The Universal Asset Management Business Benefits When done well, performance management provides substantial benefits to an organization. These benefits include:
For the organization: · Alignment of objectives · Motivation of employees · Support for core values · Improvement in training and development · Development as a learning organization · Focus on continuous improvement · Basis for career development · Retention of skilled employees · Support for culture change. For line Management: · Clarification of expected performance and behavior
· Support for leadership, motivation and team building · Basis for helping under performers · May be used to develop or coach individuals · Improving relationships with team members · Basis for non-financial reward, including recognition universal asset management and development.
For individuals: · Greater clarity of roles and objectives · Encouragement and support to perform well · Provision of guidance in developing abilities · Improving relationship with their line manager · Clarity over contribution to organisational performance · An objective and fair basis for assessing performance.
These benefits are significant. In the private sector, a study by Morgan and Schliemann found that organizations using people measures to help manage their business had a five-year return on investment organizations, and a one-year return on assets organizations. In the public sector, effective performance management helps organizations achieve their key performance outcomes, meet the needs of stakeholders and develop operational excellence in providing their services Tokyo Japan.