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Introduction - Success Map Of Managing And Measuring Performance Of Superstore Assignment
Success Map Of Managing And Measuring Performance Of Superstore
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Superstore is defined to be a supermarket chain in the United Kingdom that has operated a chain of hundreds of stores that are casual with more than 40,000 product lines. The company includes nonfood and food products such as personal care, music products, pharmaceutical, and clothing products. It has been found that for improving the loyalty of customers the company offers good value and introduces the technology of loyalty cards. For measuring the success of the company, a success map will be present and the report will discuss the importance of measuring performance, performance management vs. performance measurement. Apart from these, the application, which things need to measure and performance management design will be discussed here.
Importance of measuring performance
The measurement of performance is done in building up the motivation of the managers in the organization. It helps in monitoring the Key Performance Indicator or KPI of the store. It is very important to carefully verify the data that are compiled together in identifying the emerging issues that may be caused due to potential risks or threats. The identification of the KPI that is moving in the wrong direction can help in minimizing the potential threats of finance. In other words, the issues can be identified and analyzed with the help of KPI and can be helped in preventing them (Brundage et al. 2017). It is not only the one superstore that is working in a certain or single market but many other competitors want to be in the highest position in the market. The store can help in evaluating the managers depending on the controllable factors. These are the components of any organization where the managers are liable and responsible (Aleksi? and Raši? Jelavi?, 2017). The managers have their controls on their costs, revenues, and procurement of the long-term assets. In determining the most important KPI, the stores have to select perfect measuring indicators that can be projected upon the aforementioned factors. There is a specific period in the measurement of the KPI during which the monitoring is done. The superstore will have several departments in their store that must designate each KPI for each unit in the store. For instance, the stock manager would only focus on the stock whereas, the sales manager would only focus on the sales.
Frameworks of performance management
The main aim of the frameworks of performance management is to establish from the foundation the feel of the collaborative, integrated, and proactive culture of performance management in all levels of the organization. The frameworks for managing the performance would help in proper delivery, improvement, and effective decision making. The framework of performance management is based on the assumption of the Plan, Do, Study, Act cycle (Ha et al. 2017). Firstly, the definition of the problems or issues needs to get identified. The store needs to find out the evidence on the influence of the external factors through properly identifying the future through forecasting and modelling. Secondly, a proper agenda needs to be set wherein the organization needs to open the process up in allowing the customers, in-house managers, and suppliers to give their inputs to their agenda policies deciding on what and how they can achieve their targets. Thirdly, policy development is needed through getting the in-house managers and asking for their contribution in their ideas and the options they can provide. It is thinking about the costs, risks, and advantages of several options through looking at the experiences gained from past events or taking up new challenges. Fourthly, the process of implementation comes where these options come into force in considering the policies that are existing through the criteria of success and the decision measurement. Last, but not least the evaluation of the effectiveness of all these options is done to decide on the success or the failure of the organization.
Performance Management vs. Performance Measurement
The management of performance in an organization or an Industry is a tool to help the managers in monitoring and evaluating the performance of the employees in an organization (DeNisi and Murphy, 2017). In this case, the primary goal of performance management is to make an environment in which people can be enabled to perform at their best possible capability. This is because, in this manner, the best kind of efficiency and effectiveness can be achieved from the employees who will further benefit the overall performance of the organization. Whereas, in the process of measuring the performance of an industry, organization or the productivity of an employee the managers tend to collect the data related to their performance record (Bafadal et al. 2020). Followed by the collection of performance records, it is then analyzed and the information is reported related to the performance of the employees, groups and components or system.
The needs for measuring the performance in an organization are several, like establishing the reality of the tasks and the work that is being done in the entity. In this regard, this is based on the identification of the exact activities that are occurring than the activities that appear to be occurring. In addition to this, it is also important for making decisions based on the solid evidence derived (Silva et al. 2019). Moreover, this helps in the improvisation process of performance in the organization. This also helps in the effective comparison of performance across multiple sites. In addition to this, there are several types of performance measures like balancing measure, the structure of the measuring the sales, the measure of the productivity and the measurement of the processes.
On the other hand, the management of the performance of the Supermarkets is done for the identification and prioritization of the activities in the organization (Schleicher et al. 2018). This also helps in intervening in the improvement of the process wherever required. It also helps in the periodical review of the progress. This is primarily used for tracking, and evaluating the performance by managing the plan, coordinating, communicating, organizing and controlling the performance of the employees and the organization. The management of performance is done with the consideration of three primary stages like corrective action, termination, and employee development (Bititci et al. 2018). Within the process of coaching, involves the process of orientation, encouraging employees and training them.
The process of managing the performance of employees aims at the building of a high performing workforce, which can offer a better service for the customers and improve the business. In the process of improvisation of performance in the organization, it is important to follow certain stems for managing employee performance (Catuogno et al. 2017). The steps are to define the role of each employee in detail, optimize the performance of each employee, and develop the skill of the employees. The defining of roles and responsibility of each employee will help in the prevention of conflicts and confusion leading to better delivery of employee productivity.
In addition to this, the optimization by the documentation of the records of performance needs to be kept in order to avoid issues in the future (Labajos et al. 2018). This helps in the recognition of gas and progress in the performance of the employees and the productivity of the entire organization. This can be applied with the help of a proper and well-structured evaluation process of performance. This way the managers can docs on the adoption of corrective measures to be taken for the improvement of the performance.
Further, the existing skills and knowledge of the employees need to be evaluated and estimated for their effectiveness and then identifying the gaps. Then the skills gaps need to be mended by the provision of proper training programmes. It has been found according to the Business Training Expert that the companies which have a comprehensive training program have a 218% higher revenue for each employee (Hwang et al. 2017).
In the context of SuperStore PLC, it is a retail store, and the managers of retail often make the sales of the products as the major parameters of measuring the performance of the employees. However, the experience of customers remains underestimated (Matos et al. 2019). The insight of the customer expectation is conducted with the evaluation of the customer experiences and value sales.
Deciding on what to measure
To measure the performance in Super Store PLC, the things that need to be considered are the processes involved in the operations of the entity, systems and programs. In detail, it can be said that the areas which need to be measured are the needs of the various stakeholders and their extent of satisfaction from the organization (Škec et al. 2017). Following this, the processes that need to be incorporated in the organization for the improvisation of the overall performance of the company needs to be evaluated. Then the existing capabilities of the company with respect to the skills and knowledge of the employees needs to be monitored and recorded.
Moreover, the primary area in which a retail sector company focuses on measuring the performance of the organization is the level of sales that have taken place (Berrah et al. 2017). Therefore, the organization also needs to focus on their needs from the stakeholders like the raw materials and profit from the customers. In this regard, the trust, loyalty and profit and growth of the stakeholders also need to be evaluated with the help of the performance management team (Škec et al. 2017). In addition to this, the organization in this study which is Superstore PLC also needs to emphasize making the employees more efficient and monitor if the processes are indiscriminate. In addition to this, the organization must also focus on the fact that:
The goals of the employees align with the mission and strategies of the organization’s.
The progress of the goals of the employees also needs to be measured (Jazayeri and Dadi, 2017).
The goals set for the employees also need to be challenging and attainable at the same time. Moreover, the feedback of the customers and the managers also need to be focused upon to check the progress and the gap in the skills of the employees, the analytics of the people should also be focused. The provision and attainment of recognition and rewards also need to be measured for the efficient and fruitful management of the performance in Superstore.
Performance measurement design
Following the identification of the key elements to measure in the process of measuring the performance of an organization, the design of performance management needs to be made to attain success (Krizanova et al.2018). The KPI or the Key Performance Indicators of performance needs to be evaluated for reviewing the objectives of the business, target of the team, review and readjust and analysis of the current performance. The latter is the key performance actionable five-step process. In addition to this, the revenue per client needs to be measured; daily average attendance and profit margins need to be measured (Jazayeri and Dadi, 2017). In addition to this, the rate of client retention also needs to be evaluated. These elements are evaluated for the determination of the rate of success that the organization will have in the competitive market. In order to improvise the success of the company in the will need to follow the following design of the performance management.
The monitoring of the activity will be based on the activities of the managers to have control and influence.
- The actions also need to be measurable.
- Following this, the actions should be timely.
- The application of the activities needs to be consistent.
- When the actions are termed to be appropriate, the real results have to be compared with results of the budget, performance of the past and the standards.
- The management of the performance should not be in favour of the managers over the organizational goals in an overall process (Pham et al. 2020). This is because managers often have the ability to make decisions in a more appropriate manner. Sometimes, the decisions made by them are more inclined in serving their personal target but that can be detrimental to the overall performance of the entity.
- In addition to this, the entire team needs to formulate a plan for analysing the activities that are to be executed, communicating it to the users and collecting data.
- The plan also needs to be overviewed for its effectiveness after the implementation.
- After this, the weak links in the processes need to be evaluated for their improvisation.
Setting the target
The setting of the target is to specify the objective goals and timely actions by the Committee of each of the organizations. In this, each Executive is related to the period of theperformance in any aspect in any one or more criteria of business (Haffar and Searcy, 2018). In order to set targets for attaining sales and the following factors are to be kept in mind. The factors are:
- An initiative of sales and initiatives throughout the year
- To emphasis the capacity of the teams involved in sales
- The input of the employee
- Data of sales historically
The target also needs to be based on the financial indicators, and the resources indicators (Faria and Labutong, 2019). The factors that are to be included are the situation of the business, revenue per representative, implementation of the forecast of rolling and solicit feedback. In addition to this, the economic factor also needs to be considered in order to set the target.
Following this, the various aspects that are to be kept in mind for the target have been evaluated below.
Economic Factor: In considering this, the company has to see that it is working in a volatile manner and are highly competitive in the competitive market (Chen, 2019). In addition to this, they should also evaluate the current trends of the market and the industry.
Business situation: In this aspect, it has to be kept in mind that each business is different. Therefore, in order to make a target, the situation of the particular business has to be evaluated. For instance, in this case, this company is a retail supermarket in the UK; it has to make a considerable study of the variables of the retail industry (Hardy and Lewis, 2018).
Solicit Feedback: In this factor, the frontline workers and the sales representative might pose objections to the strategies of improvisation.
Strength and weakness of KPI in SuperStore
There are five Key Performance Indicators such as Revenue power client, client retention rate, profit margin, Average daily attention, average class attendance that are needed to evaluate the development of an organization (Schaeffer and Sanchez, 2020). Superstore has evaluated the Client retention rate as a KPI that needs to be improved in order to lead to success. The rates of retention allow the organization to track the journeys of an individual employee that needs to know for the development of the b business. It has been found that in Superstore the rate of employee retention sometimes decreases due to work pressure and rude behaviour of other employees (Lan, et al. 2018). Therefore, it can be said that the company needs to implement and take strategies for improving the problem.
Approaches for improvement
In order to improve the rate of retention of employees in the organization, Superstore needs to implement several strategies. Superstore must manage the expectations of the employees thus the employees can do work with efficiency and perfection (Wannes and Ghannouchi, 2019). In addition, the company must deliver more things than the manager has promised, encourage loyalty, prove value, make the change, and accept feedback. By implementing those strategies Superstore can control the rate of retention of employees thus it will hello to lead to success.
The system of reward helps to motivate employees in order to do the work with perfection and efficiency towards achieving the strategic aims that are set by the organization. Reward system helps to retain employees and helps to be more involved in teamwork (Nikiforova, 2017). Therefore it can be said that by giving reward to the employees it can be helpful to Superstore for enhancing the market share of the company. It can be said that incentive management is not only attention to employees’ benefits and pay. It is also concerned with rewards that are non-financial such as training, recognition, and increasing the responsibility of job and development.
It has been found that reward management is concerned with the policies, strategies, and processes that are required for achieving the goal of a team, department, and organization. Superstore designs, maintains and implements the system or reward in order to satisfy the needs of both its stakeholders and as well as the organization to operate fairly, consistently, and fairly that will help the company in case the company wants to expand the business in the international market (Puni, et al. 2018). The company also gives intrinsic rewards that are nontangible which results in an upper level of job satisfaction such as job title, personal achievements, career growth, and praise. Apart from these the company also gives extrinsic rewards such as raises, gifts, and bonuses that are tangible rewards.
In order to enhance the performance of the employees leading to the success of Superstore, they can implement several reward strategies. Reward Strategy includes pay, personal growth, benefits, and providing a positive workplace. It can be said that the organization must pay employees for the provided services and the company must provide opportunities for professional and personal growth which is considered to be a reward strategy. Apart from these, Superstore must provide a workplace that can help the organization retain employees. Thus those all key factors will help Superstore to succeed in the business and somewhere, it will help the organization to enhance the share market.
Designing of the Success Map
A success map is a procedure for the clarification of the aims and objectives of the organization. It can be generally used by an executive by an executive for the clarification of the business and a department of the function. In this perspective, the success map is similar to the strategy map which is linked to the objectives which describe the objectives that are to be achieved by the organization (Ping et al. 2018). In the map created for the success of the Super Store, the main elements that have led to the primary level are the education of the force of sales and Ideas of the employees.
Based on the primary products, the cross-sells in line of product and development of new products and quality in the stock of quality and reduction of lead time is based. In addition to this, the improvisation of reliability and delivery is one of the outcomes of improvement in stock quality and decreased time of lead (Martin and Conatser, 2017). On the other hand Increase in products range is an outcome of new product development and cross-sell in products. On the top of the hierarchy remains the improvisation of efficiency, improvement in returns and broadening of the mix.
From the above graph, it can be determined that Superstore Plc ability and struggling factors are determined in the respect of an organization. Besides that, it can be said that the time has been present in the x-axis and identifies the years of the decade and the growth of being an expert from an expert (Hardy and Lewis, 2018). Apart from that, it can be said that sucking of threshold and kicking of ass threshold are the major aspects which analyze the growing of Superstore Plc and gaining better success in business.
Control of management
The managers of the superstore have a huge responsibility in controlling their management. This is because the managers play a very crucial role in the success of the superstore business. Several managers are involved in the role of management they are mainly sales associates, website editors, bosses, mentors, social media managers, so on and so forth (Jayakumaran et al. 2020). The first and foremost thing for the manager and the hierarchy is to recruit and hire proper personnel in the store. The management plays a very important role in the recruitment of those individuals who can be reliable, trusted, loyal, honest, and transparent. The manager must decide upon the fact that there should not be any misunderstanding between the staff and personnel within the management. Only the people belonging to the right and talented area must be hired onboard. After the process of onboarding is then the manager must follow on training those new people on the job. The training should be done on the job so that the personnel gets awareness about the aura of the store. The training should include milestones, deadlines, and goals of performance. This does not only help in keeping track of the personnel but it also helps the person to gain the same experience and having expectations of what others are having (AN, and PARK, 2020). Finally, the role of the manager comes in controlling the management and this could be done with the help of the KPI of the business that could locate the possible threats and deficiencies in the store.
Performance and strategy for improvisation
Many pieces of research and theories are based on the strategic improvisation process and it is different from the traditional way of planning and the process of improvisation. Strategic improvisation is all about making the organizational space a breathtaking place for the personnel to existing peacefully. The improvisation is done strategically to set and clear the value within an organizational workplace (Shao, 2019). The improvisation is done in meeting the needs and demands of the consumers through the development of competitive advantages in the superstore and retail industry. There are 7C’s that helps in projecting the strategy and performance for improvisation; they are:
- Culture: In space of any organization there exists cultural diversity because people come to work here from several places having different cultural backgrounds and hence the cultural diversity is most needed.
- Communication: Clear and transparent communication within the management must exist otherwise any sort of misunderstanding might be a great disadvantage in the future of the organization.
- Commitment: The hierarchy and the subordinates must be committed in their works as this would develop the whole gamut of the internal and external organization.
- Collaboration: Collaboration with the team members is very much necessary for the working procedure. In the superstore business, any discordance amongst the workers might be a reason to create a tussle within an organization.
- Capacity: The workers must not think that they are not confident or talented enough to take hold of the job. They must know their capacity on how much they can give in there.
- Celebrate: Celebration comes with success. If there is any sort of business success or upraise of any workers, the celebration must take place within or outside the organization this will increase the motivation within the employees.
- Courage: Employees should feel more courageous to voice out where they are feeling issues while working in the organization.
From the above study, it has been concluded that Superstore is the largest Supermarket chain in the United Kingdom and sells products including non-food products and food products. Superstore wants to succeed in the business and wants to enhance the market share of the company. Performance measurement is done to build up the motivation of the organization's manager in the organizations. Apart from these, what strategies can be needed for managing the performance, what things need to measure, design of performance measurement has been broadly discussed. For improving the company needs to set a target, strengths, and weaknesses of KPI and approaches for improvement have been mentioned in this. Apart from these, the importance of reward and what strategies need to implement, designing of success map has been mentioned here.
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