Create a 400-600 words that answer to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas.
Managing employee performance provides a foundation for employee and organizational success. It coordinates many of the human resources (HR) functions together to create an interdependent dialogue on performance. Performance management systems allow organizations and employees to know their strengths and weaknesses.
Discuss the following:
• What are the components of a performance management system?
• How does employee evaluation support an organization's performance and help to create competitive advantage?
• What are some examples of different compensation strategies that will help motivate employees and maximize employee contributions?