Performance Management Method

By Author: Vincy Mol
Total Articles: 1
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Performance management is a process by which managers and employees work together to plan, monitor and review an employee's work objectives and overall contribution to the organization. For answering this question I will consider HSBC where I have worked over a year as a Manager. Managing employees’ performance is an important role the manager plays as it helps the company to a get a view on employee’s productivity and their contributions. HSBC had launched a program ‘Talent Spotting’ which helps in identifying the best employees. Performance management methods used in HSBC
360-Degree Feedback: in this form an employee receives feedback in a confidential and anonymous way from their colleagues and superiors and these feedback forms are filled by the employee himself for self-assessment. This method helps an employee in understanding his/her strengths and weaknesses.
Management by Objectives: in this method HSBC sets a grade on the employees’ performance levels in accordance to the achievement of preset goals. Employees are clear about management expectations and establish employee satisfaction as it eliminates ...
... job mismatch and confusions.

Rating Scale: in this method employees performance is measured on various numerical scales such as dependability, initiative, output, attendance, attitude etc. Each scale can range from excellent to poor and the overall numerical scores are summed and final outcome is derived. At HSBC, a grading system is designed for assessing the employees’ performances.
Managing of employee welfare is an integral role played by the HR department of HSBC and has formed a special Employee Retention Team to deal with the welfare issue of the employees. The main role of the team is to avoid any negative effect on employee satisfaction and commitment of the issues related to their welfare revolving around company policies and procedures, redundancies and employee grievances. HSBC on the suggestion of the Employee Retention Team had designed an employee pension scheme that has proved to be effective in dealing with their welfare needs. HSBC considers the employees as a key factor behind its success and it has been observed that the employees are more satisfied and happier with the welfare packages provided at HSBC which further helps in maintaining a high level of motivation amid them.
Health and safety legislation practiced in HSBC influences its HRM practices as it is mandatory for the company to adhere to the legislation on the account of employee welfare. Implementation of this legislation is equally important for the safety and security of the general public. According to Health and Safety Act 1974, an organization needs to design and implement health and safety programs for the employees and provide them with healthy workplace surroundings.
HSBC aims of fulfilling the requirements specifying the legislation and anyone who visits the office premises, be it employees or customers come under the purview of the regulations. For enhancing employees’ motivation, HSBC had undertaken various initiatives related to their health and safety. HSBC encourages and supports the employees in generating a safer work environment through proper maintenance of the surroundings and office machinery and equipment. HSBC trains the employees in proper handling of hazardous objects and organizes a free check-up camp once in 2 months for the employees. Employees are also trained in how to evacuate or help their colleagues in an emergency. The implication of health and the safety legislation in HR practices has helped HSBC in minimizing the number of accidents in the workplace and establish a healthy and safe work environment. By engaging employees in the measures for improving the health and safety practices eventually enhances employee engagement.
A significant topical issue bothering HSBC is employee engagement and for dealing with the issue, priority is given to employee empowerment at every level. Lack of employee engagement brings HSBC at a competitive disadvantage leaving a negative effect on the business in areas like quality control, customer relations, teamwork, innovation and absenteeism, employee morale and is the main reason behind rise in employee turnover.
For increasing employee engagement HSBC has started publishing its own internal magazine which contains key people interviews including the MD and CEO, information about new projects and CSR activities are provided. Also employees are briefed everyday on how to manage the customers and keeping them informed about the trends and demand of the industry. Employee forum has been created where employees’ are encouraged to share their views and opinions directly with the management. A scheme named ‘Bright Ideas’ had been launched to motivate the employees in sharing their ideas and opinions in decision makings. Also the cafeteria has been renovated with modern facilities ensuring that employees are offered with healthy food. HSBC with the help of these approaches keeps the employees motivated and escalates their performance levels. It has helped in dealing with the issues of absenteeism and employee turnover and has effectively established employee engagement.

Vincy Mol is a Professional Writer at OZ Business Assignment Help, She writes on many interesting educational topics like Technology, management, business, human resource and more topic for helping students in their assignment writing.