BUS_FP3040_ WilsonLaura_Assessment2-1.docx - PERFORMANCE...

This preview shows page 1 - 4 out of 10 pages.

PERFORMANCE MANAGEMENT AND TRAINING1Assessment 2Laura WilsonCapella UniversityApril 20, 2020
PERFORMANCE MANAGEMENT AND TRAINING2Assessment 2United Mortgage was one of the fastest growing companies in America in 2017, and havehit the Inc 5000 list multiple times since then. As a Mortgage Company, United Mortgage strives to give the ultimate support, resources and tools for Loan Officers. Full Benefits packages and 200bps per closed deal, Loan officers can put more money in their pocket, and their clients don’t have to suffer from more commission. Rates are competitive as well as lending fees, which is great for both parties. As the Business Development Team member, I have to research and analyze the companies’ performance management and training decisions throughout the companies’ seasonal and yearly cycles. This is to ensure that we are following best business practices and really benefiting and staying true to our statements and goals. Performance Management and FeedbackMost companies have a performance management system. Some have a more formal system and some more informal than others. As I’ve researched and worked for both United Mortgage and their sister company, Platinum Realty, I have analyzed that the system in place is very lucid. Multiple times performance management systems have been introduced, however they have not always remained the same. In researching, I believe this is due to the stigma that is wrapped around most performance management systems. “Today, organizations recognize the value of business performance management (BPM) as a way of attaining strategic alignments and as a means of effectively creating and implementing business strategy. Yet, many still struggle in implementing a BPM solution that is enterprise focused and that enables strategic
PERFORMANCE MANAGEMENT AND TRAINING3alignment” (Ariyachandra, T., & Frolick, M., 2008). Due to a stigma, managers might have a more difficult time in implementing a successful plan. In researching, United Mortgage does not have a formal performance management system in place. This is mainly due to the size of the company. With 8 staffed employees and 30 remote loan officers (and growing). United Mortgage’s performance monitoring is based off of deals closed as well as the feedback given from the loan officers. My recommendation is to create a SMART plan for each department. A SMART Plan is creating goals and objectives for the team that are not only specific but Stretching, Measurable, Achievable, Relevant, and Time-bound, meaning there is an end date at which to achieve this goal (How to Write Clear SMART Objectives With Employees, n.d.). An example for the Business Development Team would be to hire on 10 loan officers every month for a total of 100 loan officers added by January 2021. This example is specific because of the time constraints and the number of loan officers that are wanted. It’s measurable, because we cansee if we obtaining that number consistently. It’s achievable due to the number of loan officers

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture