Globalisation and Technology and its Effects to the Success of a Company
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Introduction
The changes that have been realized in globalization and technology have many effects on the success of every company. This according to sources wholly depends upon the efficiencies in the planning of the process involved in all the activities of the organizations, having a team of motivated employees and efficient management of workers. Therefore, performance management is paramount to ensure that business activities are thriving, and employees are motivated to work towards achieving corporate sustainability. Employees and all stakeholders should work together in an effective and efficient manner to enable the company to meet its goals.
This can be achieved by aligning of performance measurement with human resource practices as well as the company’s strategic goals and objectives. A performance management system needs to be harmonized with organization Human Resource activities such as training, development, and reimbursement system for it to be efficient (Bhave & Brutus, 2011). This paper therefore seeks to underline the various approaches that can be employed by Wal-Mart with the aim of improving its competitive edge and efficiency over its competitors. The paper will also establish the essence of performance management for the company and the approaches that the company can employ in integrating an effective performance management approach into its initiatives.
WalMart Approach in Employing PM into its Operations
WalMart, an American company that is situated in New York, has more than 8000 branches in the US as well as the neighboring countries. It is a retailing international organization that deals with more than hundred million entrepreneurs each week with many employees all over the world. Nevertheless, its competitive policy has not been associated with its performance management systems. This also implies that its competitive plan is not linked with the Human Resource interior functions of the staff incentive compensation policies, training and development. In order to exploit its capability, Wel-Mart should develop its management strategies. It should make use of every chance that comes together with structured and proficient performance management systems.
Sources indicate that organizational strategy should be directly tied to performance management to help in achieving organization goals (Bhave & Brutus, S 2011). Performance measurement is imperative in enhancing the efficiency of strategic planning. Performance management offers vital data and controls for the human resource of Wal-Mart that enables the company to develop and implement strategic plans. Wal-Mart uses performance measurement as an instrument that assists to offer a sense of direction for the organization by directing on the distribution of capital based on the performance of different retail stores in various locations (Wal-Mart Stores, 2014). By properly allocating scarce resources appropriately in various Wal-Mart Stores, the company utilizes the limited resources to provide optimum services to customers and increase enterprise revenue.
The Importance of Performance Management to Wal-Mart
Performance measurement enables an organization to ascertain whether an organization meets the requirements of its customer (Jiang et al., 2012). Performance measurement allows Wal-Mart to assess and understand the customer’s tastes and preferences through evaluation of sales data, customer feedback obtained through customer complaints among other performance appraisal methods geared towards understanding the customer buying behavior. This information plays a significant role in letting the management know if the company is providing products that customers require (Hajmohammad et al., 2013).
Performance measurement also helps a management to identify areas that need improvement in the organization. Measuring performance from all spheres of the organization such as financial performance, employee performance, customer satisfaction and benchmarking against other organizations enables Wal-Mart to identify areas with weakness (Wolf, 2014). And develop plans that help in improving the organization standards.
Performance measurement also plays an important role helping Wal-Mart to converse and evaluate the progress of the company towards accomplishing its strategic objectives. Assessment of administrative performance through balanced scorecard and evaluation of staff by the human resource based on their job performance is necessary for Wal-Mart. In ascertaining that the company is working towards attaining it’s the strategic plan. Having a well prepared performance measurement plan helps in addressing the company and staff performance issues that are essential to develop an efficient and sustainable premeditated plan (Gruman & Saks, 2011).
Linking Performance Management with Human Resource Activities
Employees play an important role in ensuring that an organization achieves its strategic goals. Therefore, a well-motivated staff improves job performance enabling an organization to achieve the company’s goals and objectives resulting to corporate sustainability. Performance management is interconnected with human resource activities in various ways. Performance Management provides critical information for the Human resource to enable the department to plan activities such as the development of training systems, workforce planning, make recruitment and hiring decision as well as developing compensation and motivation schemes (Kehoe & Wright, 2013).
Performance management helps an organization to identify each and every employee strength and weakness. The Human resource department uses such information to develop efficient training programs to help improve employee skills and performance level. Human Resource of multinational companies such as Wal-Mart develops regular training schemes. These plans are tailored towards improving the employee’s knowledge base to help developing their skills and steer the organization towards achieving corporate goals.
Performance management is paramount for feeding the human resource department with important data for developing an efficient allocation plan for the workforce. It is the responsibility of the human resource department of Wal-Mart to allocate duties and responsibilities for all the employees. Data obtained from performance measurements such as performance review enable the human resource to make an important decision to allocate the employees where they are best suited to work.
Performance management provides critical performance appraisal data that enable human resource managers to develop effective compensation and motivation schemes. By and large, the goal of performance management is to achieve a fully engaged, productive and well-motivated workforce. Therefore, Performance management enables Wal-Mart Human Recourse managers to set performance expectation and evaluate the employees based on performance standards, organization goals. Wal-Mart can adopt competency models as a way of evaluating employee performance by articulating employee characteristics, skills, knowledge and other abilities that are imperative in helping the company attain its long-term strategic goals.
Thus, enable the organization to develop an efficient reward system that rewards employee performance rather than the outcome of employee actions. Human resource managers offer reward and recognition for good performance as a way of motivating employees to meet their targets and surpass them. The human resource requires developing fair and equitable reward systems based on the formal record of outstanding performance obtained through effective performance measurement systems.
In other organizations, some unmotivated and lazy employees receive performance quantity with a lot of doubts.. Such employees view performance management as an instrument used to divide and judge their performance negatively. On the contrary, some managers feel that performance management in a way brings division among the employees.
The relationship between performance management and strategic planning
The vision, the mission, and corporate values of Wal-Mart should be aligned with the organization strategic plan. On the same note, the performance management system should be developed and modeled in a way to reflect the corporate values of Wal-Mart. Strategic forecasting is basically a regimented effort geared to fabricate fundamental actions based on sound decisions that assists to provide direction to the organization. Consequently, performance measurement plays the significant role of improving individual performance to facilitate the overall perfection of staff. This propensity harmonizes strategic planning efforts to amplify the overall company efficacy.
Performance Management System in Wal-Mart is linked with strategic plans of the company to check that the organization’s strategic plan is adhered to at all levels of the organization (Wal-Mart Stores, 2014). Wal-Mart evaluates the managerial performance of the company’s branch managers through balanced scorecard and assesses all its employees based on their job performance. So as to ascertain if all the stakeholders of the company at all levels are working towards satisfying the customers in providing high-quality products and services all the time. Therefore, enable Wal-Mart to achieve organization strategic goals and business sustainability.
Performance management plays a central role in transforming policies into realistic plans. At Wal-Mart, directors build up overarching measurement scales to assist in tracking business activities through performance measurements (Hahn & Kuhn, 2012). Such measurement balances transform to the overall goals of the organization. Each department centers on particular performance measurement attribute to assist enhance departmental performance. For example, the marketing team at Wal-Mart is concerned more with sales made, suitable leads and translation rates at the section. The operation staff centers on assessing performance about delivery time, quality fulfillment and number of orders filled. On the other hand, the customer care department, measure performance based on customer satisfaction and feedback. These different performance measurement scales assist the organization in attaining the overall strategic goals by translating strategy into action.
Conclusion
Wel-Mart in its approach to achieving the requirements of performance management needs to blend the proponents of its employee’s goals and the components of performance management. The application of this method requires that the objectives and purposes of this company are designed in a manner that enhances the decision-making process for the development of employee relation.
This can be achieved through the use of the feedbacks gained from the PMS performed during transfers, promotions, pay increments and reductions and even terminations. Out of this, it is essential to determine that the performance management system needs to be harmonized with organization Human Resource activities such as training, development, and reimbursement system for it to be efficient. This apparently means that employees and all stakeholders should work together in an effective and efficient fashion to enable the company to meet its goals.
References
Bhave, DP., & Brutus, S 2011 A macro perspective to micro issues. Industrial and organizational psychology, 4(2): 165-168
Wal-Mart Stores, Inc 2014, Wal-Mart Stores, Inc. Marketline Company Profile, pp. 1-41, Business Source Complete, EBSCOhost, viewed 17 Jul. 2015
Jiang, K., Lepak, D. P., Han, K., Hong, Y., Kim, A., & Winkler, A. L. (2012). Clarifying the construct of human resource systems: Relating human resource management to employee performance. Human Resource Management Review, 22(2), 73-85.
Aswathappa, K. (2013). Human resource management: Text and cases. Tata McGraw-Hill Education.
Hajmohammad, S., Vachon, S., Klassen, R. D., & Gavronski, I. (2013). Lean management and supply management: their role in green practices and performance. Journal of Cleaner Production, 39, 312-320.
Wolf, J. (2014). The relationship between sustainable supply chain management, stakeholder pressure and corporate sustainability performance.Journal of business ethics, 119(3), 317-328.
Gruman, J. A., & Saks, A. M. (2011). Performance management and employee engagement. Human Resource Management Review, 21(2), 123-136.
Hahn, G. J., & Kuhn, H. (2012). Value-based performance and risk management in supply chains: A robust optimization approach. International Journal of Production Economics, 139(1), 135-144.
Kehoe, R. R., & Wright, P. M. (2013). The impact of high-performance human resource practices on employees’ attitudes and behaviors. Journal of Management, 39(2), 366-391.
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