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[Ebook PDF] Performance Management, 4th edition
Author: Herman Aguinis (Author)
Performance Management, fourth edition pdf
PREFACE AND INTRODUCTION
In today’s globalized world, it is relatively easy to gain access to the competition’s technology and products. Thanks to the Internet and the accompanying high speed of communications, technological and product differentiation is no longer a key competitive advantage in most industries. For example, most banks offer the same types of products (e.g., different types of savings accounts and investment opportunities). If a particular bank decides to offer a new product or service, such as an improved mobile phone app, it will not be long until the competitors offer precisely the same product. As noted by James Kelley, former performance management project leader at Idaho Power, “Technology is a facilitator, but not a guarantor, of effectiveness or efficiency of a company’s workforce.”
1 So, what makes some businesses more successful than others? What is today’s key competitive advantage? The answer is: people. Organizations with engaged and talented employees offering outstanding service to customers pull ahead of the competition, even if the products offered are similar to those offered by the competitors. This is a key organizational resource that many label “human
capital” or “talent” and gives organizations an advantage over the competition.
2 Customers want to get the right answer at the right time and they want to receive their products or services promptly and accurately. Having the right human capital can make these things happen. Only human capital can produce a sustainable competitive advantage. And performance management systems are the key tools that can be used to transform people’s talent and motivation into a strategic business advantage.
Unfortunately, performance management is not living up to its promise in terms of turning human capital into a source of competitive advantage. For example, consider Mercer’s 2013 Global Performance Management Survey, which gathered data from more than 1,050 performance management leaders representing 53 countries. These organizations varied in size from about 1,000 to more than 10,000, and represented several types of industries (e.g., for-profit, nonprofit, government). A very troubling result was that only 3 percent reported that their performance management system delivers exceptional value. Also, many aspects of organizations’ performance management approach were evaluated as ineffective.3 So, there is big disconnect between the potential that performance management has in terms of turning human capital into an organization’s source of competitive advantage and the actual role of performance management in most organizations. As noted in Mercer’s report, “Establishing an effective employee performance management system is a major challenge for most organizations, making performance management a perennial hot topic … companies around the world are regularly in search of best practices and new solutions for this core process.” And hence, the need for this book.
I am delighted to offer this fourth edition in partnership with Chicago Business Press. You will find this edition much updated and improved in terms of content, as well as easier to read because of its improved and more user-friendly layout and design. This fourth edition includes the following ten important changes. More detailed information on each of these issues is provided in the section titled “Improvements in this Fourth Edition.”