Performancemanagement;Performancemanagement is what you do or does not.
Performance management is differentmethod of task like that planning and performs through effectively andefficiency then in last performs the action. Performance management is aprocess of communication between supervisor and employee that occur throughoutthe year. It is accomplishingthe strategic goals of the organization.
The communication process isidentifying setting goals execution and reviewing the result. Performancemanagement is an interaction with your employees at every step. It is anopportunity with an employee in to a learning occasion.
In performancemanagement determine major duties, define performance standard for each duties,documents job performance, Evaluate job performance and then hold a performancediscussion.Compensation;Compensation is very important for any organization. Most ofthe companies compensate of retain their employees through give bonuses, rewardprovide facilities, golden shake hand and other etc. It is consider of vision, missionand strategy of the company and these components are linked and aligned witheach other.
Compensation comes from HR department of the organization. It isthe tool which is used the company to reward and manage to their employees,that they perform effectively and efficiency. Compensation system is anattractive system, to attracting the employees through bonuses, rewards anddifferent type of facilities.
Compensation has many types like completely fixedit could be per month per year and some fixed component according employeeperformance or result that mean employee meet his target on not. Compensationplays a maximum amount of regular breaks like monthly payments. The mostimportant thing is compensation decrease the turnover rate. Performancemanagement role in HR;Performancemanagement is plays an important role in organization. As an employee role inHR works perform effectively and efficiently and achieve goals individual baseswith the help of organization.
Manager and employees set together and setgoals. The process, in which employees and manger works together and theorganization works for company’s target. Organization clearly communicates andinvolve in their employees.Performance management should be compensated with other function talentmanagement should be connected to the TND.
HR does not run without that processPerformancemanagement role as a modern organization needs tomanage its performanceand the development of employees.Performancemanagement as a setting the performancestandards, monitoring the progress and building strong succession plans for theorganization. Performancemanagement Provides systematic and formal feedback to employees and managersPerformance management role as a motivate employees and giving thedevelopment of the organization thedirection the goals and tasks of managers and employees should be aligned withthe business strategy.Why performance Management important;Itsincrease the company competitiveness andmaximize the productivity.It is increase the employee advancement.Itis increase the high quality of product and services.Compensation role in HR;Compensationis very important part of organization. There are about to pay compensation andbenefits of budget management, setting up performance standards, setting uptransparent compensation policies, and introduction of job benefits.
Inorder to avoid the level of high ranking, in the agreement, maintaining thetalent at the top of the organization plays an important role. Maintains highquality of compensation and service, the organization should encourage jobs. Thecompensation is to provide payroll data after the proposed amendment to themind of the bird budget.Why compensation important in HR;Compensationis the way of attracting to the employee to do perform well and efficient. Itis very important for motivating and retaining the employee.it is a benefitpackage to give the employee for better performance.Itis decrease turnover rate.Discussion at performance management;Wehave already discussed what performance management is.
Now we are furtherdiscussing performance management. It is the process in which managers andemployees work together. Performance management is different method of taskwhich is included plane, work do effectively and efficiency and after action ofyour performance. Performance management is identifying the actual performanceand purpose, measure according to the objective after that develop.
The last processidentifies that GAP and removes it, and achieves company goals through trainingand development. The individual goals engaged with organizational goals throughperformance management. Through performance management company makes decisionof retention and termination.Discussionat compensation;Compensationis very important of HR. It isdependent into the performance of the employee. In compensation discuss salary,benefits, incentives, bonuses golden shake hand shields etc.
but nowcompensation plans is completely change, companies compensate through givepackages and employees develops process for retain their employees.Manyother companies adopt these method of compensate for their employees likehousing facilities system and development the employee through towerarrangement. Conclusion;Performancemanagement and compensation both variables are dependent to each other because,without performance management company does not compensate to the employees. Weobserved both variables are very important and base of HR. On the performanceand evaluation of the employee company compensate to his employees.Compensationbased on performance management if we compensate our employee then theyperforms efficiently.
So that’s why both variable are depend each other.