Effective Approach for Performance Management a Key for Company’s Existence Essay

In this very challenging world of managing organization, it is just ordinary that for some companies having to maintain their staff is sometimes impossible. Training and other forms of enhancement made people learn from the work assigned to him. But still there are times that these do not give assurance that these people will stay or even serve the service provided with them. As most western countries starting to see potential of eastern manpower due to its low cost of labor, opportunities are also another one that affects most local Asian countries which only mean that most highly skilled professional from this region are starting to see better life ahead if they go for an outside the country job. Countries like the Philippines, India, and China are just some of the top countries that when it comes to dollar gotten by their workers through overseas jobs has proved that it helps even the economy in having jobs from other country. But most of all it creates a different life and future for families who sacrifice their life away from their family, just to find work abroad, but as they said, still the sweetest thing is yet to come. For companies this is one of the biggest challenges and this paper will try to provide some relevant information and well-recommended theories on how to somehow change and how does HR professional foresee it and be able to address the issue before it happen. Human Resource Management Policies Actually, HR management involves many categories, like in terms of general and standard policies, which entails the standard operating procedure used by the company. The second one is the equal opportunity policy, which is gaining more popularity these days because the world has started to experience an increasing number of workers going abroad only to find for better opportunity for the future of their family. Third policy are involving compensation management, while the fourth focuses more on the benefits management policies, then fifth is management development and training and lastly is for record management policies. (Human Resource Policy, n. d. ). Among these lists of policies it will cover most of benefits, compensation related and management side. What are the relevant theories and approaches applied in improving performance of staffs and encourage them to work more efficiently and effectively as well. Understanding Need is an Important Aspect in Managing Performance Employees must always be a main concern in any organization In fact employees or staffs are also customers, which in most business term, that called as â€Å"internal customers. † They must be given extra attention because in true sense they are the ones that perform the duties of true service in the organization. In the modern times, if finding how best corporation and highly productive and big â€Å"bottom lines† companies, it is easy to find out that their priority to people is there like, the company provide better performance incentives, better vacation and even sometimes provided a well structured work scheduling since what the modern company needs is results and not just forcing employees to just come in to the office and waste a lot of resources. In short there should be a well organized process that the HR Management Team must do in addressing the need and concerns of the people within the organization. Importantly, companies must see employees as not just as staff that are being directed to what they need to do, encouraging them and giving them the respect they need and most especially the opportunity that for some and very few people must be given, because that is also what is happening to other company, which eventually brings the company in its downfall, and that is looking at these potentials as threat instead of making used of their abilities as talents and a tool for the success of the company. One of the most accepted initiative that company must do is to provide incentive has been there in the business for many years and even it started during the early years. For employees or staff to be recognized may still be important and needed to be given by companies, but incentive is one factor in the needs of people that really provides an extra boost of energy for many in their way of work. This was also the reason why the theory Maslow’s Hierarchy of Needs, which has given a clear directive to companies that people, has needs and they should not focus on customer needs but also their employees. Concepts and processes that can be discussed about motivation and how it provides impact to human being, but there is only one and most prominent approach or theory in motivation and that is the Maslow’s Hierarchy of Motivation. In this theory there are five basic needs. The first one and the most basic needs is called the physiological needs which good examples are food, water, and comfort. At this point the company must answer the basic and most important need of the employee and that is they have to be paid accordingly. Second level is the Safety needs, the need for safety and stability. One good example is for them to live in a well secured environment or community where families can be safe and away from harm, or children being send to schools that has enough and well secured environment. Third level, Social needs, this pertains to social affiliation, and good example for this one is joining in an organizational group, which helps to improve better performance. Fourth level is Esteem needs, desire for self-respect, one good example here is for company recognizing best effort on the job rendered, like in terms of award or cash bonus, which adds value for the person and will motivate them more to perform better job. As well as motivating others to perform better in their respective jobs. Lastly, self actualization needs, these are considered to be the desires for self fulfillment. At this point a good example is by company providing task to challenge the skills or knowledge of a potential employee. This is the most critical part because there are other companies that runs a political system in the company and prevents good people to be recognized and be given better challenges in their work. This is exactly what people within the organization are driven for in working their best. (Maslow’s Hierarchy of Needs, 2007). Performance Management Process  The different parts of performance management are as follows: (1) Establishing Performance Goals, (2) Performance Plans, (3) Observation and Feedback, (4) Evaluating Performance, (5) Rewarding Performance, (6) Recognizing Performance Problems (â€Å"Performance Gaps†), (7) Performance Improvement / Development Plans, and lastly, (8) Firing Employees. In this list, the first one is establishing first the performance goal; this is like the roadmap for the staff. The second one is for the staff to be given the plan which the company thinks in the future whether there are some important changes in his career that may take place. Observation should also be needed in order to provide some follow-ups; the next two is evaluating and of course rewarding, then recognizing them as well through awards and recognition. Find some improvement parts of the task assigned in order to improve and to raise the level of performance. Lastly, there should also be some generated policies in firing employees and should not just removing anyone from the job. (Employee Performance Management, n. d. ). Effective Management of Employee Retention Rate a Reflection of Better performance Management Staff Retention, Employee Engagement and Talent Management Strategies In the US and it might also be common to all industries most especially multi-national companies that retaining a good and highly skilled staff is hard nowadays. Since the growing competition and the usual issue if pirating good stuff from one company to another, which is sometimes, would not even take even days and then the staff, just transfer again to another company is becoming a perennial problem. In the US each day a good staff quits their employers for better job elsewhere, whether it may be better package which is very common or finding better working environment which may cause by too much pressure and demand. Approximately 200 billion USD is spending annually by the business in recruiting and replacing their employees. And this is not a good sign for the business since it incurs cost as well as organizational process dilemma which can affect performance. There are actually some key-points to address these problems and these are seven well applied practice or key factors applied by some of the well known consultancy firm that are being hired to assist companies face problem with retention of employees. First, is Better matching, this is a process on how to find better potentials within the company who maybe best to perform a specific job in the organization. It may also include preparation and training for the staff. Second, is Better Managers, here it will not only teach how managers developed or build teams but also becoming a more personalized type of manager whose main duty is to carefully addressed the issues of the staff for him to perform quality results for the company, typical mentoring and coaching are done. Better integration, at this point, it is more on how to effectively collaborate new staff with existing ones, since there are issues that comes when these types of staff work together. For Better Connection, this is teaching how employees conduct themselves effectively through better relationship from his co-staffs as well as his supervisor or manager. Better Culture, on the other hand is preparing employee in facing multicultural type of customers, how they can be appreciated and can work effectively without experiencing dissatisfaction from their customers or colleagues from other nationalities, which are very common to multi-national companies. Lastly, is Better Accountability for Turnover, this is to teach or guide HR professionals in establishing technically sound approach and best practices in understanding the need of staffs in order to eliminate issues of retaining employees as well as other concerns. High-Turnover to High-Retention, n. d. ). Referral programs can also help employees in their performance because in this way they may not only recommend someone who they know but also they earn extra in every referral they do. The following are the most common reason why these program is being uses: Lessen your recruitment spend, Increase candidate fit your company and teams, capitalize on quality and volume in your talent pipeline, Reduce employee turnover, and lastly, Create a sustainable recruitment strategy by empowering your employees to refer