Time for good management practices

n times of uncertainty, senior executives must ensure that the company’s management practices, line leadership, and strategic direction create confidence for investors, customers, employees, and communities. Management teams therefore needs to take meaningful steps to create confidence amidst crisis. A robust performance management system helps to create that confidence and organisations must address key issues in Bonus programmes in light of recent executive remuneration misgivings according N Ahmedali Founder Cornucopia India in his introductory comments at the launch conference held in Bangalore recently.

Dinesh Weerakkody

Many companies in Bangalore in Sri Lanka currently use the Cornucopia Performance Management Tool, the PMS 1.
According to Dinesh Weerakkody MD Cornucopia Lanka, companies in Sri Lanka often find it difficult to develop appropriate performance measures to support the creation of a sustainable competitive advantage. A properly designed PMS would help an organisation to assess how well the human capital and other resources are utilized and managed, thereby drive significant top line and bottom line growth. Often organisations pursue their own strategic objectives and operate in different environments with differing technologies, and therefore require different measures of performance. The Cornucopia PMS Tool according to Weerakkody recognises that and helps to institutionalise the chosen strategy because limited metrics and balanced scorecards, and a lack of objectivity often damage company Bonus programmes.
To build a useful performance management system according to Cornucopia a company needs to identify SMART objectives, decide how to measure performance according to the identified SMART objectives, tell people how well they are doing, and give them the tools and the support and encouragement to improve their performance. To complete the cycle, performance must also be built into the reward system.
However, performance related pay is probably the most controversial element in the performance management cycle. Many people find the link between performance appraisals and pay an uncomfortable one. Yet in organisations where the culture has a performance orientation, performance related pay is seen by employees as a more equitable reward systems than those, which offer no relationship to performance. The Succession planning part is also a key element in the Cornucopia performance management approach. Weerakkody asserts that proper succession planning has benefits for the individual as well as the organisation and demonstrates clearly the links with areas like recruitment, training and career development. The Cornucopia PMS tool is competitively priced locally and is supported by senior resource personnel from India.