Reasons for Working in a Company with this Performance System
The performance system used by Wachovia bank is suitable for various reasons. First, the performance system promotes self-evaluation, which motivates the employees and supervisors to focus on their tasks in the bank. Second, the performance system is based on annual achievements that guide the employees and the supervisors on what is expected of them. Therefore, it is easy for the employees to identify when they have underperformed and performed as expected (Chowdhury & Shil, 2019). Since the performance system is based on competency, it encourages the employees to focus on the bank’s goals and targets.
Reasons for Wachovia’s Investment in Performance Evaluation
Performance evaluation helps organizations to identify improvements needed in the organization to enable the employees to perform as expected. Wachovia’s investment in performance evaluation provides the direction in which the bank should move. It informs the employees and the supervisors of what is expected and directs them to achieve it (Sudiardhita et al., 2018). Another reason for Wachovia’s investment in performance evaluation is establishing close relationships between employees and supervisors. The performance system informs the employees and the supervisors of their expected performance and encourages teamwork to achieve the desired performance.
Reasons for Management’s Quarterly Coaching Sessions
First reason for the quarterly coaching sessions is to equip the employees with the required knowledge and skills. The marketplace is changing rapidly, and employees need to advance their skills and expertise to remain relevant in their duties (Chowdhury & Shil, 2019). Another reason for the quarterly coaching sessions is to help the supervisor track the performance records of the employees and ascertain their reliability in achieving the bank’s annual goals and targets. The quarterly coaching sessions help the supervisors and employees evaluate their performance to remain focused on achieving the plans for the bank.
How Goal Setting Increases Employee Motivation and Performance
Goal setting in an organization provides a challenge to employees, thus, increasing their motivation and performance. When the employees are provided with a challenge in the workplace, they enhance their arrangements to meet the challenge (Sudiardhita et al., 2018). Goal setting persuades employees to think outside the box and invent new ways of executing their duties to become more reliable. Goal setting also directs employees on what is expected of them and triggers them to remain focused on achieving the set goals and standards.
References
Chowdhury, A., & Shil, N. C. (2019). Influence of new public management philosophy on risk management, fraud and corruption control and internal audit: evidence from an Australian public sector organization.Accounting and Management Information Systems, 18(4), 486-508.
Sudiardhita, K. I., Mukhtar, S., Hartono, B., Sariwulan, T., & Nikensari, S. I. (2018). The effect of compensation, motivation of employee, and work satisfaction on employee performance Pt. Bank Xyz (Persero) Tbk. Academy of Strategic Management Journal, 17(4), 1-14.