MGT-520 CT M6 – Performance Management
A central factor that can determine the effectiveness of a performance management system, of course, is whether an employee’s performance is raised, thereby raising the overall performance (and profitability) of the organization. This is accomplished by ensuring that the performance of an employee is directly tied to the organization’s overall strategic goals/objectives.
In this critical thinking assignment, choose any Saudi Arabian company in which you are familiar (it does not need to be one that you have worked for). Research the specific goals or objectives of the organization over the next 5 years, along with the main principles of a performance management system, and then address the following questions:
Give a brief review of the organization you have chosen.
State the 2-3 most important goals/objectives for the organization over the next five years.
As mentioned above, the key to an effective performance management system is to directly tie organizational goals with an employee’s specific goals. If that employee accomplishes those goals, then the organization has an opportunity (collectively) to reach its overall goals/objectives. Given that statement, choose any position you are familiar with in that organization. They develop 3 goals that the person in that position must accomplish over the next years in order to be successful in their position and, as a result, that would allow the organization to be successful. Below is an example:
EXAMPLE: The goal of the Riyad Bank is to increase its profit margins by 5 percent over the next two years. Therefore, one of the performance goals for the Chief Financial Officer is to develop a strategy that, when implemented, will reduce expenses a minimum of 2 percent in each of the subsequent 3 years.If addressed correctly, students will learn, via the performance management system, to create performance standards that directly tie employee performance to organizational performance.
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