Performance Management and Reward Report

This report was written to assess the performance management issues currently being experienced by Heidelberg Insurance Services and give recommendations on how a new performance management system would help increase staff performance and benefit the company as a whole. The report also gives recommendations for the implementation of a reward system that, it is felt, will increase the company’s productivity by setting up a target based reward system. The introduction of such a system would benefit the company as it would carry incentives for the staff to improve their performance and meet their targets.
In this report each of the four main divisions in the company were analysed to find the issues, most of which were division specific, that were hampering the company’s sales, productivity and general market performance. The issues which were identified ranged from customer complaints and lack of commitment to absenteeism and low morale within the workforce.
This report tries to deal with each issue and each division in turn, attempting to find a solution to the issues raised and make recommendations on how the redesign of the performance management system will assist in the smooth running and development of the company as it develops new products and policies and branches into new fields of insurance. This is done by assessing the potential actions which could be taken and recommending the ones which will best suit HIS requirements. These actions would be the ones which are deemed most relevant to the achievement of HIS’s strategic targets with the encouragement of teamwork, competition, high performance and competence within its workforce. The reward system proposed sets the goals that will be assigned to the separate divisions and the different incentives recommended to motivate the staff to achieve their individual and team targets. These incentives are based on financial and non-financial rewards...

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