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Some of the critical elements that can be used to build a successful performance management system are, as stated, the system must be fair and accurate, which means that every manager should ensure that in his field of work, there should be fairness between his employees and work accuracy to ensure proper workflow. Zenger (2017) outlined that the system must also be efficient, which means it must use the allocated time to run the business operations smoothly. Efficiency in the workplace is used to evaluate the amount of work carried out in a day. The system must measure the performance of the business to monitor and record everyday activities for its flexibility. Lastly, the system should use multiple data to compare the strengths and weaknesses of the company. This creates competition in the market, making it known to other organizations.
The main aim of measuring the PM process system is to evaluate the time taken to complete the processes. The success of these projects is measured by how well these goals are met. Project output primarily measures cost and variables scheduled. As a result of not measuring the variables, risks start arising. McKinsey and Company (2017) stated that some risks that arise and hinder the system’s performance are the unfair distribution of work and wages. These data insecurities lead to leakage, slow work performance, and poor work management.
The information above can be initiated into a business plan to ensure its stability and success. To eradicate the risks, the business should operate fluently by sharing skills among the employees to enhance the organization’s growth. The PM system is greatly improved through the managers taking control over the business and monitoring all the activities to go in accordance with the expenses to bring a productive outcome.
References
McKinsey & Company. (2017). Performance management: Why keeping score is so important, and so hard. Web.
Zenger, J. (2017). The 6 vital elements of effective performance management systems. Forbes. Web.
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