I do not think that a en-and-paper performance management system would be as effective as the electronic system that Freeport-Anchorman adopted; mostly because they employ nearly 30,000 workers over four deferent continents. In a time of fiscal responsibility the cost alone to gather, quantify and report would be fiscally irresponsible. By going with the electronic system they obtain a fuller response and In real time.
The cost Is negligible and they only have to hire a few analysts to present the data obtained. Total reward systems can be used to identify the quantum and type of rewards that ill prove to be the most effective in terms of motivating and driving the performance level of employees. For example, employees at lower levels will be driven by monetary awards such as incentives and bonuses while senior employees will be more motivated by rewards such as recognition, paid holidays, etc.
An extensive research on different types of employees In the organization will help In creating appropriate reward systems for employees at different levels, thus resulting In full benefits to the organization in terms of its desired goal to improve performance levels. By evolving an evaluation system that clearly links individual performance to corporate business goals. In this system, each employee has well-defined reporting relationships. The HER department has a self rating process as part of the evaluation process, to empower the employees.
The fair evaluation is based on the records of periodic counseling and achievements of employees that are tracked over the past months. For higher objectivity each employee should be screened by the next higher level or a reviewer. The cross functional feedback adds the fairness into the system, if he immediate boss obtains it from another manager, who gives importance to employee’s work. Relative ratings of all subordinates reporting to the same manager also help In fairness of evaluation. “Fairness can also be improved by normalization of evaluation” (Martin, 2008).
The performance-oriented Incentives under the performance of the employees. However, there are critics of this policy who identify few lacking in this particular HER practice. According to the critics, the performance management system lacks conclusive evidence that leads to improved performance. It can lead to “De-motivation and over bureaucratically that are at the two extreme ends” (Price, 2011). It is difficult to set performance objectives covering intangible benefits, which are flexible in response to change and covers the whole Job.
The overall process sometimes lacks the charm due to the unavailability of time. By providing opportunities for personal growth, the system boosts the morale and motivation level of the employees and strongly backs it up by providing an competency based incentive structure, which helps the employees to remain titivated as well as loyal towards Freeport-Anchorman as they always see opportunities for making increased money as well as achieving growth in their career.
Further, by bringing the employees under a single umbrella, it fosters better bonding and helps in retaining the employees for longer term as the employees perceive themselves as an integrated part of the organization. But most of all it streamlines communication. One team, one fight! References Freeport-Anchorman. (2013). Who We Are. Retrieved Gauge 29, 2013, from http:// www. FCC. Com/company/who. Tm Hatfield, S. M. (2013). Performance Management Process Checklist.
