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MANAGEMENT
WHAT IS PERFORMANCE MANAGEMENT
• Performance Management is a continuous process of identifying, measuring,
and developing the performance of individuals and teams and aligning
performance with the strategic goals of the organization.
• All returns are not allocated on the base of performance such as seniority
COST OF LIVING ADJUSTMENT--COLA
• Same percentage increase for all employees regardless of their individual
performance
• CONTINGENT PAY
• Short-term incentives
• For example: if you meet your sales quota, you’ll receive 3,000 bonus at the
end of the year
• In contingent pay, the specific value of the reward is not known in advance.
LONG TERM INCENTIVES
• Attempt to influence future performance over a longer period of time.
• Example:
• Medical insurance
• Pension plan
• Paid time off
• Retirement benefits
• Canadian organizations pay into a fund that provides income protection in
case of disability.
WORK/LIFE FOCUS
• Example:
• Vacation time
• Counselling
• Onsite fitness program
• Telecommuting
• Nonpaid time off
CHARACTERISTICS OF AN IDEAL PM
SYSTEM
• Strategic Congruence: Individual goals must be aligned with Unit and
organizational goals.