If you order your cheap custom paper from our custom writing service you will receive a perfectly written assignment on Merck & Company (A) 9-491-005. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality Merck & Company (A) 9-491-005 paper right on time.
Out staff of freelance writers includes over 120 experts proficient in Merck & Company (A) 9-491-005, therefore you can rest assured that your assignment will be handled by only top rated specialists. Order your Merck & Company (A) 9-491-005 paper at affordable prices with cheap custom writing service!
RECOMMENDATIONS
Use a balanced scorecard approach to performance appraisal and salary compensation. Train managers in Management Rating Review process, which allows managers to rate people with enough discrimination to distinguish performance levels. Implement mentor program to encourage and motivate high performers and weed out poor performers. Implement a bonus program for high performers. Implement a 60-degree review process to allow other employees to rate their peers.
SUPPORTING REASONING
In 178, the Performance Appraisal and Salary Administration Program shows a slight increase in Return on Assets one year. After 17, Merck’s Return on Assets levels off and plunges from 180 to present day. Return on Assets is the number of pennies of net income generated by each dollar of assets. Since a company’s primary asset is its labor force, efficiency of the labor force has been falling off since 180. Comments collected by the review committee outline a number of contributing problems. They include lack of manager training, perceived unrealistic expectations of employees, lack of performance differentiation, demoralizing and de-motivating policies, aligning company performance with employee performance, merit squatters and dissatisfied work force.
Custom writing service can write essays on Merck & Company (A) 9-491-005
The problem with just assessing performance with financial measures like profits, Return on Investments, and Return on Assets, is that the financial measures error awkward looking. That is, they focus on past financial performance rather than on what managers are doing to create future shareholder value. In approach that addresses this limitation is the balanced scorecard. The balanced scorecard is a set of performance measures constructed for four dimensions of performance. The dimensions are financial, customer, internal process, and innovation. Typically, a company using a balanced scorecard will develop three to five performance measures for each dimension, and the measures are tied to the company strategy for success. Merck’s successes are contributed to new developments; therefore, creativity in the areas of generating revenue, reducing costs or adding value should also be recognized and rewarded. Therefore, in Mercks case, primary concerns are the financial and innovation dimension. Use of the balanced scorecard approach will allow Merck to better align employee performance evaluation with future shareholder value. This alignment is achieved by performance is assessed across the balanced set of dimensions (financial, customer, internal process, and innovation). Quantitative measures are balanced with qualitative measures. Backward -- looking measures and forward -- looking measures are also balanced. The underlying balanced scorecard idea is “You give which you measure! Merck should adopt measures of the four perspectives when evaluating performance. First the financial measure asks if the company achieving its financial goals. Measures in this area should include return on assets, sales growth, operating income, and cash flow from operations. Secondly the customer measure asks if the company is meeting customer expectations. Measures in this area should include customer satisfaction customer retention new customer acquisition and market share. Thirdly internal processes ask if the company is improving critical internal processes. Measures in this area should include lead-time to market, percent of practical capacity, number of suppliers and material turnover. Lastly innovation asks is the company improving its ability to innovate. Measures in this area should include employee satisfaction employee retention number of new products and amount spent on employee training.
The management rating review process allows managers to rate their direct reports graphically. On the x-axis, is rating, on the y-axis is performance. Internal to the graph are employee characteristic representations. The circle represents a poor performer, a triangle represents case solid employee who is comfortable where they are, a square represents a promotable employee and a star represents an employee with high potential. This evaluation system is a qualification measure based on everyday. It provides for enough discrimination within the company to discourage “group think” and “herd evaluation.” Of evaluation is complete managers can use the rating chart to determine ways to improve human effectiveness. By implementing a mentor program, poor performers are given an opportunity to discuss their issues and concerns with management in an attempt to improve. This process is not intended to revise salary, will provide ample opportunity for employee to understand and identify and implement areas of improvement. In addition to this approach identifies employees with 0 years of expertise but might not be interested in promotion. Identification of these solid performers removes them from those interested in advancement. An employee who is promotable might see one significant promotion within five years in. An employee who is high potential might see two or three significant promotion within five years. Again, implementing a mentor program can help a promotable employee exceed self-imposed limitations or expectations. In addition, the mentor program can help star employees compete with their own best self, well steadily moving towards worthwhile, predetermined goals. Moreover, this type of evaluation can help employees become more action oriented. Often just knowing where you stand on the management review-rating chart increases energy, drive, direction and purpose.
Lastly, implementing a 60-degree peer evaluation process speaks to teamwork. Balance is achieved between catering to management to achieve promotions and catering to the team to work well together. A 60- degree instrument is a feedback tool that gives people a candid view of themselves in the workplace as others see them. Everyone has the opportunity to provide helpful feedback, from subordinates, to peers, to supervisors. Some employees even ask their customers to provide them with feedback on their performance. This evaluation tool help individuals see themselves as leaders and enables them to take charge of their own improvement and development program, strengthening the sense of personal responsibility for performance. It also avoids the “filter phenomenon,” where individuals are too hard or too easy on themselves, and allows a more balanced view of their role within the organization.
PROBABLE RESULT
A balanced scorecard assesses performance with respect to four dimensions financial, customer, internal processes, and innovation. The specific measures are linked to a company’s strategy for success. Whereas financial measures focus on past performance, the other dimensions assess what the company is doing to create future value. In having performance in this way avoids one mentor being troubled some by using it as one of many measures of its balanced scorecard. With a balanced scorecard, managers are likely to note that maxing out Return on Assets is likely to hurt financial performance measures such as return on investment as well as other customer and internal process measures such as customer satisfaction and production lead time.
Using the Management Rating Review process allows employees to know where they stand in the organization. Sometimes, knowing where you stand on the management review-rating chart increases energy, drive, direction and purpose. However, managers must be willing to deal their beliefs about their subordinates. How managers behave or manage their subordinates directly relates their beliefs about those employees. Erroneous belief can lead managers into self-destructive behavior of disrupting relationships, rather than improving them.
By implementing a mentor program, managers provide way he was the employee and get his or her agreement for improvement for further develop. During the coaching process employee and managers discuss alternative solutions and mutually agreed upon appropriate steps to be taken. This process applies whether a problem exists or opportunities with advancement exist. The mentor program also provides a means to measure results and recognize any achievement when it occurs.
Using 60 degrees feedback provides more realistic assessment of individual performance than feedback from a manager. The relationship that individuals have with peers and subordinates is very different than their relationship with their manager. An individuals perception of their own performance may also differ from co-workers’ perception of them. Gathering feedback from each of the sources enables them to developing more balanced and representative view of how their performance is perceived. The process includes an opportunity to learn how different people perceive them commonly increased self-awareness. In addition, it encourages self-development and increases understanding behaviors required to improve personal and organizational effectiveness. Organizational benefits include promoting a culture where giving and receiving feedback is commonplace, this organization to identify overall strengths and development needs while increasing communication within the organization. Accountability is also increased when information within an organization is shared up words, sideways and downward.
Please note that this sample paper on Merck & Company (A) 9-491-005 is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on Merck & Company (A) 9-491-005, we are here to assist you. Your cheap college papers on Merck & Company (A) 9-491-005 will be written from scratch, so you do not have to worry about its originality.
Order your authentic assignment from cheap custom writing service and you will be amazed at how easy it is to complete a quality custom paper within the shortest time possible!
