Executive Summary: Table of Contents Executive Summary:1 Table of Contents2 Introduction:3 What is Performance Management:3 Performance Management Practices at Transco Cargo:4 Performance...

Performance management: Transco Cargo
Executive summary
Performance management forms the main theme of the underlying assignment, which is discussed in context to ‘Transco Cargo’. The discussion of performance management is done in accordance to various approaches of performance management, prevailing performance practices at concerned organisation as well as in the freight and shipping industry. On the basis of discussion, goals or recommendations posing potential of advancing growth are outlined and discussed. The discussion is conducted with the purpose of gaining comprehensive insight regarding performance aspect and it’s functioning at the concerned organisation along with improving it as well.
Table of Contents
4Introduction
4What is performance management?
5Performance management practices at Tansco cargo
7Performance management practices in the shipping and freight forwarding industry
9Short/Long term goals/recommendations to improve performance management at Transco Cargo
11Conclusion
12References
Introduction
The underlying assignment is based on demonstrating knowledge of different performance management approaches in context to a selected organisation named ‘Transco Cargo’. It is worth mentioning that performance management is a detailed and time consuming process requires business managers to spend considerable amount of time for collecting employee information and filling appraisal forms. However, it assumes significant role in gaining insight regarding employees ‘performance, identifying deviating areas and taking corrective measures accordingly thereby paving path of success and growth for the organisation as a whole.
Transco Cargo is a leading logistic service provider is Australia owned and operated shipping company with solid experience within the freight forwarding and logistics Industry. The company is a leading professional freight forwarder dealing in cargo movement at both commercial and wholesale level at competitive shipping rates. The company has gained reputation through working on principles of good performance, trust and improved services. Transco Cargo is operating through transhipment hubs located at Port Kelang, Singapore, Bangkok, Japan, Colombo, Chennai, Nhava Sheva and Taiwan etc at worldwide level for ensuring convenient distribution of cargo to customers located at different geographic locations. Transco Cargo is reputed for having well-experienced and courteous staff taking extreme care of cargo and delivering it properly at destined locations (Transco Cargo, 2017). The service portfolio of Transco Cargo includes customs clearance/quarantine advice, transportation, warehousing, distribution, break bulk or project cargo shipments, etc.
This forms the main theme of the assignment where performance aspect of employees is studied and discussed as per underlying headings:
What is performance management?
Performance management is understood as a process where activities and behaviour are constantly monitored in accordance to defined goals and expectations. The scope of performance management is quite wide as it can include an organisation, department or employee depending on the scenario. In present scenario, performance management has emerged as an evolving function as it facilitates senior managers in formulating and implementing corporate strategies. As it is argued, corporate strategies can’t move in alignment and perform effectively, if not formulated as per organisation’s personnel capabilities and competencies (Ismail, 2016).
Presently, HR department strive for creating and building conducive work environment where employees can perform optimally and provide best possible results. It is said that all activities and functions of HR aimed at providing maximum opportunities to employees for fostering their motivation and paving path of their development as high performance leaders in present and coming time (Konsta & Plomaritou, 2012).
In this regard, performance management is considered as broader and complicated function of HR, as it encompasses several activities such as definition of goals, reviewing progress regularly, establishing frequent communication, providing necessary feedback for improved performance, conducting development programs and announcing rewards for achievements. In this way, this process starts with joining of employee in the organisation and ends with his/her quit. The purpose of performance management is described in strategic, administrative and development terms.
The strategic purpose is fulfilled through measuring behaviour and results in light of strategic goals and providing feedback for the same. Secondly, administrative purpose is served through supporting in administrative decisions such as developing promotion policy, rewarding schemes, etc, and, development purpose requires identifying areas of improvement and factors creating negative impact on performance and developing strategies accordingly (Logistics Development Strategies and Performance Measurement: OECD, 2016).
Performance management practices at Tansco cargo
Transco cargo is operating in shipping and freight industry which is considered as a highly competitive industry due to intense competition, need of attaining competitiveness, cost-competition and maximising shareholder wealth. In this regard, it seems extremely important to monitor the performance for developing competitive strategies and gaining edge in the industry. At Transco Cargo, board of directors and senior managers assumes responsibility of establishing performance management system which is initiated with the development of performance indicators, seeking...