Discuss the steps involved in the performance management process.

What will be an ideal response?


The first two steps of the process involve identifying what the company is trying to accomplish (its goals or objectives) and developing employee goals and actions to achieve these outcomes. Typically, the outcomes benefit customers, the employee's peers or team members, and the organization itself. The goals, behaviors, and activities should be measurable and become part of the employee's job description.

Step three in the process-organizational support-involves providing employees with training, necessary resources and tools, and ongoing feedback between the employee and manager, which focuses on accomplishments as well as issues and challenges that influence performance. For effective performance management, both the manager and the employee have to value feedback and exchange it on a regular basis-not just once or twice a year. Also, the manager needs to make time to provide ongoing feedback to the employee and learn how to give and receive it.

Step four involves evaluating performance; that is, when the manager and employee discuss and compare targeted goals and supporting behavior with actual results. This step includes the annual formal performance review.

The final steps of the performance management process involve both the employee and manager identifying what the employee can do to capitalize on performance strengths and address weaknesses (step 5) and providing consequences for achieving (or failing to achieve) performance outcomes, such as pay increases, bonuses, or action plans (step 6). This includes identifying training needs; adjusting the type or frequency of feedback the manager provides to the employee; clarifying, adjusting, or modifying performance outcomes; and discussing behaviors or activities that need improvement.

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Exhibit 11-03 ? ? On January 1, 2016, Wheeler, Inc purchased some equipment for $3,900. The equipment had an estimated life of five years and an expected residual value of $200. On July, 1, 2018, the equipment was sold for $1,000. Wheeler uses straight-line depreciation. Refer to Exhibit 11-03, what was the amount of the loss or gain recognized in the sale?

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______ involves matching the candidate’s intellectual and physical skills to those of the job being filled.

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William agrees to drill a well up to 200-feet deep for John's rural cabin. The contract price is $3,000 . After drilling 100 feet, William strikes solid granite rock. He talks to John and explains that this is highly unusual for the area and could not have been anticipated at the time of entering into the contract. He offers to get a special drill, but says it will cost him more money, so that he

will be unable to complete the project for the agreed price. Because John is anxious to have the well, he agrees to pay William an additional $1,000 to complete the job. However, once the well is finished, he changes his mind and now says he will pay only the originally agreed-upon amount. What is the result? a. The parties have agreed to a substitute contract which discharges the original contract. John is obligated to pay the additional $1,000. b. The agreement for $4,000 is binding because of provisions of the UCC. c. William is in breach of contract. John need not pay any additional money. d. William is under a pre-existing moral duty to perform at the originally agreed-upon price.

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