Abstract:
Performance measurement is the process of assessing progress toward achieving predetermined goals, while performance management is building on that process adding the relevant communication and action on the progress achieved against these predetermined goals. Performance management is built upon 5 blocks which often are implemented in isolation, these blocks are: planning, monitoring, developing, rating and rewarding. When applying these blocks together, it comes out to be a good performance management system.To reward employees, the feedback system needs to be checked properly, as when we would not know what the employee has been doing around the year, how can we reward him? This report tends to explain the importance of performance management system and studies 360° feedback system implementing it keeping in mind the international benchmarks. The organization under study was Telenor. The pros and cons of 360° feedback have been discussed in detail and 4 offerings have been made to the organization. The marketing department was selected for the pilot run and numerous interview sessions were held to gain insight knowledge about what competencies are needed in the marketing department for the manager and executive level positions and 2 competency dictionaries have been made for both these posts. Forms for Marketing Manager and Marketing Executive have been designed. In the end I would like to mention that there is no list of organizations available that are using 360° feedback but research shows that most of the organizations of fortune 100 companies are already using 360° feedback and the ones not are planning to shift onto it as it is not only a feedback system but also is the most reliable development tool for the organization.
