Rewards and Performance Management

3313 WordsAug 25, 201314 Pages
Rewards and Performance Management Assignment 1 Performance Management System in 3M 2013 Tresa Maria Joseph F12058 7/5/2013 Rewards and Performance Management Assignment 1 Performance Management System in 3M 2013 Tresa Maria Joseph F12058 7/5/2013 Performance Management System Introduction: “A process for establishing a shared understanding about what is to be achieved and how it is to be achieved, and an approach to managing people that increases the probability of achieving success”- Weiss and Hartle (1997). The performance management process is used to communicate organizational goals and objectives, reinforce individual accountability for meeting those goals, track and evaluate individual and organizational performance results.…show more content…
The fundamental premise was that information gathered from multiple perspectives were thought to be more comprehensive and objective than information obtained from only one source. One of the earliest recorded uses of surveys to gather information about employees occurred in the 1950s at Esso Research and Engineering Company. From there, the idea of 360-degree feedback gained momentum, and by the 1990s most human resources and organizational development professionals understood the concept. The problem was that collecting and collating the feedback demanded a paper-based effort including either complex manual calculations or lengthy delays. The first led to despair on the part of practitioners; the second to a gradual erosion of commitment by recipients. However, due to the rise of the Internet and the ability to conduct evaluations online with surveys, Multi-rater feedback use steadily increased in popularity. Today, studies suggest that over one-third of U.S. companies use some type of multi-source feedback. Others claim that this estimate is closer to 90% of all Fortune 500 firms. In recent years, Internet-based services have become standard in corporate development, with a growing menu of useful features (e.g., multi languages, comparative reporting, and aggregate reporting). In human resources, 360-degree feedback, also known as multi-rater feedback, multi-source feedback, or multi-source assessment, is feedback that comes from members of an employee's
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