Bain and Company Management Assignment Sample

• Subject Name : performance management

Performance Management System - Week 2

Ans 1. 3 criteria that can be used for measuring the performance of Sales manager:

1. Setting the goals and metrics for sales: Certain goals concerning sales should be set. Sales that will pour revenue in the company. This measure will define the failure and success of the sales manager (Plouffe et al., 2017). According to the results achieved incentives and compensation management should be set.
2. Regular reviews of performance: The performance should be reviewed regularly like on a monthly or quarterly basis. This will help in encouraging the culture for accountability. Sales managers will have a sense of responsibility and this will help in understanding the performance throughout the year.
3. Client acquisition rates: How efficiently a sales manager can keep his old and new clients (Piltan & Sowlati, 2016). This will depict his attitude, leadership qualities, and also the skills of communication and maintaining the relationship. This will help in judging the overall skills of the sales manager effectively and efficiently.

For encouraging the team to perform in a better manner, Tim could apply the following performance management systems:

• Training: Every team member should be provided with the training to improve their efficiency. This will help them in bringing better results.
• Territories and Quotas: Every member of the team should have a specific territory or quota. This will help in improving the efficiency of the team members as they will be functioning in an area with sole responsibility and authority.
• Appraisals and coaching: Appraisals will help in keeping the morale high of the employees. This will improve their performance (Bachrach, Mullins & Rapp, 2017). While coaching can be provided to the employees who are lagging in some areas. This will help them in improving their performance that in turn will improve the overall performance of the team.

Performance Management System - Week 3

Ans: Balanced card refers to a performance metric that is used for strategic management. This scorecard helps in identifying and improving the functions that are internal for the business and the outcomes that will be external (Norreklit, kure & Trenca, 2018). These scorecards are used as a measure for providing the feedbacks that are related to the organization. Balanced scorecard helps in reinforcing the behavior which is good in the organization by creating 4 separate areas that are to be analyzed. These areas include legs, involve learning, the process of business, finance, and customers (Hansen & Schaltegger, 2016). The card is used to attain objectives, measurements, and initiatives and goals. Balance scorecard helps in identifying the factors that are hindering the performance of business and outlines changes in strategy that can be tracked by the scorecards prepared in the future. It helps in providing information about the company as a whole while viewing the objectives of the company.

Balanced scorecard help in measuring the performance for strategic management on 4 parameters

• Financial: It provides views on the financial performance of the organization and how financial resources are being used in the company (Eftimov et. al, 2016). This will provide an overview and help in better utilization of resources.
• Customers: Balance scorecard checks the performance as per the perspective of customers and suggests strategic measures for improvement.
• Internal process; the quality and efficiency of an organization concerning its products, services are measured and appropriate strategic measures are suggested for future benefits.
• Capacity of the organization: This measure provides feedback on the human capital, infrastructure, and culture and also on the other capacities. This will help in keeping a check on the performances and provide strategies accordingly. This is how balance scored cards can be implemented and function accordingly in the organization for the results.

Performance Management System - Week 4

Ans: The benefits of benchmarking are:

• It helps in underlining the acceptable standards in the industry.
• It will help in measuring the performance of the company as per the industry benchmarks (Tepavicharova, 2018).
• Also, it helps in understanding the quality that is prevailing in the industry and the quality being provided by the company.
• Benchmarking helps in better performance of the organization by overcoming the complacency.
• It provides cost efficiency for the organization. It provides valuable data according to the latest technology and the processes that are followed in the business that helps in improving productivity with reduced cost (Villalonga et. al, 2017).

Different areas where benchmarking can be used by HR:

• Total compensation package: Compensation is an important element for any person and the organization paying it. There is a benchmark that is set by the industry and accordingly it can be paid in the organization (Poor et. al., 2020). If the package is not as per the industry benchmark, employees would not like to switch. Thus, it will help the HR in paying accordingly to its employees.
• Percentage of posts internally filled by management: This is another area where benchmarking can be used. HR can benchmark the positions that are to be filled internally according to the set standard in the industry. This will ease the process of employing a person.
• Benefits as a percentage for the cost of payroll: This helps the HR managers in knowing the best practices that are prevailing in the industry as per the cost-benefit percentage of the payroll. How much percentage they have to save and what is the appropriate cost that is to be set can be determined through benchmarking.
• Rupee sales per employee: How much an employee is paid according to the sales made by them can be benchmarked.

Performance Management System - Week 5

Ans:

The 3 methods for job analysis are as follows:

• Interview method: This method involves the discussion between expert or occupant of the job and job analysis (Pavanelli et. al., 2019). Data on the job analysis from the group or individual interviews are supplemented by information from employees and supervisors.

Benefits: It yields higher returns and a perfect sample can be created as the information derived is more appropriate than other techniques.

Weakness: The interview method consumes a lot of time, cost, and energy. Also, it depends on how appropriately a person is willing to answer.

• Observation method: Direct observation or through work that is being analyzed job can be done.

Benefit: It is a simple method and less time-consuming. Results can be drawn by observing and greater accuracy can be derived (Beck, Billing & Carr, 2016).

Weakness: The data collected would be unstructured and certain data won’t serve any purpose.

• Record method: Job analysis can also be done through old records that are present with the HR. Analysts can go through these records and register relevant aspects of jobs.

Benefits: It helps in easy gathering of data and specific requirements can be withdrawn from them.

Weakness: The data can be unreliable. With time the required specification changes and there are additions and subtraction in the job profile which cannot be determined through this method. Thus, not reliable for the present situation.

Performance Management System - Week 6

Ans: 5 measures for an effective process of recruitment:

• Hire by the attitude and train as per required skills: Attitude of an employee towards the organization is one measure that should be, by analysis how they are referring to the other person or the previous organization (Velmurungan & Rajan, 2018). This helps in understanding the attitude of the person and how that employee will be contributing to the organization. Also, training concerning the skills set that are required should be checked and accordingly sessions should be given. This will improve the effectiveness of the hiring process.
• Hiring by thinking outside the box: Resume cannot depict the skills of the person, instead, it is better to judge a person through their networking sites like LinkedIn, etc. this will make the hiring process more effective as better knowledge about the activities of employees can be derived (Shafiudding, 2019).
• Reach: For finding an ideal candidate and making the process effective, reach should be enhanced. Like if a chef is to be hired than books regarding the industry should be read, food events should be attended to find the best talent in the industry and then hire the person accordingly.
• Employee referrals: An employee working knows the best about the organization and can suggest the person who is best suited in the organization. They have a better reach to the best people of the same field then an organization can reach as they are aware of them and some might be in their known circle. This will improve the effectiveness of hiring.
• Database: to have an effective hiring every database should be searched and the job should be posted accordingly on every channel (Dias et. al, 2019). This will increase the scope of people who can apply and the chances of finding the best person.

References for Performance Management System

Bachrach, D. G., Mullins, R. R., & Rapp, A. A. (2017). Intangible sales team resources: Investing in team social capital and transactive memory for market-driven behaviors, norms, and performance. Industrial Marketing Management, 62, 88-99.

Beck, B., Billing, D. C., & Carr, A. J. (2016). Developing physical and physiological employment standards: Translation of job analysis findings to assessments and performance standards–A systematic review. International Journal of Industrial Ergonomics, 56, 9-16.

Dias, V. D. A., de Alencar, D. B., de Oliveira, F. S., Santos, M. C. B., Bezerra, C. M. V. O., & Bezerra, I. F. O. (2019). THE FEASIBILITY OF IMPLEMENTATION OF RECRUITMENT AND SELECTION TECHNIQUES IN A CIVIL CONSTRUCTION COMPANY MANAUS-AM. ITEGAM-JETIA: Journal of Engineering and Technology for Industrial Applications, 5(20), 104-107.

Eftimov, L., Trpeski, P., Gockov, G., & Vasileva, V. (2016). Designing a balanced scorecard as a strategic management system for higher education institutions: A case study in Macedonia. Ekonomika, 62(2), 29-48.

Hansen, E. G., & Schaltegger, S. (2016). The sustainability balanced scorecard: A systematic review of architectures. Journal of Business Ethics, 133(2), 193-221.

Nørreklit, H., Kure, N., & Trenca, M. (2018). Balanced Scorecard. The International Encyclopedia of Strategic Communication, 1-6.

Pavanelli, P. L., Falco, S., La Valle, G., Roscio, C., & Ricciardi, G. (2019, July). Comparative Assessment of the Risk of Manual Patient Handling Between Standard Methods and Job Analysis. In International Conference on Applied Human Factors and Ergonomics (pp. 55-62).

Piltan, M., & Sowlati, T. (2016). A multi-criteria decision support model for evaluating the performance of partnerships. Expert Systems with Applications, 45, 373-384.

Plouffe, C., Beuk, F., Hulland, J., & Nenkov, G. Y. (2017). Elaboration on potential outcomes (EPO) and the consultative salesperson: investigating effects on attributions and performance. Journal of Personal Selling & Sales Management, 37(2), 113-133.

Poór, J., Slavić, A., Katalin, T., Berber, N., Kerekes, K., & Karoliny, Z. (2020). Benchmarking in human resource management in focus of Central and Eastern Europe in the light of CRANET research. Strategic Management, 25(1), 21-28.

Shafiuddin, M. (2019). Modern Recruitment Techniques in Human Resource Management. Social Science and Humanities Journal, 837-847.

Shehata, M. M., & Usaf, B. A. R. (2019). The Conformity between the description of medical administrative functions and their specifications in the framework of functional analysis Analytical study at Al-Khansaa Hospital in Mosul. Tikrit Journal Of Administrative and Economic Sciences, 4(44), 217.

Tepavicharova, M. (2018). IMPROVING THE EFFICIENCY AND COMPETITIVENESS OF THE ORGANIZATIONS IN THE APPLICATION OF BENCHMARKING. Knowledge International Journal, 28(1), 279-284.

Velmurugan, A., & Rajan, S. N. (2018). A Study on Effective Recruitment Process by a Recruitment Consultancy in India. Indo-Iranian Journal of Scientific Research (IIJSR), 2(3), 23-37.

Villalonga, M. M., Ebadian, S., Orihuela, C., & Lee, A. G. (2017). U.S. Patent Application No. 15/165,262.

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