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BUS 150 Exam 3 Study GuideComprehensive Topics – Learned earlier; now applied tonew materialQuestion: If you were given a limited amount of funds how would you approach creating a benefits plan? 1.
Identify expected performance levels2.Encourage high levels of performance3.Measure individual performance; then evaluate4.Provide feedback on individual performance5.Provide assistance as needed6.Reward or discipline depending on performanceOutcomes of Performance Management: ●Pay increases●Incentive rewards●Promotions/advancement●Training and development●Career planning●Disciplinary actions
Organizational Results:●Goals met or not met●Employee satisfaction or dissatisfaction●Correspondence between performance and pay●Measuring performance through perf. Standards – and challenges with each approachTypes of Performance InformationTrait-based Information- (less useful)-Attitude, Teamwork,Initiative,Creativity,Values,DispositionsBehavior-based information - Customer satisfaction,Verbal persuasion, Timeliness of response, Citizenship/ethics, Effective communicationResults-based information(MOST EFFECTIVE)-Sales volume, Cost reduction,Units produced, Improved qualityPerformance Standards-Define the expected levels of employee performance-Should be realistic, measurable, and clearly understood-Benefit both organizations and employees-