Business Proposal
Appraisal process
This refers to the evaluation and discussion of the performance of the employees in relation to their duties and obligations within the organization. This is an indication that the concept of appraisal should focus on the results rather than the characteristics of the employee through implementation of reasonable uniformity and accuracy. Effective appraisal plan will enable the organization to identify areas of change thus essential for the growth and development within the industry. Every employee within the organization has the right to undergo thoughtful and planned appraisal program. In order to enhance the effectiveness of the appraisal process, it is essential for the employees to respond willingly through constructive suggestions thus development of the ability to work with the supervisors for the achievement of the goals and objectives (Hyder, 2007).
Performance management systems
In order to improve the performance and financial stability of JVA Corporation, it is essential for the organization to adopt and implement an effective and efficient performance management system. This is to guide the achievement of the goals and objectives thus ensuring that success do not happen by chance. This system should incorporate employees in the improvement of the effectiveness of the organization. The performance management system should focus on illustration of the key performance indicators, competency, coaching system, review forms, and valuable connection to the human resource systems. This will enhance the performance of the organization thus an opportunity to increase the revenues and profit levels (Kumari & Malhotra, 2012).
Ways to make performance management systems more effective
In order to make performance management systems effective and efficient in the achievement of the goals and objectives, it is essential for the organization to develop transparent policies for the planning and reviewing processes. It is also essential to integrate training for the improvement of the skills and performance of the employees.
Various classifications of rewards
The organization should focus on the minimization of the financial rewards with the aim of adopting and incorporating new forms of rewards for the motivation of the employees. Minimization of the financial rewards from about 8 to 5 percent will enable the organization to save the 3 percent initially spent on rewarding employees. To supplement this reduction in the financial rewards, the organization should implement activities such as recognition of effective performance by the employees. This is through development of tags such as employee of the year, month, or week for motivational purposes. It is also essential for the organization to implement get together programs as motivational tools for the minimization of the spending on the rewarding concepts. Employment security is also another avenue for the organization to interact and manage the performance of the employees.
The goal of the compensation administration
The goals of the compensation administration should focus on rewarding employees for their effective and efficient services to the organization in relation to the achievement of the goals and objectives (Aultman, 2012). This is to enhance the performance of the employees in meeting the mission and vision of the company.
Compensation programs
The organization should adopt an effective compensation program related to the human resource philosophy of the entity thus motivational tool to the employees. This will make employees to associate with the programs easily and appropriately because of the increased level of familiarity. The organization should focus on execution of research in relation to the rates of the labor market in order to deal with overpayments and underpayment cases within the entity. This is essential for the balancing of the compensation packages thus vital for the minimization of the cost of spending on employees during recession (Aultman, 2012).
References
Aultman, D. L. (2012). Compensation, Retirement Programs, and Related Benefits. Federal Register, 77(192), 60582-60602.
Hyder K. (2007). The Appraisal Process. Appraisal Journal [serial online]. Summer2007; 75(3):227-235. Available from: Business Source Complete, Ipswich, MA. Accessed February 10, 2013.
Kumari, N., & Malhotra, R. (2012). Effective Performance Management System For Enhancing Growth. Global Management Journal, 4(1/2), 77-85.
