How Does Training Help Manage Performance & Development Of Employees, in a Managers Point of View

Table of Content

Table of Content2

Chapter 1: Introduction4

Background4

Company Background:5

Research Objectives8

Thesis Outline9

Chapter 2: Literature Review10

Performance Management10

The Purpose of Performance Management10

Criticisms of Performance Management13

The Development of an Organization's Performance Management System16

Approaches Applicable to Developing the Performance Management System16

Considerations in Development of the Performance Management System24

The Components of an Effective Performance Management System31

Vision and Mission Statement32

Team Objectives33

Individual Objectives — Performance Agreement34

Formal Assessment — Performance Appraisal38

Feedback Procedure — Ongoing Training and Development39

Chapter 3: Methodology41

Chapter 4: Result and Discussion43

Main Purpose of HSBC's Performance Management System43

The Dynamic Nature of HSBC's Context46

Strategic Links48

Career Opportunities and Training and Development51

Communication53

Performance Management Procedure55

Future Considerations for HSBC's Performance Management System58

Emotional Intelligence (El)58

Knowledge Management (KM)59

Project Management60

Chapter 5: Conclusion63

Research Recommendations64

References66

Bibliography71

Chapter 1: Introduction

Background

Despite many authors' (Brown & Armstrong, 1999, 65; Rademan & Vos, 2001, 98; Furnham, 2004, 56; Hazard, 2004, 25; Institute of Management & Administration (IOMA, 2004, 21) criticisms and concerns regarding efficacy of performance management systems, it is acknowledged (Viedge, 2003, 89), in Western world, that these systems can and do make the useful contribution to efficiency and effectiveness of an organization. Since their earliest beginnings as mere performance appraisal systems, they are now widely incorporated into an organizations overall strategic planning and assist with achievement of organizational objectives. Performance management systems have become more important in recent years because “managers, be they in public or private sector, are under constant pressure to improve performance of their organizations” (Holloway, Francis & Hinton, 1999: 351).

Over time however, there has been an increase in use of performance management systems in sectors such as public sector (Curtis, 1999, 32; Hoque, Arends & Alexander, 2004, 58; Radnor & McGuire, 2004, 87; SA Government, 2004, 87) and academic sector (Kapp, 2001, 79). There has even been some movement towards incorporation of performance management systems in larger sector (Andrew, 2004, 87). Noticeably however, much of information available regarding usefulness of performance management system relates to large corporations.

Company Background:

HSBC is a banking and financial services organization that provides investment banking, commercial banking and wealth management services. The group's international network comprises over 9,500 offices in 86 countries in the following five regions: Europe; Hong Kong; Rest of Asia-Pacific including the Middle East and Africa; North America and Latin America. With assets of about $2,527 billion at 31 December 2008, HSBC is one of the world's largest banking and financial services organizations. HSBC provides financial services to more than 100 million customers through four customer groups and global businesses: personal financial services (including consumer finance), commercial banking, global banking and markets and private banking.

Personal financial services provide a range of banking and related financial services to over 105 million individual and self employed customers in 62 countries. Products provided by the segment include current and savings accounts, mortgages and personal loans, credit cards, and local and international payment services.

In addition, the segment also offers consumer finance and wealth management services. HSBC offers wealth management services including insurance and investment products and financial ...