“Competition in the United States and among the world economics has increased significantly during the past couple decades, especially in industries such as; banking, financing, and air transportation. Corporate competition creates performance and cost pressure, which have a ripple effect on people and their behavior at work” (Nelson &Quick, 2013). With our current economic environment it is no longer acceptable to do what you have always done within your company, even if what you did for that company was done well, we must adapt to different methods, processes and philosophies that can improve and make the company or organization the best in the market. It is important for companies to establish performance management in order to be able
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And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else” (Sam Walton). In Sam Walton’s book “Made in America” he addresses to his readers that performance management involves treating employees as individuals and members, which in result will improve organizational effectiveness of the company. According to Entrepreneur on March 17th, 1992 President George Bush presents Walton with the Medal of Freedom for entrepreneurial spirit and his concern for his employees and the community (n.d). Walton’s goal for the customers was to lower the cost of living throughout the world, to sell products that were available for the rich because at the time the rich were the majority to afford them. At Wal-Mart, performance management is collaborated: the responsibility for goals, accountability, and financial performance are from both managers and employees. According to Sam Walton there should be ten commandments when working at a company; commit to the business, treat associates like your partner, motivate your colleagues, communication, appreciation, celebrate success, value the employees, exceed customer expectations, control your expense rather than your competition, and last but not least blaze your own path. Goals are important in a company; it increases employee efforts and motivation, and in the long run will contribute to task performance. Wal-Mart assures that employees are motivated by
And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else” (Sam Walton). In Sam Walton’s book “Made in America” he addresses to his readers that performance management involves treating employees as individuals and members, which in result will improve organizational effectiveness of the company. According to Entrepreneur on March 17th, 1992 President George Bush presents Walton with the Medal of Freedom for entrepreneurial spirit and his concern for his employees and the community (n.d). Walton’s goal for the customers was to lower the cost of living throughout the world, to sell products that were available for the rich because at the time the rich were the majority to afford them. At Wal-Mart, performance management is collaborated: the responsibility for goals, accountability, and financial performance are from both managers and employees. According to Sam Walton there should be ten commandments when working at a company; commit to the business, treat associates like your partner, motivate your colleagues, communication, appreciation, celebrate success, value the employees, exceed customer expectations, control your expense rather than your competition, and last but not least blaze your own path. Goals are important in a company; it increases employee efforts and motivation, and in the long run will contribute to task performance. Wal-Mart assures that employees are motivated by