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Write 9 pages with APA style on Analysis of Perfomance Management of Royal Bank of Scotland.
Write 9 pages with APA style on Analysis of Perfomance Management of Royal Bank of Scotland. Operations, when carried on at such a large scale, require that the performance levels of these operations are measured with the help of efficient methods, the flow of work is optimized and processes are effectively managed. In the past, companies found it quite difficult to quantify and compare the performances of its systems and assess the effect of the application of improvement techniques. The need for acknowledging a common business supporting system that provides the required flexibility, information management and measurement of performances was required.
Performance management is one of the most important drives of effective and strategic .HRM .development in any company. .The concept of performance management was initiated in the late 1990s and has been largely admired and adopted by HR departments across the globe. Performance management has assisted the companies to understand that the employee talent, motivation, expertise, and retention is the main driver of the business growth prospects and profits, (Kaplan, Robert and David Norton, 1996).
The main aim behind introducing performance management at the RBS was to enhance the efficiency and effectivity of the existing people and process management techniques by employing high-quality performance management systems.
The Royal Bank of Scotland initiated the performance management system strategy to measure the effect of human capital on its bottom line financial metrics in the year 2000. With the HR executive Greig Aitken at the helm of all the project activities related to the successful implementation of performance systems at RBS. The main strategy focused upon the use of PIMMS systems utilizes online software which assists the HR department of the RBS bank to measure the performance of its employees, assess the impact of performance systems on employee performance and business results, and at the same time introduce and implement specific systems as per the requirement of the business.