24-07-2012, 03:06 PM
A STUDY ON EFFECTIVENESS OF PERFORMANCE MANAGEMENT SYSTEM OF CEGONSOFT PRIVATE LTD IN CHENNAI CITY
A STUDY ON EFFECTIVENESS OF PERFORMANCE MANAGEMENT.doc (Size: 142.5 KB / Downloads: 22)
INTRODUCTION
Successful organizations know that to win in today’s competitive market place they must attract, develop, and retain talented and productive employees.
Today’s leading organizations are using every available tool with greater vigor to create a more efficient and profitable business. One of these tools, performance management, historically has been viewed as an ineffective, highly political, and time-consuming chore.
In this study the researcher has analyzed the “Effectiveness of Performance Management System in CEGONSOFT PRIVATE Ltd” to analyze how the organization communicates the organizational goals and objectives to the employees, and how the organization reinforce individual accountability for meeting those goals, and track and evaluate individual and organizational performance results.
It is clearly defined process for managing people that will result in success for both the individual and the organization.
PERFORMANCE MANAGEMENT DEFINED
"Performance management is the integrated process of objective setting, appraisal and pay determination which supports the achievement of the company's business strategies. At an individual level it will result in action plans related to performance improvement, career development and training."
In other words performance management should be:
• Strategic - it is about broader issues and longer-term goals
• Integrated - it should link various aspects of the business, people management, and individuals and teams.
It should incorporate:
• Performance improvement - throughout the organisation, for individual, team and organisational effectiveness
• Development - unless there is continuous development of individuals and teams, performance will not improve
• Managing behaviour - ensuring that individuals are encouraged to behave in a way that allows and fosters better working relationships.
ADVANTAGES OF PERFORMANCE MANAGEMENT SYSTEM
• Accurate tracking throughout performance planning cycle.
• Support for process specific to the organization.
• Reduced administration.
• Simplify task of creating performance plans.
• Instant notification when changes occur.
• Help managers and employees when defining objectives.
• Integration of all involved parties in the process.
• Quantitative analysis for monitoring and control.
PERFORMANCE APPRAISAL
The performance assessment summarizes the employee’s contributions over the entire appraisal period (usually one year). It may occur as often as is necessary to acknowledge the employee for accomplishments and to plan together for improved performance.
Performance appraisal may be defined as a structured formal interaction between a subordinate and supervisor, that usually takes the form of a periodic interview (annual or semi-annual), in which the work performance of the subordinate is examined and discussed, with a view to identifying weaknesses and strengths as well as opportunities for improvement and skills development.
In many organizations - but not all - appraisal results are used, either directly or indirectly, to help determine reward outcomes. That is, the appraisal results are used to identify the better performing employees who should get the majority of available merit pay increases, bonuses, and promotions.
COMPANY PROFILE
Cegonsoft is a Bangalore based IT Training and Software Development center with an exclusive expertise in the area of HR consultancy started in the year of 2004. Cegonsoft is a Dutch word meaning Never Ending, which implies that our service to you is unflinching.
Cegonsoft with over a decade of proficiency and experience in the field of training and placement has mushroomed out into 3 branches in Bangalore, 3 branches in Chennai, and 3 branches in Coimbatore.
Initiated by a crew of highly dexterous and adept professionals with an unique objective to bridge the gap between the field of education and IT industry, the team has grown from obscurity to national recognition. With continuous achievements, steady development, sense of pride and accomplishment, Cegonsoft takes great pleasure in mentioning that we have tie ups with companies such as IBM and Tally
Cegonsoft is a way proud to mention that the Job oriented IT Training is inclusive of platforms that have wider scope in the prevailing and forthcoming IT Job Market. These platforms are picked after a thorough research and analysis based upon the existing and prospective IT industry in mind. Cegonsoft provides Job oriented IT Training in the platforms such as PHP & Mysql, Rich Internet Application – RIA, LAMP, Software Testing, Java/J2EE and .NET.