Breakthrough Success of Fortune 500 Companies due to Performance Management Free Essay Example, 4250 words

Performance management systems can provide a variety of benefits to companies which include clearly articulated strategic goals, valid evaluation data, and recognition of contributions made by the employees. It is essential for such benefits to be realized that a company maintains an on-going feedback cycle along with and fair and equitable pay. In a performance management practices survey, Bernthal, Sumlin, Davis, and Rogers (1997) found that the majority of CEOs surveyed, 63 percent, believed their performance management system drove the key factors associated with the business strategy. An even greater majority, approximately 79 percent, perceived their performance management system as driving the people or the cultural strategies that maximize human assets. This shows that there is a definite connection between theoretical viewpoints on performance management systems and the actual business practices used by various companies. In real world cases, performance management systems seem to link the fields of human resource management and human resource development. Performance management processes promise to enhance the quality of organizational and individual decisions, enhance the relationship between the individual and the organization, and provide a foundation for organizational development and change efforts (Murphy Cleveland, 1995). We will write a custom essay sample on Breakthrough Success of Fortune 500 Companies due to Performance Management or any topic specifically for you Only $17.96 $11.86/page