The implementation challenges of a performance management system at Standard Lesotho Bank
Loading...
Date
2018
Authors
Polanka, Thabo J.
Journal Title
Journal ISSN
Volume Title
Publisher
University of the Free State
Abstract
Most organisations are committed to increasing shareholders’ value and remaining competitive by continuously improving profitability, providing excellent service to their clients and increasing efficiency in order to build sustainable businesses. It has been realised that in today’s business environment, organisations should have effective implementation of a performance management system in place, as this has been identified as one of the essential factors in ensuring that the businesses perform well by meeting their strategic goals and objectives. Therefore, this study was undertaken to identify and explore the challenges that may hinder the successful implementation of a performance management system at Standard Lesotho Bank. However, this study was not limited to identification of those factors, but also to making further contributions to the organisation and to those people interested in the topic. The research was conducted using the qualitative method in the form of a case study by means of interviews which were conducted at Standard Lesotho Bank. The researcher used these interviews to collect the primary source of data. He also used secondary data which was collected from other sources such as articles, journals and books. The researcher used the non-probability sampling method which is based on the researcher’s own judgement, experience and knowledge as well as convenience. The main research findings and recommendations from this study as detailed below could serve as guiding principles for organisations and other interested parties to help their businesses to benefit fully from the successful implementation of the performance management system in order to meet their strategic goals and objectives and to have sustainable, profitable and competitive businesses.
As a result, it has been found that successful implementation of the performance management system is of critical importance as it may help organisations to optimise performance, efficiency, and growth of their business.
The main research findings are as follows:
o Shortfall in commitment and support on the implementation of a performance system
o Ineffective communication and constructive feedback
o Critical success factors in the implementation of the performance system
o Insufficient competencies and a lack of skilled resources to run the system
o Deficiency in staff recognition and rewards based on the performance management system outcomes
o Inadequate staff training and awareness
o The link between a performance management system and a company’s strategy
o Organisational culture and change management
It has been emphasised that further research could be undertaken to validate the premise that the successful implementation of a performance management system would lead to sustainable, profitable and competitive businesses.
Description
Dissertation (MBA (Business Administration))--University of the Free State, 2020
Keywords
Performance, implementation of performance management system, importance, challenges and critical success factors of implementation of performance management system