Performance Management And Rewarding Practices Management Essay

Performance Management And Rewarding Practices Management Essay
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Introduction
Evaluating the Solution
Number of Solutions Approached
Various approaches were made for handling the factory closure. These approaches and their discussion are shown below. All the approaches towards the issue shown were used to form a main solution towards the problem
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Performance Management and Rewarding Practices
It is common practice in many organizations to show huge commitment towards their reward practice schemes as they serve to be very essential motivators in order to improve their overall performance to achieve organizational goals. (Zaherawati Zakaria, 2011) These reward practices are connected to organized performance management system and that the employees should understand the link between them, and what should be done to achieve them. (Practices, 2012)

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Advantages:
Carrying out reward schemes and incentives increases their motivation and long-term commitment towards company and their overall performance in their work. (IncentivePrograms, 2012) It reduces employee dissatisfaction and encourages team work within employees. (Practices, 2012)

Disadvantage:
In a profit-making company, large differences in incentives between employees having similar roles may decrease the overall employee satisfaction and may decrease employee’s satisfaction and lower their commitment towards the company. (http://smallbusiness.chron.com/, 2012)

Employee Counseling
After the closure announcement, many employees may undergo personal and work-related difficulties. Thus employee counseling’s main aim is to assist employees and tackling these issues in a confidential and supportive manner. These are dealt by evaluating each employee’s strategies in handling them and provide them advice. This process increases employee’s effectiveness. (http://www.pgagroup.com, 2013)

Advantages:
Tackling such issues makes employees feel supported and valued within the company and motivates them to understand to use their full potential in their work therefore increasing the individual’s overall performance. (http://www.pgagroup.com, 2013)

Disadvantages:
Counseling is expensive as they are usually outsourced. (McDonough, 2011) In many cases, the counselor is professionally permitted to disclose any confidential information which the employee has shared, to the employer if necessary. Another disadvantage is that the counselor may not be very skillful in providing helpful information and may affect employees’ effectiveness towards their tasks. (Mayhew, The_Disadvantages_of_Employee_Assistance_Programs, 2011)

Training of Managers
This process involves training talented junior employees, by senior employees, for managerial positions. Once a senior employee voluntarily leaves the company, his/her position was then filled with a junior employee. A junior employee may then manage the operations until the closure. (Mayhew, What_Are_the Benefits_of_Retaining_Employees?, 2011).

Advantages:
Retention of desired employees followed by training them maintains employee satisfaction, creating more career paths making them highly motivated and appreciating the company’s values. (Mayhew, What_Are_the_Benefits_of_Retaining_Employees?, 2011)

Disadvantages:
Training the employees can be costly as the employer needs to pay the senior employee for their time. The trainer may not provide sufficient time for training the employees and may result in employees not having vital knowledge of their jobs. (Arthur, 2011)

Partly Outsourcing some Production
It is always better to be prepared for the unexpected. Thus if a manufacturing company is big enough to have many factories which make similar products around the region, the employer can partly transfer some of the factory’s production to those factories when production is running behind schedule. Employees may go through lot of stress when they are over-loaded with work or facing personal or work-related issues. In order to maintain its brand name, this process is quite essential for maintaining production schedules when facing these circumstances.

Advantages:
During these stressful periods, reducing responsibilities on the employees can make them handle the responsibilities more efficiently and smoothly therefore meeting production deadlines.

Disadvantages:
When transferring some of the production to other factories, the company must provide specifications of the products and its manufacturing process. The employees in the main factory may not provide sufficient amount of time in training and discussing the specifications to the workers of the other factory.

Risks involved with the Solution
After announcing the closure, many staff would be very emotional and may undergo various psychological and personal issues. Therefore it is necessity to have counseling services. However, these expensive counseling services provided by outsourced professional experts may not be successful in tackling employee’s personal issues and may risk their effectiveness towards work. Moreover employees may feel uncomfortable that the counselor may disclose certain issues to the employer. This may make the employee less confidant about this service therefore may result employee not being completely open to counselor. This may risk staff becoming de motivated and the number of absences may increase

If the company is making profit, differences in incentives among employees carrying out similar roles may lower some employee’s morale and reduces the overall performance in the company. Many of its employees would prefer raise in their salaries rather than being paid bonuses, as they may be unreachable to some of them. This may make employees feel that the company is being unfair and would lower their motivation to carry out their tasks.

Trainers not providing adequate amount of time to young employees who will be in retention or not guiding them properly may lead to employees picking up wrong habits and may affect the management of production.

The risk of outsourcing the production to other factories is that employees may be quite occupied and may not provide time to train and discuss the specifications of the product. This may lead to products delivered on time but not meeting the desired quality standards and specifications. .

Change Management Aspects
The main aim of change management is to provide systematic approach for dealing with change in environment and to achieve the key business priorities, from an employee’s and business’s point of views. These changes must be planned and implemented in order to reduce damage in company. (change management, 2010)

Forming a Leading Team:
After the announcement, it is essential to appoint as new leaders, a team of right people from different departments, with essential skills and good commitment towards the company. During these stressful periods, employees turn to leaders for support and to solve any problems. Therefore it is important that they must have strong commitment in order to be adapted to the change during the initial stages in order to manage the employees successfully. These people are the company’s influential people, who possess strong leadership qualities and motivate their employees.

After the team is formed, they need to plan and implement various strategies for every department in the factory, in order to achieve company goals. This may affect the employees and prove to be quite challenging for the leaders. It is also essential

Be honest and Over-communicate
Employees may become very emotional and prove to be very difficult for managers who manage them. It is very important to assist all employees to view the change in a very constructive manner. Employees may question their senior employees about the necessity of the change and how they will be affected. These questions must be answered. Therefore regular communication between leaders and employees must be carried out visibly and very frequently in group meetings, presentations and also one-to-one meetings. Employees input and feedback are essential to make leaders understand how the change will affected the employees to make minor improvements to the strategies making it more adaptable for the employees.

Leaders must be honest to their employees and explain and make them understand their objectives and goals and how they can achieve them and how the reward will be provided depending on their performance, such as promotion or incentives.

Enabling Support
In order for the change to take place, obstacles towards achieving it must be removed. Employees need to trust the organization where they work in. Facilitation and support from managers does influence this trust. Enable staff surveys to be carried out for identifying staff. To see who are against or with the change. Staff who helped in implementing the change must be rewarded, this will motivate other staffs to work.

Be prepared for any unexpected scenario
The strategies made for the change may not go smoothly according to what was planned. It is the responsibility of the leader to make sure to maintain the operations and solve any issues affecting change.

Detailed Project Plan
Sources of Cost
Tangible Benefits
Rewards such as job promotion or increased salary help employees to use their full potential and grow professionally.
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