The paper 'Assessment of Performance Management System of Woolworths Limited" is a good example of a management case study. Smither and London (2009) maintain that every organisation requires an effective performance management system to carry out its business successfully. The most successful organisations in the world have been able to dominate the markets through well-formulated performance management systems. Properly designed performance management systems also enable organisations to develop career paths for their employees and to continue dominating other businesses in the market. Some of the major performance management systems include performance review and development, individual reward system and goal setting (Varma, 2008, p.
18). One of the organisations that have succeeded through the use of these performance systems is Woolworths Limited. Woolworths has been in existence since 1924 and it currently dominates the Australian retail sector (Roth & Roth, 2011, p. 208). The success of any business organisation mainly depends on its ability to attract retain its management personnel and junior employees who are talented and target-oriented. The most successful businesses in the world obtain their competitive edge from well-formulated performance management systems.
These businesses are able to speak out their objectives and goals through their effective performance management systems. The performance management systems also assist such successful organisations to develop career paths for their employees and to continue dominating other businesses in the market (Varma, 2008, p. 21). Every successful organization requires an efficient performance management system to carry out its business effectively. Woolworths Limited, the leading retailing organisation in Australia that has been in existence since 1924, understands the importance of relying on a properly designed performance management system.
Woolworths Limited Company uses three major performance management systems that have seen it become one of the most successful brands in its line of business: performance review and development, individual reward system and goal setting. Overview of Woolworths Limited Woolworths Limited is one of the most renowned companies that trade their shares in the Australian Stock Exchange market. Woolworths was started in 1924 as a single shop that has now grown into large multiple outlets. The company is currently considered the largest retailer in Australia not only by sales capitalisation but also by market capitalisation.
The recently conducted studies reveal that Woolworths is the largest retailer in foodstuff in the entire country. The 2010 report compiled by Deloitte, one of the international accounting firms, ranked Woolworths Limited at position 19 among the largest retail companies in the world (Roth & Roth, 2011, p. 208). The company has about 190,000 employees, who help in the day-to-day running the company in the more than 3000 outlets it owns. The employees in the Sydney support office are more than 3000 since most of the company’ s operations are conducted here.
The company has also made sure that its operations run smoothly by employing close to 500 businesses in the entire country to carry out on-site repair and maintenance on its behalf (Roth & Roth, 2011, p. 209). Woolworths has always maintained a good working relationship with its suppliers since they account for the biggest portion of its business. It is through these suppliers that the company gets fresh farm produce to sell to its customers. The company’ s leaders have devised ways of balancing the interests of the customers and those of the suppliers to boost the continuity of the business.
Majority of the suppliers are also partners to the company and they play a great role in assisting it to come up with new products for different markets (Plunkett Research Limited, 2003).
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