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Rainbarrels' Performance Management System
Transcript of Rainbarrels' Performance Management System
Class discussion Overview Today's keyword A systematic translation of chosen strategy to company processes, followed by intensive monitoring an evaluating, to generate feedback to re-adjust the overall strategy Hiram Phillips CFO & chief administrative officer, Rainbarrel Products Fat & Happy Financial crisis due to sudden slowdown in Consumer spending No budget integrity or whatsoever Corporate budgeting one year Good news show Reduction in Labour costs
Lower costs as a result of higher productivity
"Importance of straight forward rules and rewards in driving Superior Performance" Identity performers, buyout packages Call-center: Peer pressure through monitoring
On-Time Shipment: Definition making
Straighten out Commissions Annual Employee Survey Quick Market Intelligence Evasive tactics to reach a high evaluation score
horrific (retired) employee relationship management
Head count reduction;
Crippling the company
Fire best performers
Inequities within severance
No veteran knowledge sharing Set later JIT-date
Complicated definition of 'Shipping'
Failed communication Wrong implemented PMS "It's very difficult to define the right performance management system and anticipate exactly how your people will react to it. Your best chance of knowing whether it will have the intended effect is to talk to the people who are directly involved."
(Stephen P. Kaufman, Lecture at Harvard Business School) "A company achieves it's greatest advantage when performance culture and strategy reinforce each other." (Barry Leskin, past Human Resources Partner at Ernst & Young, UK) What criteria should an effective performance management system fulfill?