Performance Plays the most important role in fostering the growth of any organization and individual. It will help them to achieve their desired goals and maintain the quality of their work, products,s and services. Performance measurement has been termed as the process that is used to evaluate the effectiveness and efficiency of initiatives, projects, and programs. It has been a systematic concept to collecting, examining addition to evaluating how work on a product is conducted to meet its desired goals and outcome. In relevance to Woolworths, it is the biggest Australian supper market that deals in grocery items such as food, clothing, beauty, and many more. Performance measurement helps the management of Woolworths to maintain consistency of quality of their work.
Background of company
Woolworths is a leading retail organization that provides grocery items to the public at large scale. It started as a single store in 1924 and has grown in recent times into huge multiple supermarkets. The organization is considered the biggest retailer in Australia in both terms such as market capitalization and sales capitalization. It will help investors to increase the value of their investment and share. There are around 2,00,000 employees who work as a team to run the 3000 outlets of the company effectively. Success factors login Woolworths helps individuals to know more about the company in order to get information about a variety of items and their quality. The management of the company gave full focus on their performance by formulating a performance measurement system.
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Performance Measurement System of Woolworths
The growth of any business organization is highly dependent on the abilities of employees, and management to conduct their performance in effective manner. Every business organization needs a systematic performance system in order to carry out vast business operations successfully. Woolworths is a leading company in Australia which was established in 1924, its management understands the advantage of an effective performance measurement system. It uses three performance measurement systems which enables it to become the most successful brand in the retail industry. It will help the manager gain success factors login Woolworths to increase the number of customers. The three measurement tools are goal setting, individual reward system, and performance review and development.
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Goal setting: It is very important for a company to set a target or goal to motivate employees to perform their job role with honesty and responsibility. In instance of Woolworths, management designed a mission to develop integrity in order to serve their product and services to millions of people across the nation. The company set goals related to employees’ performance, quality of product and services, growth rate and project completion. It helps staff members to get clear direction to complete a task within given time limit or standards. Management of Woolworths conduct research about recent trends, market condition and customer demand by contracting with local firms or suppliers to set objectives for performance.
- Individual reward system- Reward system has been determined as psychological, monetary and non-monetary mode of payments which a company gives to employees for their better work done. Leaders of Woolworths also use this system to motivate employees to perform a task with their full potential. The company introduce remuneration plans and policies to increase job satisfaction among employees so they retain as their ease and enhance their productivity or quality of performance.
- Performance review and development – It is imperative for company to provide training and development program to employees as they are main assets of organisation which help manager to achieve the target effectively. Woolworths pay attention to review the performances of employees as well as taking necessary initiatives to direct them to increase their skills or productivity. The management is also concerned for development of staff members by providing them training and chances for promotion.
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Significance of performance measurement system
Performance measurement system play a significant role in developing employee performance for overall success of business. It includes actions for correction, training, guidance and termination which will help manager to complete the project. It enables professionals of Woolworths to conduct proper planning for project, employee recruitment and production.
Performance planning
It is comprehensive of setting goals for staff members along with direct whole workforce in one direction towards the achievement of huge success. It will help leader to establish an effective performance management system which can lead employees to maximise their productivity. In Woolworths, management create succession planning which motivate employees to complete their task without any delay and develop flexibility in their work for future challenges. It will help employees to improve overall effectiveness in order to gain competitive edge over competitors.
Performance communication
Communication is must to provide information to valuable stakeholders. In Woolworths, they believe in developing strong connection with employees, customers and suppliers which is essential to gain leading position in market. They organise various program to interact with customers to collect feedbacks through success factors login Woolworths and communicate it with employees and suppliers in order to reduce issues related to products. Performance measurement system allow them to conduct effective communication process to increase the customer experience in order to retain them for long run. It will help other stakeholders to know about the internal activities and performance of company.
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FAQ's, questions searched by students of Australia
1.What are the reasons behind the success of Woolworths?
The reason behind the success of Woolworths is its performance measurement system which encourage their employees to maintain the quality of their performance is high to provide better quality of products to customers.
2.What make management system of Woolworths different from other organisations?
The three management policies of Woolworths such as goal setting, individual performance appraisals and development program enhance the satisfaction level among whole work force which inspire them to increase their productivity for overall success of company.
3.Role of Performance measurement system in Woolworths?
Performance measurement system play very significant role in Woolworths as it helps management to conduct effective planning and communication process which leads to increase in their sales, profitability, customer base and market share. It also helps them to meet the expectations of customers and other stakeholders to meet long term goals.
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