Performance Management System for Landlords- myassignmenthelp

Question: Discuss about thePerformance Management System for Private Landlords. Answer: Introduction: Rent.com.au was established in the year 2007 and it helps people who are in look out for a space to rent, it caters to a market of approximately 7 million, which is roughly 30% of the total Australian population. The company is open to all, real estate agents, individual owners, private landlords, property managers, builders, retirement services and universities; hence it covers an entire spectrum of people who are looking to rent their property. The website in no time started gaining good traffic and today it is ranked one of the top 10 property websites in the country. The company employs almost 400 people who work in different departments to achieve the goals of the organization. Findings of existing Performance Management System: Performance management system is widely used across all the organization to plan, monitor and review an employees work objectives and his overall contribution to the organization. It is a continuous evaluation system of setting objectives, assessing the progress and facilitating on going coaching and feedback to ensure that the employees are meeting their objectives and career goals. A: Managers in every organization has a duty to allocate work to their subordinates, Rent.com.au follows a process, where individual team members sit with the manager and work is allocated to them on an individual basis. At times, whenever a team is formed for a common work, all the employees sit across the table and the managers gives them a document specifying his work responsibility. B: Code of conduct are discussed in the induction round, where all the new joiners are given an employee handbook and are asked to study it in depth, furthermore, the HR gives them a presentation on the company policies and code of conduct. Key result area (KRAs) are made by the manager and the HR representative and discussed with the employees in person. C: Risk analysis is done in accordance with the organizational and legal requirement. D: Rent.com.au uses one of the contemporary method of appraisal, 360 degree balanced feedback system. This tool assesses the employees round the clock with the help of peer to peer feedback and not just the managers. E: Managers get training on how to use the 360 degree feedback system by the HR managers; all the managers are given the training on the implication and execution of it. For the employees a not so formal training is conducted by HR manager, who then tells them the parameters on which their performance will be evaluated and the process associated with it. F: Employee performance is monitored on a quarterly basis on their key rating areas. They are given a set of goals to accomplish in the quarter, based on the percentage completion of the goals the performance is evaluated. G: At rent.com.au, informal feedback to the staff is provided while team building activities, or when the team is together on the outing, manager, in a candid manner provides a feedback to the staff. H: After quarterly review, manager assess the performance based on 4 parameters, Excellent, good, average, satisfactory and non-satisfactory. The candidates who fall in the last funnel are communicated about Performance improvement plan for them by the HR and the managers. A performance improvement plan lasts somewhere between 3-6 months. I: The document used is: Feedback forms, Appraisal forms, Key rating area document, behavioural form, attendance record form etc. J: An example of Sample Performance development plan K: Special attention is given to manage the employees who are underperforming. They are reviewed on a monthly basis and feedback is provided. Every key rating area is evaluated and assessed and his performance improvement is seen on the same parameter. Process trainings are provided to them by special trainers. L: At rent.com.au, if the employee even after being put through Performance improvement plan is not able to perform according to the standards set by the company for 6 months. In accordance with the Fair work commission Australia, they are given two months of notice before terminating them, and clear all their dues in accordance to the company policies. Conclusion The 360 degree feedback system used by the company is a very efficient tool; it helps the employee to be evaluated by his peers, co-workers, supervisors and managers. The feedback provides valuable insight about the skills and behaviours as desired in the organization in order to accomplish the mission, vision and goals and live the values. The purpose of 360 degree feedback system is to assist each individual to understand his strength and weakness and to contribute insights into aspects of his work needing professional development. Recommendation Improved feedback from more sources: Getting more employees to rate a co-worker on very specific pointers would give am much better feedback Try and reduce risk of discrimination: In 360 degree feedback, the chances of discrimination bias is always present; hence efforts should be made in order to get the reasoning behind the feedback provided rationally. Failure to connect the process: At rent.com.au, I feel that the 360 degree feedback system is not really aligned with all the goals and objectives of the company. The HR managers have to really put in some more labour time to mix the goals and objectives with the feedback process. Bibliography: Bracken, D.W. and Church, A.H., 2013. The" new" performance management paradigm: capitalizing on the unrealized potential of 360 degree feedback.People and Strategy,36(2), p.34. Corbillon, X., Simon, G., Devlic, A. and Chakareski, J., 2017, May. Viewport-adaptive navigable 360-degree video delivery. InCommunications (ICC), 2017 IEEE International Conference on(pp. 1-7). IEEE. Buckingham, M. and Goodall, A., 2015. Reinventing performance management.Harvard Business Review,93(4), pp.40-50.