Essay about Evaluating a Performance Management System
The Performance Management (PM) system refers to the organization activity to ensure that employees work is aligned with the company strategic objectives, vision and the goals are met consistently and efficiently.
Performance appraisals and awards systems are tools of PM that can improve the work performance of employees by helping them realize their full potentials in carrying out their organization mission; ensure that employees understand what is expected from them, and also to provide information for use in making work-related decisions for management.
The general objective of the study, therefore, is to evaluate the performance management and furthermore the appraisal system of Luminex Corporation aligned to the …show more content…
According to Furnham (2004), PM can serve different purposes such as: increasing productivity and product quality. Furthermore performance appraisals can identify and address employees who make an unusually high number of mistakes. Paying individual attention to each employee when setting goals can boost workers' commitment to achieving appraisal objectives.
Performance management plays an important role in the Luminex organization, and it’s performed on many levels, from the individual to organizational level in order to assure efficiency, effectiveness, and competence.
To achieve the overall company goal, several ongoing activities are in place, including identification and prioritization of results, establishing means to measure progress, assessing how well results were achieved, tracking and measuring progress, ongoing feedback among participants, periodically reviewing progress, and intervening to improve progress where needed.
Luminex Corporation uses it performance appraisal system for promotions, pay, training and disciplinary action decisions, and having an accurate performance