What is Performance Management Assignment Example | Topics and Well Written Essays - 1500 words

What is Performance Management - Assignment Example By setting a standard process of performance, employees know what is expected of them, and understand the responsibilities in which they are accountable. Performance of employees needs to be monitored regularly as well to know how well they are doing their job. Regular monitoring is needed so that remedial measures can be acted upon immediately to reduce wastes and costs if work is found unacceptable. Value to management Results of monitoring determine the kind of development and training an employee needs. Training can be given to an employee to prepare his/her for higher responsibilities or just to improve his/her skills in her present work. At the end of the evaluation period that is usually set and agreed by employee and supervisor, a rating is given to the individual employee. A rating becomes an overall comparison between periods of performances to no improvement. Management, at times, compares the overall performances of employees. A top rating performer is usually rewarded by management with awards and incentives, usually done on a year to year basis.  An example is the top achiever award for sales in the company which is awarded cash incentives.  Business behavior means ethical behavior in the conduct of business usually governed by the principles of right and wrongs of human conduct. In business, it is defined as the moral values governing business behavior and restrains companies from pursuing the interest of the shareholder at the expense of all other considerations†. I have inferred this law as the â€Å"Cause and Effect† that covers the â€Å"laws of belief, expectations, attraction, and correspondence† (Tracy, B. 2002). These, I believe, are unbreakable, because it rationalizes causes why one is successful and an achiever, it gives justification for one’s status of happiness, and why there are prosperity and poverty in life. It is argued that when one believes truly in oneself and with firm resolve, this will become a reality. For instance, in starting a business, one should truly believe that it will succeed, therefore, he puts everything in all honesty, his best inputs.