STRATEGIC PERFORMANCE MANAGEMENT

Strategic Performance Management

Strategic Performance Management

Learning Outcome 1: Setting performance targets of teams to meet strategic objectives

The links between team performance and strategic objective

The performance of teams can be evaluated on by assessing if the goals achieved, how well the tasks preformed, does the performance of each team member is meeting the desired criteria of evaluation.

Wal-Mart Stores, Inc., functions as the chain of discount departmental, largest grocery retailer store and warehouse. The company plan was initiated by Sam Walton in 1962. In 1972, it was incorporated in the New York Stock Exchange list and was branded as Wal-Mart in 2008. According to the Forbes Global 2000 list, Wal-Mart Stores, Inc. is considered as 18th largest public corporation and one of the largest public corporations as per the revenue generation, of United States of America. The Mission of Wal-Mart is to provide low-priced products as well as a customer friendly store environment with a strong emphasis on customer satisfaction. The company's objective is to grow at double digit rates for the foreseeable future and boost Wal-Mart's revenues by 2010. However, in a context where organizational performance is below expectations and evaluations of individual performance leads to an underestimation of the dispersion assessment scores, this avenue could possibly be interesting, but under certain conditions.

This should be temporary and be replaced by another system.

To avoid risk of challenge by the employees, performance should be evaluated properly, both in terms of results than that of behavior demonstrated. Evaluations should be objective, transparent and defensible with facts.

This should be communicated with clarity and rigor and adequate support should be offered to managers.

Finally, here are two other issues where the coaching of managers makes sense. The first is to strengthen the accountability mechanisms of non-monetary recognition. In a context where the money is limited, there are other ways less expensive than salary increases or bonuses to recognize employee performance. An output of a team, an opportunity to participate in a special project or reimbursement of a meal with the spouse are cheaper ways, but no less valued by employees, show them that their work and efforts are appreciated.. In addition, managers must create and maintain a positive work environment to maintain motivation and commitment of employees. Non-monetary recognition, like offering thanks to employees for their work and offering them opportunities for training and development, can also help create a positive atmosphere. We often underestimate the benefits of a positive work environment, but our research shows that up to 30% of variation in terms of results are attributable to the work climate created by the manager.

Finally, managers must be as open and transparent as possible in their messages to employees. Nothing serves to convince employees that everything is fine if it's not the case. Although employees want to be heard and comforted during this difficult time, they expect to have the correct time. They will learn the truth sooner or later and remember how they were treated during ...