Essays on Designing Performance Evaluation in Maxy Micro Financial Institution Case Study

Download free paperFile format: .doc, available for editing

The paper “ Designing Performance Evaluation in Maxy Micro Financial Institution” is a spectacular example of the case study on human resources. Maxy Micro financial institution was founded in 1983 to provide financial services to low-income entrepreneurs, underserved, and impoverished communities. The institution offers microcredit, savings accounts, insurance, health care, and personal development. To effectively serve its customers the institution has several autonomous sections with their own outlined business unit’ s strategies. These sections include the marketing section, credit section, human resource section, ICT section among others. To effectively achieve optimum performance from its employees the management established a comprehensive performance management process.

These performance management processes, assessment tools, ratings, and development plans help increase the effectiveness of supervisors and employees within and across units (OfficeofPersonnelManagement, 1999). Marketing SectionsThe marketing section is headed by the marketing manager and assisted by the assistant marketing manager and under them are several marketing team leaders and their marketing representatives.   The marketing section greatly impacts on financial performance, customer relationship performance, and new product performance (Merlo & Bell, 2007). Business unit’ s strategy The main department’ s objects are to focus on the customers’ needs, monitor the competition through studying the competitive landscape, and create a positive image of the company and its products through the use of meaningful messages through ideas, images, and names among other strategies.

The department organizes events and sponsors local groups to raise awareness and increase loans, services, and deposits. They are also responsible for bringing on board more customers and ensure they retain the existing customers. The marketing department studies the market and the target customers, decides the best way to reach these customers, and works with the rest of the company to help determine the new product needs of the market.

Marketing is perhaps the most important activity in a business because it has a direct effect on profitability and sales. Larger businesses will dedicate specific staff and departments for the purpose of marketing. Evaluation of the marketing assistantRolesThe Marketing Assistant works closely with and supports the Marketing Director to elevate Maxy’ s general public perception, get more people to access the available banking services, and proactively device new cheaper methods of getting to the clients and for continued organization development and growth of the firm.

He/she is tasked with all the marketing activities and liaise closely with the outreach team Key responsibilities To support the planning of publicizing operation.  Things running with vocal and published material on customer needs, troubles, paybacks, and feasible events.  To be accountable for updating and safeguarding all mailing lists.  Help the organization process its marketing strategies as necessary Manages sales sweat with supporting, trades society, book-keeping, and practical facility collection.  To support the distribution of marketing material.  To assist the Marketing Manager in participants' progress and addressees study schemes and temporary as the basic example to be accountable for keeping ticket sales records updated for all performances.  Together with the outreach team collect marketing data, analyze and generate a report for use in other departments Regularly report to the marketing manager the progress and finding of the marketing Develop the budget and account for the way money is spent in his/her area of jurisdiction Performance management processThe suggested Performance management process comprises five iterative stages as shown in figure 1(The Performance Management Process Model) below. Figure 1: The Performance Management Process ModelPerformance Planning: The performance planning form the foundation for performance evaluation is a key part of performance management.

This process is closely undertaken by the appraising and the reviewee. At this phase, the employees identify key areas that need improvement and set targets to be achieved before a given time period and within the presentation's financial plan. Performance Appraisal and Reviewing: The review would be carried twice-annual; mid-year and end-year review. The mid-year review is meant to check the status of the employee progress and utilizes the mid-year review form in appendix 2 while the end-year review is a comprehensive review that sums up the overall employee performance level and uses the employee performance evaluation form in appendix 1.In this phase, the appraisee first schemes the self-filled up positions in the self-assessment system and also designates the attainments over a period of time in computable spans.

Then the last totals are delivered by the evaluator for the measurable and quantifiable attainments of the operative being assessed after the personal-evaluation. The whole course of evaluation pursues a vigorous contribution of the worker and the evaluator for examining the roots of loopholes in the presentation and a way of overwhelming. Feedback on the Performance followed by personal counseling and performance facilitation: At this stage, the employee is given the results of the review and recommendations by the reviewee.

The given results are open and transparent and the reviewee identifies the employee training and development needs and try as much as possible to adopt all the necessary steps to ensure the employee attains the expected results through effective personal counseling and guidance, mentoring and representing the employee in training programs which develop the competencies and improve the overall productivity. Rewarding good performance: During the rewarding process, the employees are publicly recognized for their exemplary work.

This gives motivation to the employees and others to work extra hard to get recognition too. The reward system also helps the employee cope with past failures gracefully and boost motivation. Performance Improvement Plans: Based on the performance evaluation at this phase new set of targets is set with its deadlines to the employee.

The set goal is clearly communicated to the employee and is expected to attain the target within the stipulated time. The targets are set by both the employee and the reviewee. Significance of the performance management planThe performance management plan is a strategic management tool that ensures that employees deliver optimally and operate within the budget. This plan ensures that employees focus on the organization’ s mission and vision (OfficeofPersonnelManagement, 1999). Companies that define objectives, establish goals, measure progress, reward achievement, and display the results for all to see can boost productivity and gracefully move an organization in a new direction (Obisi, 2011). Figure 2: Interrelationship between performance management and reward systemExecutives use performance metrics to define and communicate strategic objectives tailored to every individual and role in the organization.

Managers use them to identify underperforming individuals or teams and guide them back on track. Employees use performance metrics to focus on what’ s important and help them achieve goals defined in their personal performance plans.

References

Merlo, O. & Bell, S., 2007. The role of marketing departments in entrepreneurial firms and its impact on the market orientation-performance relationship. [Online] Available at: http://www.jbs.cam.ac.uk/research/working_papers/2007/wp0713.pdf [Accessed 18 January 2013].

Obisi, C., 2011. EMPLOYEE PERFORMANCE APPRAISAL AND ITS IMPLICATION FOR INDIVIDUAL AND ORGANIZATIONAL GROWTH. Australian Journal of Business and Management Research, 1(9), pp.92-97. Available at: http://www.ajbmr.com/articlepdf/AJBMR_16_10i1n9a10.pdf [Accessed 18 Jan 2013].

OfficeofPersonnelManagement, 1999. Performance Management Process Handbook. Oklahoma: Office of Personnel Management State of Oklahoma.

Download free paperFile format: .doc, available for editing
Contact Us