Strategic Marketing Plan Sample Case Study the problem, which is suggested to be analyzed, must be clearly defined e.
Result Approach and Quality approach. Each of these approaches differ in characteristics and suitability. A firm can select any one or a combination of these approaches on the basis of their business goals and management type. Individuals are ranked on the basis of highest to the lowest performer.
There are several techniques for comparative approach such as forced distribution technique, paired comparison and graphic rating scale Noe Forced Distribution technique involves ranking employees in groups. This ensures reward for the top performers. Given proper training and guidance these top performers can be promoted to higher managerial positions.
While the poor performers are given chance for further improvisation or dismissed, if their performance does not meet the standard requirements. This will in turn causes new talent hire Martocchio The system ranks the employees on the basis of categorisation rules rather than on their performance.
In such cases employees with higher rankings would get better pay than those with lower rankings though they may not deserve it. In Paired Comparison Technique the organization compares one performer with the other and assigns a score of 1 for the higher performer.
The final performance score is the summation of all the winning points. Comparative approach is undertaken in case of firms with a small group of employees with similar job profiles.
Therefore, the disadvantage is that it is unsuitable in case of firms with a large number of employees or a firm with different job profiles. Also, since the scale is based on subjective judgment, there is a high chance of bias Taylor et al.
Attribute approach of measuring performance In this system, the employees are rated on the basis of a specific set of parameters such as: Graphic Rating Scale entails rating the employee on a scale of 1 to 5 lowest to highest.
Mixed rating scale is a more layered form of measurement. In the first step, the employee is rated as high, medium or low on a given set of parameters. The major disadvantage with attribute approach of performance measurement is that of subjectivity.
In other words it may be heavily reliant on the nature of the evaluator. Another limitation of this method is that it is accurate at identifying only the best and the worst performers.
Behavioural approach of measuring performance This is one of the oldest performance measurement techniques.
The Behavioural approach consists of a series of vertical scales for different dimensions of the job. Employees are then ranked on each of the anchors according to their performance. It provides a more specific description along with frequency in regards to the employee behaviour for an effective performance.
The overall score is the average of all these frequencies.
Although the Behavioral approach is suitable for the reliability and accuracy, the major drawback in this approach is the voluminous data that the managers have to remember. The first type of result approach is the Balanced Scorecard technique.
This technique focuses on four perspectives namely: It is very effective in motivating employees for enhanced productivity and measuring the feedback. It consists of four steps. The first step is to identify the objectives which the organisation want to achieve.
The second step measures how well these objectives are made. While the third step involves how effective are they in evaluating the employee performance. Finally, the last step gives feedback to the employees. Organisations calculate an overall productivity score as a summation of the performance scores of all these factors.
The main advantage of result-based approach of performance measurement is that it converts strategy into operations with a more holistic view.
It takes into consideration the external environment of the job such as like customers and learning and growth.
It does not simply rely on financial indicators of job performance. Quality approach of measuring performance This approach focuses on improving customer satisfaction by reducing errors and achieving continuous service improvisation.Online custom essays, term papers, research papers, reports, reviews and homework assignments.
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