The paper "Reward and Performance Management Practice" is a good example of a management report. In the modern business environment, institutions tend to function in a dynamic, viable, and competitive manner to meet the dynamic demand of the customers. To ensure sustainability in the market, businesses have to respond quickly to the changing tastes, preferences, and demands of the customers to remain relevant in the market. To be successful, business entities have to achieve two major objectives: adequately retaining people that they consider suitable and proper integration of Performance Management Practice (PMP) (Armstrong, 2012, 114).
The performance management programme is an adaptable business method that could lead to the achievement of the organizational mission, goals, vision, and objectives. Moreover, the method is vital for tracking and monitoring the performance of the employees and inefficient areas of the individuals. Most reviewed literature on the subject focus on the whole concept while other literature works narrow on either performance appraisal or performance measurement with no reference to the performance management. Even though these are valid aspects, it is important to note that effective management of individual or team performance usually need integration if the process ensuring that whatever the employees do within the organization would finally contribute in the organizational required results (Demartini, 2013, 92).
Some research undertaken reveals that performance management is a mechanism of ensuring that the organization gets better results from its activities, teams, and individuals through proper understanding and management of performance within the agreed business requirements: standards, competence, and framework of the planned goals. On the other hand, some researchers defined performance management as a process, either systematic or formal, through the means by which the weaknesses and strengths relevant to the job are identified, measured, recorded, and developed.
It is from such background that the report aims at analyzing the performance management practice in Commonwealth Bank, undertake a review of various literature, and recommend various practices of improving the performance of the workers. Background Even though from the definition, performance management could sound similarly as organizational performance system, the two differ in various aspects. Commonwealth Bank operates in Australia, United Kingdom, Asia, and New Zealand and provides different financial services.
With competition rising within the financial sector, it is vital that the bank improves on its reward and performance management considering the significant role the employees play in the achievement of organizational objective. Through its values, Commonwealth Bank Australia (CBA) engages its employees, which to some extent improve their passion and feel valued in the management of the business. Currently, the bank has 52,000 employees with approximately 60% female workers. In addition, the bank respects the diversification of the employees through listening to their viewpoints, ideas, and working style, which are vital for the achievement of organizational objectives.
The employees at CBA enjoy numerous benefits associated with financial services, the opportunity for participating in the annual share grants, purchasing of the additional leave, and holiday discounts on the hotels. Besides, the employees also enjoy car hire and flight tickets and various deals on fitness, entertainment, and computers. With such benefits, it is clear that the bank values its employees, which ensures increment in their performance (Lucas, Mathieson, & Lupton, 2006, 217). Within the bank, there are great training for the employees, development and career opportunities, excellent and flexible working conditions.
Nonetheless, considering it is big business, it could be difficult to navigate. CBA looks at the welfare of its employees as it recognizes hard work and employees showing proper performance.
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