Performance Measurement and Management †MyAssignmenthelp.com

Question: Discuss about the Performance Measurement and Management. Answer: Introduction: Human resource management is the essential part for the effective business operations in every company. For the discussion, famous retail company Tesco is selected. Tesco is famous as the largest company in the private sector of UK. In current time, there are around 360000 employees working in Tesco. Now, company is operating in almost 12 countries including Japan, UK, China and Turkey. Core business operations of the company are in the grocery sector. Tesco has diversified its range of products and services such as mobile phones and personal finance. The report provides human resource system and organizational chart to analyze that how HR can contribute and impact on the growth and success of the company (Zhao, 2014). The organizational structure of Tesco is hierarchical that reflects large size of the business. At the store level, there are four layers of management in large stores. The organizational structure of Tesco is described below. It is essential to note down that the given structure is not rigid for all the Tesco stores as some stores are operating with the different structure including their size, location, and various specific factors. In case of human resource system of Tesco, there is the guest model which describes overall strategy of human resource management. The human resource system of the company is divided into five different stages i.e. HRM practices, HR outcomes, behavioral outcomes performance outcome and financial outcomes. The human resource department of the company depends upon five basic activities such as recruiting the employees, training and development of the employees, performance appraisal, compensation and improvement of the employees. In the HRM system of Tesco, there are various activities such as recruitment talent analysis, programs to retain the employees, provision of good working environment and ensuring the employees to be treated equally. Based on some frameworks, human resource of the company will be successful in achieving organizational goals (Khalid Rehman, 2010). In the legislative framework, there are some laws which have to followed by the company i.e. health and safety act 1974, working time regulations 1998 and parental leave 2008. There would be new performance management based on the role of employees, objective of work and types of appraisal. HR managed will, try to implement 360 degree feedback to understand the performance of the employees. Company trains employees on the disaster management which is positive for the staff. The staff receives such training so that customers can shop with safety as staff is responsive and trained. In terms of human resource model, Tesco will be evaluated on using range of various models to make sure that is meeting its core business objectives. For the rewards and wages, Tesco will be in line with the existing laws and rules and pay salaries based on the minimum wage law. With the increase of annual profit, the salaries and rewards will also be increased for the employees. Such rewarding of talent wou ld have positive impact on the employees as well as company (Syed Yah, 2012). Organizational and business ethics framework- In the business and organizational ethics framework of Tesco, human resource would focus on the principles of ethics rather than providing products and services. In this manner, human resource will be focused on the implementation of standards related to right, wrong fairness and other behavioral practice in the company. Ethics would be helpful in sharing the decisions taken by the management. Human resource management would need to train the employees with the expertise for ensuring the key skills sets among the employees. In Tesco, managers can identify the needs of training support by the performance measurement of the employees. Further, managers can identify the needs of training based on the analysis of three needs i.e. industry-related needs, job-related needs and task-related needs. Managers can also use some assessment methods for identifying the needs of training like organizational perspective, task related perspectives and individual assessment. By focusing on every type of training need before moving forward in the business, managers would implement best course of action for the company. Each assessment will be helpful in improving various aspects of the company and develop specific training programs to address essential gaps in the company. By these assessments, managers would also be able to improve effectiveness of the company (Waal Kourtit, 2013). Human resource return It is estimated that the cost of the project of human resource is $230,000. It is also assumed that benefit of the project for 1st year is $430,000. So based these assumptions, human resource return on investment is as follows: HROI= Net project benefits / Projects costs Cost of the project = $230,000 Benefits of project (1st year) = $430,000 So, HROI = $430,000-$230,000 / $230,000 = 0.87 x 100 =87% There are number of legal regulations that are needed to be considered by the HR managers while formulating the business operations. Employment protection is one of the major areas that directly impacts to the process of HR policy development in Tesco. Further, health and safety are primary factors as per the Health and Safety at Work Act 1974. Equality rules have to be followed by Tesco under Equality act 2010 to protect employees from discrimination. One of the important aspects of HR department is related to the development of the various tactics and strategies for the organizational growth. The management of Tesco is focused on the HR strategies for achieving corporate objectives. For this manner, HR managers are focused on motivating employees for the business activities. It is an important part as more motivated employees, better would be their performance. HR is focused in developing the workplace environment more effective for the employees. Further, training and development sessions are also conducted on the regular basis so workforce can be enhanced and motivated efficiently (Briscoe, Schuler Claus, 2011). Performance measurement In Tesco, performance management system has aim to ensure the business objectives are met by the employees. It is the strategic tool to measure the performance of the employees at work. By the performance management system, company is able to analyze individual and groups performance and competencies objectives. For implementing performance management in the company, managers should considered integrated training facility to provide essential training based status and responsibility of the employees to achieve performance goal. In performance management system of Tesco, there are six components i.e. Performance planning in the performance management system, Performance appraisal and review, Feedback on the performance of employees by managers, Pay and reward system i.e. annual compensation, bonus, perks and rewards etc Performance improvement plans by training, mentoring or coaching, and Potential appraisal of employees including promotion and growth plan (Aguinis, 2013) Managing HR contacts To manage the HR contracts in the company Tesco, there is the need the need to adopt an effective system of process. The steps for managing the contract are described below: Reviewing the existing contracts and making appropriate changes, Making clear that what changes are required and comparing them with the original contract, Sending changed documents to the employees, making them comment, amendments or flag any kind of queries and send back to the management, Keep the track of all the comments done by the employees, Review and incorporate the changes as required, and Sending changed contracts back to the employees for the approval and acceptance (Gurbuz, 2009). References Aguinis, H., (2013), Performance management, (3rd), NJ: Pearson/Prentice Hall Briscoe, D.R., Schuler, R.S., Claus, L., (2011), IHRM: Policies and Practices for Multinational Enterprises, (3rd), Routledge: Chapman Hall Gurbuz, S., (2009), The effect of high performance HR practices on employees job satisfaction: Istanbul University Journal of The School Of Business Administration, 38, 110-123 Khalid, G., Rehman, M. Z., (2010), Impact of HRM Practices on Orginizational Performance: NUML Journal Management and Technology, 16-27 Syed, N., Yah, L., (2012), Impact of High Performance Human Resource Management Practices on Employee Job Satisfaction: Empirical Analysis: Interdisciplinary Journal of Contemporary Research in Business, 4(2), 318-342 Waal, A., Kourtit, K., (2013), Performance Measurement and Management in Practice: International Journal of Productivity and Performance Management, 62(5), pp. 446-473 Zhao, S., (2014), Analyzing and Evaluating Critically Tesco's Current Operations Management: Journal of Management and Sustainability, 4(4), 184