receive the feedback initially and to follow up with employees to provide an overview of the information provided Administrative Use of Multisource Feedback - Managers must anticipate several potential problems. Differences among rates can present a challenge, bias can just as easily be rooted in customers, subordinates, and peers as in a boss Evaluating Multisource Feedback - Supervisor Ratings may need to carry more weight than peer or subordinate input to resolve differences ● Understanding and applying MBOs Management by Objectives (MBO) – specific performance appraisal method that highlights the performance goals that an individual and manager identify together Other names for MBO = appraisal by results, target coaching, work planning and review, performance objective setting, mutual goal setting Stages in the MBO Process 1. Job review and agreement - Employee and superior review job description and key activities that constitute employee’s job 2. Development of performance standards - Employee and superior develop specific standards of performance and determine a satisfactory level of performance that is specific and measurable
3. Setting of objectives - Employee and superior establish objectives that are realistically attainable Continuing performance discussions Employee and superior use objectives as a basis for continuing discussions about employee’s performance Combinations of Methods - No single appraisal method is best for all situations - Performance measurement system that uses a combination of methods may be sensible - Managers can choose and mix methods to accomplish what they want a performance appraisal system ● How to design an effective performance management system 1.Effective Performance Management ● Beneficial as a development tool ● Useful as an administrative tool ● Legal and job related ● Effective in documenting employee performance ● Clear about who are high, average, and low performers 2.Effective Performance Management System ● High, average, low performance is clear ● Beneficial as a development tool ● Useful as an administrative tool ● Is legal and job related ● Viewed as fair by employees ● Effective in documenting performance Chapter 11 – Total Rewards and Compensation ● The difference between monetary and non-monetary awards that are part of total rewards ● Define and describe the different components of compensation ● Laws governing total rewards ● Determining if someone is an independent contractor or not ● Strategic compensation decisions and how they related to motivation theories ● Calculating the HR metrics for compensation (e.g., FTEs) ● Pros and cons of different compensation philosophies ● Global compensation challenges ● Understanding comp. system design, pay grades, and the challenges with banding jobs Chapter 12 – Variable Pay and Executive Compensation Variable Pay - compensation that is tied to performance. Better performance leads to greater rewards for employees.
Compensation - Tangible rewards that encourage or motivate action ●
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