Rewards and Performance Management Essay

3323 Words Aug 19th, 2013 14 Pages
Rewards and Performance Management
Assignment 1

Performance Management System in 3M

2013
Tresa Maria Joseph
F12058
7/5/2013
Rewards and Performance Management
Assignment 1

Performance Management System in 3M

2013
Tresa Maria Joseph
F12058
7/5/2013

Performance Management System

Introduction:

“A process for establishing a shared understanding about what is to be achieved and how it is to be achieved, and an approach to managing people that increases the probability of achieving success”- Weiss and Hartle (1997).
The performance management process is used to communicate organizational goals and objectives, reinforce individual accountability for meeting those goals, track and evaluate individual and organizational performance results.
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Performance Management in 3M
Introduction:
Five businessmen in Two Harbors, Minnesota established 3M formerly known as the Minnesota Mining and Manufacturing Company in the year 1902. Today, 3M is a $ 30 billion manufacturing and technology company with operations in more than 200 countries and employs more than 84,000 people globally. 3M makes over 50,000 products worldwide serving customers in various markets including Industrial, Consumer and Office, Electronics and Energy, Telecommunications, Healthcare, Transportation, Automotive, Display and Graphics, Safety, Protection and Security, Construction, Hospitals, Railways, Aerospace, Marine to name a few and also owns over 46 technology platforms.
Performance appraisals are unique in different organizations. Some organizations follow a certain method of performance appraisal whereas others might have a combination of several performance methods. 3M follows a 360 degree feedback appraisal system along with Alternation Ranking Scale, Forced Distribution Method and Management by Objectives in certain areas and to a smaller extent.

360 Degree Feedback:
“The systematic collection and feedback about an individual or group derived from a number of stakeholders on their performance”– Ward.
The ideas behind 360 degree feedback are not new. Assessment centers developed by the German military during World War ll recognized the value of gaining performance insights from multiple

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