The Performance Management Quandary Research Paper

The Performance Management Quandary - Research Paper Example Performance Management takes on multiple shapes and sizes in differing organizations and they are indeed different. Additionally, the firms with a high performing culture as expected utilize performance management methodologies and tools to their benefit a case which is not evident with the firms which are lower performers. However, performance management approaches must be appropriate for the firm’s size and business maturity. This is to ensure that the costs which would otherwise add onto the firm’s burden would be reduced drastically. Further, as Millennial enter and continue to dominate the mix of the workforce, organizations should prepare to modify their Performance Management strategy to accommodate the impatient parties. The performance management process and systems should align with the needs/desires of millennial group to make sure they stay to help the firms realize their objectives. Because of the diverse nature of most organizations and the objectives for improved performance by most organizations, one single form of performance management systems would not be appropriate hence from research we have several to be applied in an organization depending on the uniqueness of the organization. The available most frequently used types of management systems will include: - Ranking, Forced distribution, 360 degree feedback, competency based, management by objectives, Graphic Rating scales, Behavioral Anchored Rating Scales and many others. The types of performance management systems as stipulated below are all relevant systems which are geared towards enabling any given organization to bust their performance strategies as appropriate as possible. As a matter of fact, this forms of