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Maxy Micro financial institution was founded in 1983 to provide financial services to the low-income entrepreneurs, underserved, and impoverished communities. The institution offers microcredit, savings accounts, insurance, health care and personal development. To effectively serve its customers the institution has several autonomous sections with their own outlined business unit's strategies. These sections include marketing section, credit section, human resource section, ICT section among others.
To effectively achieve optimum performance from its employees the management established a comprehensive performance management process. These performance management processes, assessment tools, ratings, and development plans help increase the effectiveness of supervisors and employees within and across units (OfficeofPersonnelManagement, 1999).
The marketing section is headed by the marketing manager and assisted by the assistant marketing manager and under them are several marketing team leaders and their marketing representatives.
Marketing section greatly impact on the financial performance, customer relationship performance and new product performance (Merlo & Bell, 2007).
Business unit's strategy
The department's main objects are to focus on the customers' needs, monitor the competition through studying the competitive landscape, create a positive image of the company and its products through the use of meaningful messages through ideas, images, and names among other strategies. The department organize events and sponsor local groups to raise awareness and increase loans, services and deposits. They are also responsible for bringing on board more customers and ensure they retain the existing customers.
The marketing department studies the market and the target customers, decides the best way to reach these customers, and works with the rest of the company to help determine the new product needs of the market. Marketing is perhaps the most important activity in a business because it has a direct effect on profitability and sales. Larger businesses will dedicate specific staff and departments for the purpose of marketing.
Evaluation of the marketing assistant
The Marketing Assistant works closely with, and supports the Marketing Manager, to raise the
Maxy's profile, maximise income through ticket sales and contribute creatively to the
continued growth and development of the organisation. The Marketing Assistant is involved in all aspects of marketing, most particularly supporting the PR and press function and digital media.
To assist in the preparation of advertising campaign
To be responsible for developing and maintaining all mailing lists ensuring they are kept
up to date.
To assist with distribution of marketing material.
To assist the Marketing Manager in audience development and audience research projects, acting as the key representative for Camerata's involvement in the Sonic Card scheme.
To be responsible for keeping ticket sales records updated for all concerts
Manages sales sweat with supporting, sales organization, book-keeping, logistics and practical facility clusters.
Goods running with verbal and printed information on client wants, evils, benefits, viable activities, and likely for new goods and facilities.
Analyzes the territory/market's potential and determines the value of existing and prospective customers
Assist the firm device its selling tactics as required
Performance management process
The proposed performance management process comprise of five iterative phases as shown in the figure below
Figure 1: The Performance Management Process Model
In Maxy Micro finance employee appraisal would be conducted annually and would be incorporated in the company's strategic plan( see the evaluation form in appendix 1). Performance planning is jointly done by the appraisee and also the reviewee in the beginning of a performance session. During this period, the employees decide upon the targets and the key performance areas which can be performed over a year within the performance budget, which is finalized after a mutual agreement between the reporting officer and the employee.
Performance Appraisal and Reviewing:
In this process, the appraisee first offers the self-filled up ratings in the self-appraisal form and also describes his/her achievements over a period of time in quantifiable terms. After the self- appraisal, the final ratings are provided by the appraiser for the quantifiable and measurable achievements of the employee being appraised. The entire process of review seeks an active participation of both the employee and the appraiser for analyzing the causes of loopholes in the performance and how it can be overcome. This has been discussed in the performance feedback section.
Feedback on the Performance followed by personal counseling and performance facilitation:
This is the stage in which the employee acquires awareness from the appraiser about the areas of improvements and also information on whether the employee is contributing the expected levels of performance or not. The employee receives an open and a very transparent feedback and along with this the training and development needs of the employee is also identified. The appraiser adopts all the possible steps to ensure that the employee meets the expected outcomes for an organization through effective personal counseling and guidance, mentoring and representing the employee in training programmes which develop the competencies and improve the overall productivity.
Rewarding good performance:
This is a very vital component as it will determine the work motivation of an employee. During this stage, an employee is publicly recognized for good performance and is rewarded. This stage is very sensitive for an employee as this may have a direct influence on the self esteem and achievement orientation. Any contributions duly recognized by an organization helps an employee in coping up with the failures successfully and satisfies the need for affection.
Performance Improvement Plans:
In this stage, fresh set of goals are established for an employee and new deadline is provided for accomplishing those objectives. The employee is clearly communicated about the areas in which the employee is expected to improve and a stipulated deadline is also assigned within which the employee must show this improvement. This plan is jointly developed by the appraisee and the appraiser and is mutually approved.
Significance of the performance management plan
The purpose of designing and implementing a performance management system is to ensure performance happens by design and not by chance.
It is a systematic process where the organisation involves its employees in improving organisational effectiveness by focusing them on achieving the organisation's mission and strategic goals.
The performance management system is a tool to implement strategy. It is a useful tool to communicate organisational goals and objectives, reinforce individual accountability for meeting those goals, track individual and organisational performance results
Companies that define objectives, establish goals, measure progress, reward achievement, and display the results for all to see can turbo-charge productivity and gracefully move an organization in a new direction.
Executives use performance metrics to define and communicate strategic objectives tailored to every individual and role in the organization. Managers use them to identify underperforming individuals or teams and guide them back on track. Employees use performance metrics to focus on what's important and help them achieve goals defined in their personal performance plans.