KC7 - Performance Management Flashcards
1
Q
Motivational Theories
A
Herzberg - Hygiene and motivating factors.
Maslow - Hierarchy of Needs
Ensure that employees receive rewards for the work they do.
Equity Theory - Process theory, useful when managing teams. Equal reward for equal work.
Other Factors - Know Employees, Assess Employee’s Strengths & Weaknesses, Involve Staff (decisions, delegate work), Recognize & Acknowledge Performance
2
Q
Financial Incentive Plans
A
Compensation Packages - Salary - Salary Plus Commission - Commission Equity Ownership Plans - Stock Ownership - Stock Option - Ownership of Book of Business Profit Sharing Plans - Performance Bonuses - Stock Purchase Plans - Employee Benefit Plans - Group Insurance Plan - Individual Life & Disability Plans - Retirement Plans
3
Q
Performance Appraisals
A
Performance benchmarks
Collaborative assessments with appraisal
Could be formal or informal
4
Q
Training & Development
A
Knowledge & skills development
Job enlargement and cross training
5
Q
Employee Succession
A
Plan for staff changes Appraise staff promotion potential Staff reallocation Termination Retention of business
