How To Name Your Business?
Deciding a good name for the business is vitally important and challenging at the same place. There are several other factors which need to be ...Read More
Human being has always been aimed at measuring and improving their performance, in breaking records and in targeting ever higher. For business, this is reflected in performance management. Performance management (PM) includes activities which ensure that targets are being consistently being met in an effective and efficient manner. Performance management can focus on the performance of an entity, a department, employee, or even the processes to build a product of service, as well as many other areas.
Performance management includes more than simply giving an annual review for each employee. It is about working together with that employee to identify strengths and weaknesses in their performance and how to help them be a more productive and effective worker. Step in the process are below.
1. Evaluate your present performance appraisal process. Look at what type of feedback you are giving to your employees. Determine if there is anything you need to change or add to the evaluation itself. You may decide to build on what you already have or to build a new system altogether.
2. Identify organizational targets. Performance management systems help staff members around your entity's targets because they help staff know how they are to be involved in reaching that goal. Take the time to clarify what your targets are for the next year as a company.
3. Set performance expectations. As you sit down with each employee, clearly lay out your expectations for them.
4. Monitor and develop their performance throughout the year. As employees starts to work on their performance, keep an eye on how they are doing. If they appear to be struggling to meet performance expectations, talk with them and see if you can offer any support or coaching.
5. Evaluate their performance. At each performance review, let the employee know how they are doing. It is often helpful to assign a numeric value on a scale, rating the employee from "not meeting expectations" to "meets expectations" to "exceed expectations."
6. Set new performance expectations for the next year. Some items may be the same. However, since these are also based on entities targets, you will need to re-examine your targets for the upcoming year.
Rajput Jain & Associates provides help in formulating an effective performance system in the entity, assistance in setting targets for future after taking strength and weakness of the entity in consideration and use activity analysis and performance measurement, together with proven skills in change management, to ensure successful implementation, monitoring the performance of the entity and then finding the areas of weakness.
Private Limited Companies are those types of companies where minimum number of members is two and maximum number is two hundred. A private limited company has the limited liability of members but at the same time it has many characteristics as those of a partnership firm. A private limited company has all the advantages of partnership namely flexibility, greater capital combination of different and diversified abilities, etc., and at the same time it has advantages of limited liability, greater stability and legal entity. In this sense, a private limited company stands between partnership and widely owned public company. Identifying marks of a private limited company are name, number of members, shares, formation, management, directors and meetings, etc., The maximum number of directors shall have to be mentioned in the Articles of Association. In the grand of privileges and exemptions, the Companies Act has drawn a distinction between an independent private company and other private company which is a subsidiary to the other public company.
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