A-AS Level (CIE) Business Studies Paper-2: Specimen Questions with Answers 40 - 40 of 52

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Case Study-6

Farmington, Connecticut-based Otis Elevator is the world՚s largest manufacturer, installer, and servicer of elevators, escalators, moving walkways, and other vertical and horizontal passenger transportation systems. Otis products are offered in more than 200 countries worldwide, and the company employs more than 63,000 people. Among its many installations are the Eiffel Tower, Sydney Opera House, Vatican, CN Tower (Toronto) , and Hong Kong Convention Center. For years, the company had an ineffective performance management system that was excessively time consuming and inspired little confidence among employees or managers. In revamping its performance management, Otis moved toward a system that provided performance feedback based on critical strategic competencies related to the company՚s new focus on project teams. For this realignment into project teams to be successful, managers were required to demonstrate specific competencies in both team leadership and project management, as well as remain ac countable for the financial and operating results of projects.

Realizing that critical feedback in these areas could not come exclusively from immediate supervisors, Otis had a custom-designed 360-degree feedback system developed that provided managers with feedback from those most directly affected by their performance, their subordinates. encryption technology to secure all data, and allows a performance review to be completed in 20 minutes. The system allows Otis to provide performance feedback in tandem with the organization՚s strategic objectives; is far more efficient than the previous paper driven system; and perhaps, faith in the company՚s performance feedback system.

most importantly, has restored employee performance management.

Question 40 (2 of 4 Based on Passage)

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Essay▾

How can 360-degree feedback mechanism help Otis revamp its performance management system?

Explanation

The objectives of performance appraisal, listed above, point out poses which such an exercise seeks to meet. What needs emphasis performance evaluation contribute to firm՚s competitive strength. Besides employee՚s need for training. Specifically, performance appraisal helps organization gain competitive edge in the following ways:

  • improving employee job performance in ways-by directing employee behavior towards organizational goals, two as was done by the second beekeeper (see opening case) , and by monitoring that behavior to ensure that the goals are met.
  • Making Correct Decisions As stated above, appraisal is a critical input in making decisions on such issues as pay raise, promotion, transfer, training, discharges, and completion. example, is made on performance, the promoter feels motivated to enhance his or her performance.
  • Ensuring Legal Compliance Promotions made on factors other than performance might land up a firm in a legal battle, thus diverting its focus on non-productive areas, as it happened to Williamson Magar. Companies can minimize costly performance related litigation by using appraisal systems.

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