What should be the companys utmost priority

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Reference no: EM133899019

Problem

Suppose a 20-year-old small and medium-sized enterprise (SME) is working in a very competitive industry. For SME, adoption of innovative managerial practices and tools is vital for the successful improvement of performance and production. The company's conditions have been difficult, and poor financial performances in recent years has resulted in the adoption of cost-saving performance management strategies. The organisation has an autocratic style of functioning where the owner-manager (OM) single-handedly imposed a pay freeze over the last three years, combined with poor terms and conditions. This was followed by the organisation development (OD) manager introducing HR initiatives, such as communicating with leaders, non-monetary recognition programs, discontinuation of Friday meetings, etc. for six months with no results. The employees are now discontented and unmotivated, resulting in higher attrition. Get the instant assignment help. What should be the company's utmost priority to ensure a thorough, well-thought-out performance management system in order to improve employee engagement?

Reference no: EM133899019

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