Executive Summary: Table of Contents Executive Summary:1 Table of Contents2 Introduction:3 What is Performance Management:3 Performance Management Practices at Transco Cargo:4 Performance...

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Executive Summary:
Table of Contents
Executive Summary:    1
Table of Contents    2
Introduction:    3
What is Performance Management:    3
Performance Management Practices at Transco Cargo:    4
Performance Management Practices in the shipping and Freight Forwarding Industry:    4
Short / Long Term Goals to Improve Perfomanace Management at Transco Cargo:    4
Conclusion and Recommendations:    4
Reference:    5

Introduction:
What is Performance Management:
Performance management is the process of strategic human resource managers identify, measure and then develop the performance of each employee in line with the overall goals and objectives of the organization. This is a three step process which include setting up goals and objectives, then following it up by observing the cu
ent performance level and then finally giving both positive and negative feedback based on the observations.
Performance management systems are mainly used for 3 main purposes in general which include a strategic purpose which is used to fulfil the strategic goals and objective of an organization, then administrative purpose in order to fulfil the administrative needs of the organization such as pay structure and finally the development purpose which is there to fulfil the development aspect of the organization.
Also in order for a performance management system to work well it needs to be reliable thus need to be without random e
or. Also it needs to be acceptable by not only the assessor but also the assesse. Also Specificity and the validity are vital characteristics of a good performance management system.
There are five main approaches which we
oadly use in order to measure performance and these include the comparative approach which compares one employee’s performance to another or several others. Also this includes and attribute approach which looks at the degree to which the selected individual possesses the desirable attributes. Next we have a result based approach which looks at the final measurable contribution made. Then we also have a quality approach which looks at the which focuses on the end customers satisfaction and then finally we have Behavioural approach which looks at the overall behavioural accept of the individuals performance.

Conclusion and Recommendations:
In conclusion, even though I have done extensive thinking regarding my goals and how I plan of achieving them through work experience and extensive study to become a success hotelier. I will need to properly research and observe the market in shaping my decisions as the business needs to be of demand by its market share.
Reference:
APPROACHES TO PERFORMANCE MANAGEMENT, 2008, Government Finance Review, vol. 24, no. 4, p. 18.
Hoye, R, & Tower, J 1996, Planning For Success : Developing Business Plans For Small Recreation And Sport Facilities, n.p.: Footscray, Vic. : Recreation Unit, Dept of Physical Education and Recreation, Victoria University of Technology, Victoria University Li
ary Catalogue, EBSCOhost, viewed 27 August 2017.
Ismail, M 2016, 'Cultural Values and Career Goal of Gen-X and Gen-Y: A Conceptual Framework', Global Business & Management Research, vol. 8, no. 2, pp. 1-18.
Lotfi, M, & Torabi, S 2011, 'A fuzzy goal programming approach for mid-term assortment planning in supermarkets', European Journal of Operational Research, vol. 213, no. 2, pp XXXXXXXXXXAvailable from: XXXXXXXXXX/j.ejor XXXXXXXXXX. [24 August 2017].
Answered Same DaySep 13, 2019

Answer To : Executive Summary: Table of Contents Executive Summary:1 Table of Contents2 Introduction:3 What...

David answered on Nov 25 2019
68 Votes
Performance management: Transco Cargo
Executive summary
Performance management forms the main theme of the underlying assignment, which is discussed in context to ‘Transco Cargo’. The discussion of performance management is done in accordance to various approaches of performance management, prevailing performance practices at concerned organisation as well as in the freight and shipping industry. On the basis of discussion, goals or recommendations posing potential of advancing growth are outlined and discussed. The discussion is conducted with the purpose of
gaining comprehensive insight regarding performance aspect and it’s functioning at the concerned organisation along with improving it as well.
Table of Contents
4Introduction
4What is performance management?
5Performance management practices at Tansco cargo
7Performance management practices in the shipping and freight forwarding industry
9Short/Long term goals
ecommendations to improve performance management at Transco Cargo
11Conclusion
12References
Introduction
The underlying assignment is based on demonstrating knowledge of different performance management approaches in context to a selected organisation named ‘Transco Cargo’. It is worth mentioning that performance management is a detailed and time consuming process requires business managers to spend considerable amount of time for collecting employee information and filling appraisal forms. However, it assumes significant role in gaining insight regarding employees ‘performance, identifying deviating areas and taking co
ective measures accordingly thereby paving path of success and growth for the organisation as a whole.
Transco Cargo is a leading logistic service provider is Australia owned and operated shipping company with solid experience within the freight forwarding and logistics Industry. The company is a leading professional freight forwarder dealing in cargo movement at both commercial and wholesale level at competitive shipping rates. The company has gained reputation through working on principles of good performance, trust and improved services. Transco Cargo is operating through transhipment hubs located at Port Kelang, Singapore, Bangkok, Japan, Colombo, Chennai, Nhava Sheva and Taiwan etc at worldwide level for ensuring convenient distribution of cargo to customers located at different geographic locations. Transco Cargo is reputed for having well-experienced and courteous staff taking extreme care of cargo and delivering it properly at destined locations (Transco Cargo, 2017). The service portfolio of Transco Cargo includes customs clearance/quarantine advice, transportation, warehousing, distribution,
eak bulk or project cargo shipments, etc.
This forms the main theme of the assignment where performance aspect of employees is studied and discussed as per underlying headings:
What is performance management?
Performance management is understood as a process where activities and behaviour are constantly monitored in accordance to defined goals and expectations. The scope of performance management is quite wide as it can include an organisation, department or employee depending on the scenario. In present scenario, performance management has emerged as an evolving function as it facilitates senior managers in formulating and implementing corporate strategies. As it is argued, corporate strategies can’t move in alignment and perform effectively, if not formulated as per organisation’s personnel capabilities and competencies (Ismail, 2016).
Presently, HR department strive for creating and building conducive work environment where employees can perform optimally and provide best possible results. It is said that all activities and functions of HR aimed at providing maximum opportunities to employees for fostering their motivation and paving path of their development as high performance leaders in present and coming time (Konsta & Plomaritou, 2012).
In this regard, performance management is considered as
oader and complicated function of HR, as it encompasses several activities such as definition of goals, reviewing progress regularly, establishing frequent communication, providing necessary feedback for improved performance, conducting development programs and announcing rewards for achievements. In this way, this process starts with joining of employee in the organisation and ends with his/her quit. The purpose of performance management is described in strategic, administrative and development terms.
The strategic purpose is fulfilled through measuring behaviour and results in light of strategic goals and providing feedback for the same. Secondly, administrative purpose is served through supporting in administrative decisions such as developing promotion policy, rewarding schemes, etc, and, development purpose requires identifying areas of improvement and factors creating negative impact on performance and developing strategies accordingly (Logistics Development Strategies and Performance Measurement: OECD, 2016).
Performance management practices at Tansco cargo
Transco cargo is operating in shipping and freight industry which is considered as a highly competitive industry due to intense competition, need of attaining competitiveness, cost-competition and maximising shareholder wealth. In this regard, it seems extremely important to monitor the performance for developing competitive strategies and gaining edge in the industry. At Transco Cargo, board of directors and senior managers assumes responsibility of establishing performance management system which is initiated with the development of performance indicators, seeking...
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