Assignment- 2 Deloitte performance management system The main hurdle for Deloitte was their 360-degree appraisal method of evaluating is not giving any positive results and became outdated, so in order to overcome that: The feedback is conducted regularly and its reviewed at the end of the year, reviewing performance at the end of the year also may not improve the performance on a regular basis. So, this should also be updated frequently. When managers are also evaluated by the employees, the feedback they give may be based on the kind of impression they have on their managers which could be due to Halo effect (the tendency of impression created in one area to influence opinion in other area) in order to overcome this and also the idiosyncratic rater effect they can adopt the updated version of BARS (Behaviorally anchored rating scale) which is: BOS. Behavioural Observation Scale (BOS) is a recent version of BARS. It provides a more specific description along with f
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COMPENSATION PACKAGE OF MICROSOFT A compensation package is the combination of salary and fringe benefits an employer provides to an employee. When evaluating competing job offers, a job-seeker should consider the total package and not just salary. There is almost an unlimited number of potential benefits packages offered by employers. Some employers offer them at the employee's expense, some pay all of the costs, some pay part of the costs. Benefits include such things as vacation days, sick days, personal days, paid company holidays, pension plans, stock ownership plans, health insurance, dental/eye insurance, life insurance, and more. Compensation is what employees get for the contribution of their work in organization. The term compensation management comprises of 3 types of rewards- a) Pay (Basic wage and salary) b) Incentives (Bonus, commission, profit sharing) c) Benefits (Insurance, recreational, medical benefits) Microsoft is pract
Performance management in HERSHY'S
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Performance Management IN Hershey’s The Hershey Company traces its origins to the 1880's, when Milton S. Hershey founded the Lancaster Caramel Company in Lancaster, Pennsylvania. After seeing German-made chocolate-processing machinery at the World's Columbia Exposition of 1893 in Chicago, Hershey decided to go into the chocolate business. PERFORMANCE 1. Creating a Review of the Job Description and Duties; 2. Setting Performance Expectations; 3. Keeping Performance on Target; 4. Realigning Performance if necessary; and 5. Ensuring a Comprehensive Performance Evaluation Meeting takes place. Proper training of all staff and managers is crucial to the implementation of an effective management system. The redesign of Hershey’s performance management system is to be recommended for its participatory and “inter-active” management system. The system’s design relates to how young staff members need for challenge, autonomy, and results is satisf