Company's Performance Management System Assignment

Company's Performance Management System - Assignment Example The major objective of the Beverage brand is a global recognition as an organization believing and nurturing ethical and responsible business. The organization wants to achieve a sustainable growth with the objective of operating in the future. The goals of the organization’s performance management are to enable highest level performance. The objective of the global performance system of Coca-Cola is to create an environment where workers and employees and develop and excel skills for improving themselves as well as move forward in their career goals (The Coca–Cola Company, 2013a). The most recognized performance management system of Coca-Cola is known as peak performance process. This system is implemented all around the global offices of Coca-Cola. The peak performance process invites all the employees’ to participate in its multifaceted program, round the year. The process includes development, performance and elements of career planning that are recorded in t he online tool of the organization (Jonhson and Scholes, 2002). Bonuses and compensations are linked to this system and are calculated on the basis of this process every year. BENEFITS AND SHORTFALL The performance management system at coca-cola is achieved through four different stages of the annual business cycle. The management system is composed of multiple objectives. The first stage is the annual performance review which is held to access the previous year results. The objective of this stage is to appreciate the top performers of the previous tear. Other objective during this stage is to prepare feedback and coaching for the key performance indicators, key performance objectives and competencies of last year (The Coca–Cola Company, 2013b). Apart from reviewing last year performance, the annual review also sets the development plan of current year. The key performance indicators and the key performance areas and the competencies for current year are identifies. The seco nd stage is planning for the performance of the year. In this stage, the key performance areas and competencies are finalized and delegated throughput the organization. The third stage of performance management is the reward and recognition phase. In this stage, the pay linked to performance is indicated and top performers are recognized. The last stage is the mid-term review, where coaching and feedback is provided. A 360 degree feedback on competencies is provided and well as competency development plan is formalized. Figure 1 Performance Management System at Coca-Cola Source: The Coca–Cola Company (2013c) The key benefits of using this performance management system can be described as follows; 1. Development of skills for improvement 2. Excellence in performance 3. Advancement in career goals. By providing the right resources, training and performance measurement programs, the organization makes sure that employees are sufficiently equipped with skills and capabilities whi ch will help them in building their career (Sahoo and Mishra, 2012). By providing appropriate authority and job responsibilities to the job holders, the managers makes sure that the functions of Coca-cola are focused on activities such as coordination, division, task control and proper flow of information. The performance at coca-cola focuses on acquisition and retention of highly skilled and knowledgeable employees and