Answer To: HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION Assessment Details and Submission Guidelines Trimester...
Subhalaxmi answered on May 09 2021
PERFORMANCE MANAGEMENT
Q1. A number of measures are undertaken to identify the performance criteria for sales managers. The three widely used measures are customer generation, selling expense ratioand sales generation. Metrics of sales are information that focuses on a manager’s team or an organizations production. They help in tracking the progress to achieve the objective. They also assist in forecasting the growth of the product and recognizing the strategic complications. Customer generation also alludes to lead generation (Souza & Ghazouani, 2016). This metric assistsin estimating the number of interested prospects who have an inclination towards the purchase of the product. Leads generation is a process where sales executives are provided with a database of prospects. Sales executives have to connect to the prospects through telephone, email or message and then provide information about the product. Hence the interested prospects get converted to leads. The selling expense ratio is the cost incurred by a salesman to sell a product (Nguyen et al., 2020). This metric is also referred to as customer acquisition costs.
An effective performance management system is a persistent and deliberate procedure by which managers can motivate the employees. It includes proper communication and feedback between employers and employees. In this scenario, Tim being the sales manager wants to encourage his team so a review and reward-based performance management system must be implemented. When the team members are given constructive feedback about their performance, they feel motivated. Information about how an individual is performing and acknowledgment of their past triumphs give the fuel for future achievements. In a reward-based system, the team members are provided with incentives and compensation for their outstanding performance. This motivates them to work hard and achieve the targets (Quadri, 2019). The rewards can be in cash or kind and the team members must be made aware of the system. Proper criteria and targets must be laid following the reward system.
Q2. A balance scorecard is a vital strategic management framework that helps, in recognizing and improving several internal organisational procedures and their related external outcomes. It constitutes of three parts - defines thekey objectives, set an action plan, and develop key execution indicators and measurements. Balance scorecard focuses on four perspectives, such as financial, customers, processes and learning and growth (Kalender & Vayvay, 2016). Thefinancial perspective helps in characterizing financial objectives, such as revenue growth and profitability. Customer viewpoint focusses on client driven objectives, such as, consumer loyalty and retention. Procedures refers to the internal activities of organization and expanding the proficiency is the main focus. Learning and growth stresses on organizational capital and data capital. These four points conform to the essential BSC structure. Associations can have more viewpointdepending upon the business. Strategy map contains objectives concerning every viewpoint and the interconnections.
For implementing Balance score card organizationsneed to set proper objectives depending upon the four perspectives. BSC is utilized at executive level to examine effectiveness. Organization has three explicit financial objectives that areexpanding development opportunities, upgrading workforce value system, and improving cost structure. Customer centric goals areservice delivery, excellence, and effective pay structure (Hamdy, 2018). The internal procedure includes the workforce, executives, administration, cost management, and service delivery management.Workforce process includes staffing selection and retention. Service delivery management includes identification, development, justification and recurring. Cost management includes salaries, bonuses, and stock options. The learning and development perspective includes trustworthiness, motivation, partnership, knowledge, excellence, and balance...