Performance ManagementSystem for WeaverTech
Performance Management System and Total Rewards Plan for WeaverTech.
According to Beer & Swier (2015),the acquisition of WeaverTech Company formally referred to asJohnson-Ware Industry by CVX partners brought the need of requiringthe company to change its business line to a high-end segment of anapparel company. WeaverTech was established in 1905 and had beenowned by a family before the new holders made the acquisition. Backwhen it was a family entity, the company had only two customers whomthey relied on to sell their products. They were the military, whomade up to 70%, and security, who held the remaining 30%.
The diminishing market from themilitary and security made the company change its market segment tothe clothing market of high-end performance [ CITATION Bee15 l 1033 ].According to the analysis of the company’s fiscal year 2012, it haddropped 12 places when compared to the top 30 privately ownedcompanies in America. Its market was heavily affected and became lessreliable as soon as the war in Iraq and Afghanistan ended since themilitary was the major customer. Another reason why the marketdiminished was that Jack Davidson, the CEO of the company, departedas soon as he got retired from the US Navy rear admiral. As a result,the firm was left with no choice but to redesign its customer baseand shift to the high-end market segment. This shift requiredWeaverTech to restructure its management, reward system as well asperformance management.
Potential Flaws with WeaverTech Current Performance ManagementSystem.
Thecurrent performance management system can be acclaimed to have helpedthe company attain the success it has so far. However, there areflaws in the current performance system which needs to be corrected.The flaws include decreased bonuses given to senior managers, thisdemotivates them lack of the company support to workers’creativity since there is a decline in individual performance overtime and also, dissatisfied employees who are not happy with thecurrent system. Lastly, the company received a very low score onbudgeting and planning, and this clearly indicates that the managersworking under these two sections are not delivering as expected.
How the Performance Management System could be changed to EnhanceWeaverTech Organizational Strategy, Mission, and Support forEmployees.
Sincethe company shifted its market, it has been very consistent in itsperformance. To support its employees, it should gradually change itsstrategy and mission to high-end apparel industry without affectingthe welfare of its workers. For example, according to Chand (2015),instead of retiring the current employees, the firm can expand itsoperations so that it retains the primary market and grow it in thehigh end.
How Performance Management System can enable the Workforce to MeetIndividual and Organizational goals.
Clearobjectives and goals help the employees meet their individual targetsas they keep referring to them. Additionally, when goals andobjectives are clearly defined, they enhance communication andteamwork, collaboration and development, and constant feedback isalso maintained. The workers should be updated both on an individualand group level on the progress they have made so far in achievingthe set goals and objectives.
Performance Appraisal Methods that apply to WeaverTech
WeaverTechcan use several methods to evaluate its workers. Management by theobjective method is applicable since both superior and thesubordinate managers are involved in the formulation of the goals,and then the predetermined objectives are used to assess the employee[ CITATION Hol11 l 1033 ]. The graphic rating scale method isanother method applied to this company since it is effective andsimple.
Legal and Regulatory Issues to Consider Concerning PerformanceManagement Methods.
This includes avoidance of wrongfulemployee`s appraisal and providing equal hiring and retrenchmentopportunities. The appraisal process should observe the FederalUniform Employment Selection Guidelines, 29 CFR Part 1607.
How Can WeaverTech use its Total Reward Programs to EncourageProper Behavior and Reward Employees
Thiscan be done by having an appraisal system that is not biased. Totalreward programs used by the company have made the employees besatisfied with the reward system and also make them behave in adesirable manner (Chandler, 2016).
How can Self-Help Technologies be used by WeaverTech toCommunicate to Stakeholders and Enhance Strategic Focus on HumanResource
Thefirm can use the technologies not only to communicate amongstthemselves, but also, make work easier for the human resource bygiving them time to tackle more serious tasks. Efficiency will beachieved since more time is saved to do other things.
Critical Elements Of Performance Management System And Total RewardPlan
Performance Management and Total Rewards: Performance Management
Sincethe company is shifting to a high-end cloth market, the method ofmanagement by objectives can be effective in WeaverTech`sperformance. In this method, subordinates and superiors are jointlyinvolved in setting predetermined objectives, and this helps inenforcing strategic mission of the company and employee support [ CITATION Cha15 l 1033 ].This method is useful in identifying the source of any shortcomingwhen the goals are not achieved.
Performance Management and Total Rewards: Federal Laws andRegulations Compliance
As thecompany undertakes the appraisal and performance management, itshould comply with Federal Uniform Employment Selection Guidelines,29 CFR Part 1607. If this is not observed, the organization can besued for the victimization of the employees. WeaverTech should,therefore, eliminate any bias, train evaluators, and maintainaccuracy in their operations (Daniels, 2014).
Performance Management and Total Rewards: Individual andOrganizational Needs.
SinceManagement by objectives allows both the employees and superiors toformulate the goals, it is easier to achieve individual andorganization`s needs and goals since both parties are wellrepresented in the process of goal formulation.
Performance Management and Total Rewards: Performance AppraisalMethod
From the study, the method by objectives turns out to be the best,and therefore, employees’ appraisals and rewards will be consideredif the set goals have been achieved to the degree of qualityexpected.
Performance Management and Total Rewards: Total Rewards
I wouldpropose that the company uses different scales to determine therewards for the employees. Since the issue of bonuses contributed tothe downfall of the previously owned company, I recommend that whengiving out bonuses, the level of employees should be observed asopposed to giving bonuses according to the achievements made.
Performance Management and Total Reward: Compensation and benefit
I wouldrecommend that the compensation is done on merit whereby senior mostqualified employees get the highest. This should also be applied whengiving bonuses by observing their achievements and impacts to theorganization. Workers who have worked for five years and beyond areexpected to receive some benefits.
How WeaverTech will communicate to Stakeholders regardingSelf-Service Technologies in relation to benefit programs
Thememorandum on self-service technologies will advise the stakeholdersto use the devices since they provide details on the manner in whichthe benefits are assessed. The messages will inform them that the useof the technology is to cut down the amount of time spent in face toface meetings. The stakeholders will already know how to use themsince training had already been conducted (Holley, Jennings, &Wolters, 2011).
Beer, M., & Swier, P. C. (2015). WeaveTech: High-Performance Change. Harvard Business Press.
Chand, S. (2015). Performance Appraisal Methods: Traditional and Modern Methods (with example). Your Article Library.
Chandler, M. T. (2016). How performance management is killing performance and what to do about it: Rethink, redesign, reboot.
Daniels, A. C. (2014). Performance management: Changing behavior that drives organizational effectiveness.
Holley, W., Jennings, K., & Wolters, R. (2011). The Labor Relations Process. Boston: Cengage Publishers.