Performance Management System



Performance Management System

Introduction

The concept of performance management refers to an organization that deals with the management of service delivery. It is measured and controlled by the time for performance of services and thereby entering the commitment of resources. The result is the work done (time of performance times) is evaluated (Aguinis, 2009). The purpose of this paper is to explore the performance management system deployed at American Express.

Performance Management System

The objective of the approaches of performance management is a systematic, multi-dimensional performance measurement, management and control and monitoring of various application objects or power levels (staff, teams, departments, processes ) with the aim of continuous improvement of individual and corporate performance. The performance management system at American Express includes the learning effects, which assists employees for building their motivation level. The data base is a performance measurement system in support of a balanced performance capture.

The performance management system at American Express consist of the tools and software, which allows them to manage the performance of a business based on methodologies, metrics, processes and systems required to monitor. These programs are based on tools originally typed as Business Intelligence (BI). It is generally recognized as the system engaged on solving all the issues such as financial budgeting, statutory consolidation, but also risk management or balanced scorecard (Aguinis, 2009).

All approaches of the performance management system at American Express have in common is that they are in contrast to the heavily criticized balance and accounting-based management tools not only for analysis purpose but it also helps in planning, management and control of financial, but to integrate particular forward-looking, non-financial variables, thus to enable integrated planning and management of performance and the performance of the company. This is usually achieved by modeling, which is based on the status that the further development of the service processes the content (Pulakos, 2009).

Formal Performance Feedback Process

In today's changing business environment, the annual feedback on performance of employees is very necessary for boosting their motivational level. It is proven that a timely mentoring is a way to quickly improve performance and a way to energize and motivate people to contribute their best, and in modern organizations, where people usually work in global teams and multifunctional performance the best ideas often come from people outside the structure to which the employee reports (Aguinis, 2009). For this purpose the formal and informal feedback process and planning is very crucial for senior management to employ in their organization.

At American Express unlike the traditional performance evaluation process with annual reports, it is dependent on performance evaluation tools that capture unique social and continuous feedback to managers, colleagues and business network. This approach improves both continuous and collaborative relevance and quality of formal feedback from the employee. With help of Performance Reviews, managers at American Express can measure performance in real time without having to rely on their memory for events that occurred months ago (Pulakos, 2009).

They can easily configure the formal review process to meet the specific needs ...