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With the end of the fiscal year approaching, companies now have the opportunity to review their performance at organizational, departmental and personnel level. The employees are, perhaps, the most important resource of an organization, as they can influence the company’s results to a large extent.
Motivation leads to better performance and improves the efficiency level regardless of the activity that is carried out. Through motivation, people usually manage to take action in order to achieve their goals at professional or individual level.
The Balanced Scorecard (BSC), designed by Robert Kaplan and David Norton in 1992 to provide managers with a way of translating strategy into a set of financial and non-financial measures, is undoubtedly one of the most popular methods used for a performance management system.
Motivational. Rewarding. Engaging. Performance driver. These are just a few of the words that are usually used to describe performance based pay systems. To this point, nothing wrong, you could say. Indeed, from the employees’ point of view, performance based pay could be nothing but beneficial. But realistically, how much would the company benefit from this type of system? Can it become harmful for the organization’s overall performance?
For the report Performance Management in 2013, The KPI Institute conducted 20 semi-structured interviews with practitioners, academics and consultants from 18 countries, who provided rich insights into the state of Performance Management as a discipline.
One of the most important editorial rules followed in the development of the content is that a discipline can only evolve through the combined efforts of practitioners, academics and consultants. Andrés Felipe Molina Orozco, Director and Consultant of Tracest Consulting Group, Colombia was one of the consultants that The KPI Institute has interviewed.
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