Performance Management in the Companies BMC and HFO MRA Essay

Performance Management in the Companies BMC and HFO MRA - Essay Example A virtual organization is one where managers and employees have appropriate performance management using it naturally in the course of their work. This involves planning as a regular system where concerned parties present distinct goals of a company. Give feedback to employees and work groups after monitoring and measuring performance on their progress towards reaching their goals. After managers set higher standards to their employees they take care to develop the skills needed to achieve them. Additionally, effective performance management ensures that after the accomplishment of the mission, employees receive their rewards either formally or informally to recognize their actions (â€Å"Performance Management†). The importance of performance management is to have a motivated workforce, improved management control, direct financial interest like an increase in sales and reduced costs of production.By adopting performance management, BMC Company has a better management control system that is responsive to employers needs. The online system ensures that BMC Company gets the right information to make decisions at all times. It also provides a well-communicated and documented process that simplifies strategic planning. HFO MRA works towards having a motivated workforce that ensures a company’s continuity and achievement of goals. The company believes in measurable objectives where every employee knows their role in the bigger picture. This enables a company to achieve its goals.At HFO MRA Company, there is a higher probability of career development than in BMC. In case an employee review is not up to the standards, the company arranges for training for this individual employee. Employees receive additional rewards for longevity in terms of holidays which motivate them. The monitoring system is better than in BMC because of the involvement of managers and supervisors who constantly look forward to evaluation without concentrating on past mistakes. Thi s gives employees a guarantee of their importance in the company. By rewarding employee’s longevity, HFO MRA ensures that it keeps its employees longer in the company ensuring the continuity of the company.