CASE STUDY

Grandview Global Financial Services



Grandview Global Financial Services

Overview

Grandview Global Financial Services is an international corporation providing multiple financial services. The company is facing issues in the human resource and performance management system. This paper aims at discussing the importance of compensation, remuneration, and performance management in the development and maintenance of the corporate culture. It discusses how Grandview Global Financial Services may implement a system for the improvement in the performance of the employees.

The Role of Performance Management in Establishing and Maintaining Corporate Culture

The role of Performance Management is very crucial in establishing and maintaining a corporate culture in any organization. The implementation of Performance Management is necessary because it set outs a performance criteria for the employees. Every employee tries to fulfill the criteria in order to seek best performance in their work. In this way, the employees are rewarded according to their performance level and then strive to put more effort in the future. Those employees who do not perform well are communicated about the areas where they were not at their best and are given instructions to perform better in future. An efficient Performance Management system is essential for the organization's overall performance. It sets out a guideline for the employees that they need to meet in their work. Otherwise, they are never going to understand the overall working requirement. It also creates a healthy competition among employees that turns out to be beneficial for the organization (Kono, 1998).

The Role of Compensation and Benefits in Establishing and Maintaining Corporate Culture

The role of Compensation and Benefits in establishing and maintaining corporate culture is very important. The need of sufficient compensation exists when the employees perform well or even when they give out an average performance. In every organization, Compensation and Benefits Department responsibility is to deal with the matters of salary, fringe benefits, holidays and other various issues related to their package. When an employee is hired, he/she is offered a certain package that includes his salary and bonus, leaves entitled to him, health insurance, medical facilities and other benefits provided to him. All these components carry huge significance because impacts the overall performance and motivation of the employees. Every employee is offered a package in accordance with the job specifications. The employees who are well educated and have high level of working experience in their job are offered better packages as against those who are ...