Assume you are the manager of a store located in Manhattan that sells high-end c

Question

Assume you are the manager of a store located in Manhattan that sells high-end clothing for men and women.

You have been asked by the owner to develop a new business performance management system. What factors would you consider to develop an effective business performance management system? Which KPIs and operational metrics would you recommend? (15 points)

The store has experienced a decline in sales over the last few months. As the manager, you want to develop a brief online survey to measure the level of customer satisfaction. What would be the different dimensions of the construct of customer satisfaction in the context of your store? (5 points)

Explanation / Answer

Factors to develop an effective business performance management system

Decades of research and practice have been devoted to understanding and improving performance management in organizations. Yet the traditional performance review process continues to be painful and ineffective for both managers and employees. For many companies, the focus on improving formal systems has not achieved the desired results. In fact, research shows that what truly increases employee performance and engagement is not annual reviews, but the day-to-day process of managers communicating expectations, providing feedback, and leveraging employee talents. It’s time for a fresh look at performance management.

As generations change, the needs and values included in a performance review process may also change. Therefore, leaders must amend their concept of performance reviews to ensure they capture what is valued by the new generations of workers and specifically a focus on:

Q Motivation and learning.

Q Coaching and mentoring.

Q Effective methods of recognition.

Q Effective methods of communication.

Even though these areas have been embedded within the traditional style of performance reviews, a focus on these four components for the next generation’s workforce ensures that the human resource function stays relevant and continues to be an innovative, successful leader in employee empowerment

KPI recommended to measure effectiveness of Performance Management :

1.Attrition rate

2.Retention of HiPo -High Potential Performers

3.Transfer of Learning

4.Productivity Index

5.Retention percentage

To create a survey in order to gauge customer satisfaction , it should consider the following factors and build the survey

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