Strategic Compensation Management: Midterm 1, || very Flawless.

Performance Management correct answers a continuous process of identifying, measuring, and developing the performance of individuals and teams and aligning performance with the strategic goals of the organization. How is performance management different than a performance appraisal? correct answers Management- ongoing process of providing feedback and coaching to improve performance. Appraisal- systematic description of an employee's strengths and weaknesses, is a part of PM. Network Solutions Inc. Case correct answers -forced distribution PM system. -wanted alignment -Ratings of 1,2,3 and if lower had to improve their ratings to receive benefits and stay with the company. -thoroughness, meaningfulness, and an identification of effective and ineffective performance. Characteristics of an ideal PM system correct answers -strategic congruence -context congruence -thoroughness -practicality -meaningfulness -specificity -identification -reliability -validity -acceptability and fairness -inclusiveness -openness -correctability -standardization -ethicality Types of rewards in a reward system correct answers -base pay -cost-of-living adjustments -short-term/long-term incentives -income protection programs -work/life focus -allowances -relational returns (intangible) 6 organizational purposes served by PM correct answers 1. Strategic 2. Administrative 3. Informational