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Lecture

Standard setting and performance management.docx

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Department
Accounting
Course
ACCT 301
Professor
All Professors
Semester
Fall

Description
Standard setting and performance management Objectives • Define the term performance management • Identify a process for establishing work standards and performance management • Outline a method to establish performance indicators • Illustrate ways of applying performance management • Describe management contribution to personal development planning • Explain the term ‘performance related pay’ Define the term performance management Performance management is a means of getting better results by understanding and managing performance within an agreed framework of planned goals, standard and competence requirements. • It is an ongoing communication process that involves both the performance manager and the employee in: o Identifying and describing essential job functions o Developing realistic and appropriate performance standards o Giving and receiving feedback o Performance evaluations o Planning education and development Identify a process for establishing work standards and performance management The performance management process provides an opportunity for the employee and performance manager to create a plan for achieving development goals: • Strategic plans and annual goals o Job description and essential functions Standard of performance • Performance observation and feedback o Performance development plan It must also consider the emerging environment with five main areas: 1. Economy 2. government 3. social 4. technology 5. competition Outline a method to establish performance indicators • Standards should be written in clear and understandable language o Describing the specific behaviors and actions required for work performance o They should also be:  Consistent Realistic Specific  Measurable Challenging Dynamic o The org reporting system should be able to
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