Topic: Performance measurement system of Markets and Markets

Submitted by: Priyanka Kritika Jamwal Jyoti Sharma Akriti Kathait Ashish Kumar

Performance Measurement

Performance measurement is the process whereby an organization establishes the parameters within which programs, investments, and acquisitions are reaching the desired results.

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Appraisal Performance appraisal is a method of evaluating the behavior of employees in the work spot, normally including both the qualitative & quantitative aspect of job performance.

Markets and Markets ,Magarpatta cyber city

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History • Sandeep Sugla started his journey as an entrepreneur in 1998 in the small town of Solapur, with a modest internet cafe that he had to shut down soon. • Today, he earns millions of dollars helping Fortune 500 companies identify new revenue pockets through his market research and consulting firm Markets and Markets. • The Pune-based research company, set up in 2010, tracks 10 industries including medical devices, biotechnology, pharmaceuticals, semiconductor and electronics and IT and healthcare, and produces full length strategically analysed reports for each of these verticals. • Most of its clients are based in the United States, Europe, Korea, China and Japan 5

• M&M is a full service market research company and consulting firm that produces 1200 high-level, strategically analyzed, fulllength reports a year, tracking more than 10 industries. • M&M plans to launch industry-wise and country-wise market tracker reports for all the verticals we track.  • This intelligence database, comprising about 60,000 reports a year, will form one of the world's largest business intelligence resources. •  M&M has effectively used technology to automate the management of large and complex market data tables and forecasts. • We, at M&M, aspire to assist our clients achieve sustainable growth by providing incisive business insight into their respective markets. 6

research expertise spans across domains such as: • • • • • • • • • • • • •

Pharmaceuticals Energy and Power Biotechnology Food and Beverage Chemicals Medical Devices Advanced Materials Semiconductor and Electronics Industrial Automation Telecom and IT Consumer Goods Automotive and Transportation Banking & Financial Services 7

COMPANY STATUS • Turnover: 24 Million dollars • Employees: 1300 • Next year’s target: 30 Million dollars

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BALANCED SCORE CARD?

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Organization Structure of Markets and Markets CEO

Research VP

Sales - VP

Outbound - AVP

Inbound AVP

AVP

Sr. Manager

Sr. Manager

Sr. Analyst

AM/IAM

Analyst

Sr. BDE

Sr. Research Associate

BDE

Research Associate

AM/IAM

Sr. BDE

BDE



HR

Finance

IT



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Performance Measurement Stages of Markets & Markets. Stage 1 Annual Performanc e Review

Stage 2 Plan performanc e for the year

•Assess results

•Set KRAs

•Prepare current year development plan

•Finalize current year Development plan

Stage 3 Reward and Recognition

•Performance‐ linked pay •Recognize Top Performers

Stage 4 Mid-term Review •Review results •Competenc y developme nt plan 11

Dimensions of Performance

Key result area #3

Competencie s weightage 60% 12

Performance Review Objectives owner: istrative manager Performance Delivery and Results Review • To assess progress on ‘What’ - Business Results • To assess progress on ‘How ’ - Self/ People Development and Competencies • To clarify the actions to be taken next year to maximize performance.

Performance Development Coaching • To review progress on Performance Development Plan for KRA1, KRA 2 and Competencies • To credit and compliment good progress • To coach Associates so that he / she can maximize performance following Year

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Performance Review Objectives (Cont’d) owner: istrative manager

Recognize Top Performers • To recognize and provide positive to Top Performers to ensure they are motivated and also challenged / stretched to enhance their growth

Performance Improvement Planning • To review status of Bottom Performers already under PIP and take appropriate actions. • To prepare Performance Improvement Plan for newly-identified Bottom Performers.

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Steps in the performance review process Step 1: Associate Self Assessment

Step 5 : Rating Communication , Plan KRA for next year.

Step 4 : Calibration meetings

Step 2 : manager Assessment & Alignment with Functional Manager

Step 3: Performance Review Discussion

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Performance Appraisal of markets and markets.

MARKETS AND MARKETS performance appraisal is annually. They appraise the employee due to their performance about goals of the organization. They set the goals at the start of the year and tell the employees about the goal if the employees achieve this goal they appraise the employees.

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STEPS IN APPRAISING EMPLOYEES PERFORMANCE OF markets and markets Define the Job Appraise the performan ce Provide the 17

Define the job: Means making sure that you and your sub ordinate agree on his or her duties and job standard. Appraise the performance: Means comparing your subordinate's actual performance to the standards that have been set. Provide the : Means discuss the subordinate performance and progress, and make plans for any development required. 18

Performance Management System and Appraisal What is the big picture?

Talent Strategy

Processes that are going to enable them

Talent Assessme nt & Segmenta tion

How are they going to execute?

Differentiat ed Reward & Developme nt Interventio ns

Closely Aligned to Business Strategy Measurement Driven

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Recognizing & Managing Top Performers  Role Expansion  Assignments taskforce.

to

work

on

Regional/National

 Sponsorship to conferences, countries (on rare occasions).

and

visits

to

issue other

 Advanced Learning and Development Opportunities  Appreciation Letter / Certificates  Recognition for accomplishments /OE Certification etc. etc through Bottling HUB / Forum/ Buzz  Differentiated Compensation 20

Accelerating Performance of Solid Performers 

Build on their Strengths. Help them leverage what they are best at.



Identify critical tasks for which performance needs to be enhanced

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Create a Development Action Plan to enhance performance on critical tasks



Assign Projects to utilize their skills & build confidence

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Challenge with appropriate stretch objectives to enable peak performance

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Facilitate problem-solving so barriers to performance are removed

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Encourage progress and recognize contribution

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Managing Bottom Performers 

Prepare robust 30-90 day Performance Improvement Plan (PIP) – include specific, measurable actions with clear timelines



Guiding Principles – Longer for Senior people with newly identified performance issues. – Shorter for more junior people, or people with a history or pattern of performance issues.



Review & Take appropriate actions – If PIP results completely on-track, then align back to KRAs for the role. – If results not on track, but demonstrates maturity and drive to improve performance, revise PIP with shorter timelines (e.g. 30-60days) – If results not on track, and does not demonstrate enough

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Main parameters used as a base of reward system •Inflation rate factor •Market potential (what of individuals worth according to his/her expertise, job experience etc.) •Matching with his/her presence career path •Personal development of an individual •Sales rewards

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Criteria of rewarding employees They are using different techniques to define their reward criteria to work according to define standards of organization. System is developed by doing great market search so as to compete rivals to the way to satisfy their internal employees more than that to get more profitability and customer loyalty. •Grade jump •Designation change •Special assignments (inter departmental transfer) •Financial aspects •Grade jump and designation change •Training and development •Personal development of an individual •Career grooming They make close collaborative or communication system with employees so as to fetch information on the part of their problems to satisfy them all to increases their efficiency and effectiveness. Because need and wants of employees are changing day by day to satisfy meaningful needs and wants are very important in the behalf of organization so as to use best potential of both physical and mental competencies is very important. That’s why defining criteria of rewarding them have a significant importance for the mutual benefits of both employees and organization. 24

Types of Rewards of MARKETS AND MARKETS Yearly Basis •Employee salary increment •Grade Jump •Designation change •Annual incentive Plan (AIP) (for business performance, but fixed) •Personal Progress report (PPR) (Annual Appraisal)

Monthly Basis • Making the move (MTM, sales target achieve) •Monthly turn hall (extraordinary performance)

Quarterly Basis •Employee of the Quarter (EOQ, non sales) • Sales Dangle context

Recommendation Implications from Performance Measurement System: MARKETS AND MARKETS believes and follows the GROW and the WHALE DONE approach. The grow model helps the employee to understand where he wants to be and also what all he/she has to accomplish/develop to reach from the current level. The PMS is a continuous process as the review is not done annually or quarterly, but it’s a continuous process of performance measurement, management and improvement with daily and monthly reviews by the manager.

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Recommendation Appraisal

system is an effective technique to and change culture of the organization optimistically; it would only be possible if the system is equal for all employees of organization. Therefore, company’s management should utilize this system to all employees so as to increase effectiveness and productivity.

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