Hrm531` Week 4 Paper

Performance Management
Julieann Sandell
July 30, 2014
Michael Hedrick

TO: Traci Goldman, Manager, Atwood and Allen Consulting
FROM: Julieann Sandell
DATE: July 30, 2014
SUBJECT: Performance Management

Hello Traci,
I will be putting together some recommendations based on your current business strategy to increase performance. I will be looking at the different topics to come up with a performance management plan that the company will use to identify areas for improvement and areas of expertise. I know Landslide Limousine will be at a -$50.000 in expected revenue for the first year and is planning on 25 new employees. It is imperative to come up with a strategy to maximize performance and minimize turnover rate to ten percent or less. In order to do this, I will need to look at the topics listed to define the companies overall performance management plan:
1. Alignment of the performance management framework to the organizational business strategy.
Performance appraisals play an important role in the overall objective of performance management. Performance appraisals serve as a tool to help employees improve their overall standards by helping them realize their full potential and also provides information to employees and managers for decision making.   Appraisals provide reasons employees change positions rather if they need more training or   promotion or need to be let go. They provide feedback to employees, provide developmental needs and help spot organizational problems. Using the management by objective (MBO) process establishes objectives that employees need to accomplish and sets agreeable standards by both employee and management. I suggest having immediate supervisors, self-appraisals and customer feedback to evaluate the performance. Immediate supervisors are most familiar with the individual’s performance and are responsible for reward or punishment decisions. “Self-appraisals give the employee the opportunity to rate themselves in...