Performance Management Plan – Sample Paper

Performance Management Plan

Introduction

The paper is based on Traci Email on the Atwood and Allen Consultation page. The paper involves the development of a performance management plan required by Bradley Stonefield for a new limousine services business that is intended to operate in Austin, Texas. Bradley intends to obtain the best performance management plan for 25 employees with a turnover rate of 10%, and a revenue of $50,000 and a growth of 5% after a number of year. Therefore the plan must maximize on workers retention and high performance to attract high revenue and considerable growth. The plan will focus on establishing the legal requirement for employment, the best compensation system to employ to enhance motivation, retention and high attraction of great talent. It will also focus on the best performance measures and performance appraisal to enhance commitment, and standard services. The plan will also focus on the best form of communication to employ to enhance performance.

Compensation Plan

The compensation plan of any company is highly influenced by legal requirements of a state and the nation. In this case, the compensation plan must satisfy Texas legal requirements. The Texas compensation law demands that an employer should offer insurance for any work related injuries. This is a law that this business should consider among other compensations since it involves vehicles which are capable of causing accident and injuring the driver among other workers offering services to the customers in the vehicle. Employees in private sectors should receive a minimum of 88% of the defined state average weekly wage (SAWW) for the job description. In case an employee is injured in the workplace, the employee should receive temporal income benefit of 100% of SAWW, 70% of SAWW impairment income benefit, 70% of SAWW supplemental income benefits, 100% of SAWW death benefits and 100% of SAWW lifetime income benefit for the initial year an injured individual received this benefit (TDI.Texas, 2015). An employer is then required to have an employment contract with the employee, which will be used to define all other compensations that an employee should receive or be denied. The employee has the right to know his or her benefits or benefit denied before joining the workforce. Thus the work contract needs to be read, understood and signed before an employee joins the workforce. The company should put all this into consideration when defining basic compensation for the workers.

Beside the legally defined benefit, the company can consider giving its employees more benefits to motivate them. These benefit include paid leaves, incentives for good performance, salary increment and promotion for good performance and academic advancement. In addition, the company should consider nurturing career development and personal development by offering paid study leave for a worker with a minimum of three working period in the company and with good work performance. This will encourage workers to maintain a good performance record to enjoy the company’s benefits. The company should consider providing good treat to workers any time their performance goes beyond the anticipated. This would include holiday package, vouchers, or family tripe for all workers. This will encourage them to always focus on surpassing the set limits and this boosting the organization performance (Aguinis, 2011).

Performance Measure

The business will consider measuring the employee performance using a number of ways. This includes management by objective where the business managers will ensure that the employees’ individual goals align with the company’s goals. The main goal in this case is offering high quality services to the customers with a high level of efficiency and reliability. Other performance measures include measuring the level of customers’ retention, number of referrals from old customers, and customers’ feedback. In this regard, the company should develop an electronic performance measurement system where which workers will gain point based on each of the above stated aspects directed to an individual or a team. This will assist in measuring individual performance based on observation and tangible results of great or poor performance (Sagepub, n.d.).

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