Emerging Market Multinational Enterprises †Free Samples to Students

Question: Discuss about the Emerging Market Multinational Enterprises. Answer: Introduction Every business has strategic management objectives and decisions based on which the company formulates the policies. Human resource department in business organisations work closely aligned with the strategic management decisions taken by the company. The performance of the employees of an organisation depends on a number of factors, first and foremost is the rate and the level of job satisfaction that the employees have. The process of performance management begins with the recruitment of an employee and stops at the point when he or she leaves the organisation (Van Dooren et al. 2015). In this literature review, project scope and project objectives are identified. A comparative literature review is conducted to analyse performance management from the perspectives of the different author. A strive is made to show the relationship between performance management and organisational success. The gap in existing literature is given to show that the literature review may not be able to co ver all aspects of the chosen topic. Lastly, the conclusion is provided by the literature review. The aim of the study is to show the impact of performance management of the organisation on the organisational success. The research objectives of the study are: To identify the stages of performance management within organisations To explore the reasons behind taking performance management within organisations To highlight the impact of performance management on organisational success To evaluate the strategies of performance management that can accelerate the organisational success The performance management is an important part of the strategic management decisions of the company are managed by the Human Resource department. The project scope is depended on various directions, firstly, this literature review section focuses on secondary data analysis and emphasis is made to show the theoretical perspectives of the performance management and organisational success. Secondly, this project also covers the application of the performance management on the organisations and the existing literature gap has been produced. This project does not set its limit to any geographical region, the research findings will be applicable in any regions. Concept of Performance Management within organisations Ann and David (2013), stated that Performance Management is the process by which an organisation keeps a record of the performance of the employees in order to achieve the objectives of the organisation. On the other hand, De Waal (2013), state that Performance Management also helps and supports the employees to improve their skills and in the long run develop their career options in the company. As it is both integrated and strategic approach it strives towards organizations objectives by enhancing the performance and improving the skills of teams and individuals. Some of the functions of the approach, in brief, are joint goal setting, constant progress monitoring and consistent communication and review, regular activity feedback etc (Ann and David 2013). The commitment of the employees towards the organisation etc. management the performance of the people ensure that they are constantly motivated and also realize their potential and use their skills and abilities in the right place in order to optimize the skills in order to achieve the objectives of the organisation. Goal setting theory of performance management helps in developing the action plan within an organisation to guide the managers and employees towards personal development. As opined by Kerney (2018), a positive correlation can be found between improved business results and goal setting as goal setting theory encompasses aspects of making organisations with efficacy and efficiency. Goal setting theory has five elements; clarity refers the measurable and clear goal that can be gained within specific time and challenge refers to achieve the goals set by the organisations for the employees (Kontoghiorghes 2016). Commitment makes the organisations and individuals to provide the deliberate efforts to meet the goals and feedback provides ideas and information of the employees regarding the progress. In addition, task complexity helps to achieve the goals lying down the process steps by steps. Stages of performance management and roles of management Organisational success is not just depended on the right strategy and resources; it is also depended upon the managers critical role to deliver the performance. Managers within an organisation need to deliver the performance and they can get the result best possible performance management. As stated by Ahmed et al. (2016), effective performance management can enable the employees to recognise the objectives of the organisation and it identifies team outputs and individual to contribute towards the organisational objectives. Management within an organisation tries to focus on aligning the individual employees in day-to-day actions that are related to the strategic business objectives (Gerrish 2016). The managers try to document the individual performance in order to support the compensation and the managers also try to establish the focus for skill development. The management identifies the need of performance management and the management also creates the documentation for the legal purposes in order to support the decisions, it also helps to reduce the disputes (Arnaboldi et al. 2015). The management within an organisation wants the performance management should embrace the performance improvement, development and managing behaviour. Performance management should possess the skills and knowledge that they need to perform to the required standards. Manager's performance management starts with planning as, without the skilled managers, the process of performance management cannot be done properly. The beginning of the performance management must include the organisation's determination to move forward. The management should start with realistic objectives and the management develops the strategic plan to carry out the ideas. The management must include the clear vision to proceed with the path. As stated by DeNisi and Smith (2014), the management needs to continue with the efforts and it is very significant to monitor the progress of the performance management. Managers need to focus on the achieved results and team dynamics that can affect the work environment. The next stage is about reviewing and evaluating the performance management. In this stage, the management reviews the accomplishment of the employees and the achievement of the new employees for the current position and the future jobs of the management (Mone and London 2018). The management shows the employee performance and reviews this with previous year's performance. The last year or last quarter's performance of the employees are reviewed by the employees and their future work standards and goals are set in the performance management process. Performance management is the benchmark of the employees to understand employees' employment, rewards and compensation. Impact of performance management on employees The performance of the employees gained importance with the popularity of the Total quality management approach. In order to improve the entire operation of the business organisations, have the opportunity of implementing TQM in their process. Motivation among the employees is heavily impacted by performance management as they are properly guided and have a clear idea of what they can achieve and what is their position. HR department organizes provisions for a training program for skill development. Based on the performance of the employees the company makes the provision of appraisals, incentives and bonus. Performance indicators help the employees to organize the work schedule by utilizing the strengths to overcome the weakness (Certo 2018). It also provides the managers or the leaders t understand the capabilities of the subordinates, which they can use as a guide to support them to achieve the objectives of the organisation (Bach 2013). On the other hand, De Waal (2013), suggest that with the help of performance management the company can strategically work towards achieving the objectives as the process also describes the performance objectives as well. Therefore, it can be said that planning and organisation plays an important role in performance management. The performance management process sets the business objectives and mission, the managers provide the employees with duty and responsibility in order to meet the mission and objectives. The managers can maximise the performance through focussing on the challenges and realistic objectives and aims. The performance management of the organisation sets the individual target of the employees (Johnson 2016). Cserhati and Szabo (2014) supported this by saying the performance management can control the overall business goal and individuals mechanism could enable the performance of the employees to meet the mission statement. Reviewing the performance of the employees enables the managers to have the feedback and this process helps to increase the communication between employees and managers. Managers can set the target for the employees to perform within the desired time frame. As argued by Omotyao (2015), performance management can improve the internal communication within the organisation and employees tended to prefer the mediated communication. Clear communication from the management perspective can help to improve the operation process, operational and strategic issue of the organisation. Lastly, performance management process sets the reward system of the employees and rewards and recognition bring out the best possible motivation for the employees. Bolden (2016) pointed out that motivation brings out the best performance of the employees and the system of motivation can be utilised to pursue to meet the goal of the organisation. Performance management and motivation The job roles of the employees define what is expected from the employees within a workplace and employees behaviour and competencies are depended on that role. The management needs to make sure about the responsibilities, job skills and qualities that can define the success of the employees including the competencies (Mir and Piington 2014). Organisations get the immediate performance reviews and the continuous process of performance management helps the employees to be motivated throughout. The advantages of the performance management are the recognition of the employees contribution to the business and team that can lead to the higher levels of discretionary efforts and engagement. In addition, as stated by Budworth et al. (2015), performance management provides clear visibility and understanding what is required for the employees and it provides quality time between employee and manager. During the feedback of performance management process, the employees share their views regard ing the job-satisfaction, team-working, need for money and achievement. Performance management brings motivation to the employees as the process of performance management provides rewards and recognition. Providing motivation is the responsibility of the managers and performance management process encourages the motivation as managers believe about employee strength (Mellahi et al. 2016). It inquires the employees about their desires and it teaches the employees to measure own success. The performance management process brings motivation from both extrinsic and intrinsic aspects as this process provides regular employee respect. Effects of performance management on organisational success Performance management process is helpful to create the collective understanding of the accomplishment of the employees. Performance approach is helpful to supervise the people to reach success. The performance management process assists the supervisors and managers to give the feedback to the employees and it sets the clear direction to the employees. The rewards and compensation are given to the employees over the period of time when the needs of extrinsic motivation is given to the employees. The managers understand the training needs of the employees and performance management provides managers the opportunity to keep the tracking of the performance and set the performance expectations of the employees. As stated by Siegfried et al. (2018), performance management system is important for the management as it is consistent for the business operation. The objectives of the organisation are needed to fulfil through the performance management and the managers try to bridge the gap thr ough defining the performance objectives of the employees. According to Mir and Pinnigton (2014), management always communicates the objectives to the employees and employees work together to clarify the performance standards. In addition, organisational success can be gained through employee engagement and motivation. Both these factors can be achieved through the performance management as the performance management is accountable to track the goals of the employees. The management runs and judges the performance of the employees through clear communication and purpose. The management communicates the tasks and employees start putting their efforts on this. On the other side, as argued by Bolden (2016), the management discover ways to improve the process of performance management where the employees perform their mark. Moreover, as stated by Omotayo (2015), organisational success can be achieved through the sound managers and inspirational leaders who can perform right process of performance management. Performance management is the process of setting the right track for the employees that can ensure the sustainable results and executing the strategies towards organisational success. Success of the organisation can be measured through achieving the goals and mission of the organisation. Achieving the success has some major steps that the organisation needs to take. The first step of achieving the success is to set the clear goals from the management ends and the management needs to define the plans that can fit the organisational strategies. The management of the organisation identifies the plan of performance management and the managers need to have clear understanding towards the communication of the reviews. The management and leaders need to communicate the review of work progress. The work progress process helps the managers to keep the track of the employees whether the employees are doing well. In addition, as opined by Budworth et al. (2015), external factors sometimes impact on the organisation; therefore, th e role of the management is not to let external factors shift the roles to impact on organisational success. Gap in literature The existing literature based on the performance management and organisational success mainly focuses on the motivation of the employees and the managers role in order to set the criteria for the performance management. Organisational success process is described from the wider perspective. The existing literature showed the relationship between performance management with the success of the organisation. The managers must ensure that they must follow any company's existing procedures as it would be easy to get procedural fairness. The managers should be trained to ensure the consistency of dealing with performance and conduct the issues across the business. The managers should not treat the employees with sane as some of the employees get the rewards and recognition. The gap is established in the section of establishing the relationship between performance management and success of the organisation. The second research gap is the lack of theoretical perspective of the success of the organisation and the organisational examples to show the performance management and the organisational success cannot be found. Conclusion The research aims to highlight the relationship between performance management of the employees with organisational success. Performance management process ensures the workplace policies that are directly tied to the employees employment contract. The employees job roles are mentioned in the contract papers and the management needs to make the performance management system that shows the employee motivation and employee engagement both are needed to gain the organisational success. It ensures the policies and contracts that can manage the personal experience of the employees. The managers need to address the issues in two things about the employees can leave if their own accord and the employees and step up to exceed the standard. 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