Create a 400-600 words that respond 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. In this assignment, 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?
There are more than a few components that go into a performance management system.
1. Assess your current evaluation process
2. State company goals
3. State employee and organizational expectations
4. Track employee performance throughout the decided evaluation cycle
5. Assess employee performance
6. Restart the evaluation cycle based on new employee expectation