MGT 434 Topic 6 Assignment; Benchmark - Performance Management Cycle Plan
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Introduction
It is well known that an organization’s main purpose is to gain revenue and profits which is achieved using human capital, which are the employees that produce for the company. Since production, revenue, and profit is reliable on a company’s employees it is important to make sure that its employees are valued and satisfied and can be done with performance management (Koskarova, 2022). Proctor & Gamble implements a performance management plan that it uses to achieve its employee and organizational goals that aids management in monitoring the performance of employees, departments, and company (Procter & gamble company’s performance management, 2020a). This paper will detail Proctor & Gamble’s six steps of their performance management cycle plan as well as Human Resource management’s (HRM) current and revised strategies.
Step 1: Performance Outcomes
Every company has goals that it needs to meet for the company and its employees to achieve success and have a market advantage. The first step in the performance management process is identifying the outcomes determined by the company and its employees’ strategies, values, and culture that will benefit the company, its customers, and its employees (Noe et al, 2021). Having a strong performance management system shows P&G’s strength and separates them from their competitors and follows their vision statement of “Be, and be recognized as, the best consumer products and services company in the world,” which expresses their value of their consumers and employees (Smithson, 2017). P&G’s mission statement, “We will provide branded products and services of superior quality and value that improve the lives of the world’s consumers, now and for generations to come……..Continue
