint performance, to make their strengths effective and their weaknesses irrelevant.” Performance management is essential to achieving an organization 's mission statement and business goals, and also in attracting, retaining, and motivating qualified employees. There are many benefits and reasons why an organization should execute a performance management system. Performance appraisals establish the basis for qualifying, recognizing, and rewarding employee contributions. In this paper, I will discuss what performance management is, the problems with the current performance management system at my organization, how other organizations have succeeded in their performance management system and how I would advise management at my current organization to improve our performance management system.

Performance management is the process of planning work assignments, setting expectations, monitoring processes, rating performance, and rewarding performance. Performance management systems are used by organizations to identify, measure, and develop the performance of individuals and teams. The goal of an effective performance management system is to strategically align employee performance with company goals and objectives (Smither & London, 2009). In order to achieve optimal performance, organizations are tasked with implementing innovative solutions that ensure performance management systems that deliver real results and improve performance (MacMillan, 2015). Organizational leaders are responsible for understanding the performance management system in order to focus on employee efforts that will help in achieving both individual and organizational goals (Opm.gov). In this paper, the author will suggest the key processes that DSM needs to provide within its system in order to successfully link its key success factors (KSF). The author will select three drivers, and examine the central manner in which DSM management has aligned its business strategies to performance management. Lastly, the author will critique DSM’s competitive advantage by using three of the six assessment points outlined in the textbook.

2. Richard M. Johns (2006). The Apparel Industry. 2nd ed. UK, London: Blackwell Publishing Ltd.. 1-124.

Due to the acquisition of WeaverTech formally known as Johnson-Ware an apparel company by CVX Partners, a private equity firm, there arose a need for the company to change its line of business to high-end segment of the apparel industry (Beer & Swier, 2015). Before the acquisition of the company by the new owners, WeaverTech was a closely owned family entity that had been formed in 1905. Before the proposal to change the company customer base, the company exclusively relied on the military (70%) and security (30%) as the only customers for the company products.

The world’s leading brand in the ready-to-wear sector has been the Inditex Group with Spanish origin and 23 billion 74 million dollar turnovers. The Inditex Group has been ranked 43th on the world’s retail list. Hennes and Mauritz (H&M) from Sweden, followed Inditex with 21 billion 678 million dollars and H&M was ranked 47th on the list. If we consider the developments between 1998-2002, Inditex, the world’s fastest growing apparel company with