performance management system for large scale manufacturing enterprises
The Performance Management System (PMS) should be focused on measurable, impact-driven objectives. This system should balance core Key Result Areas (KRAs) with leadership evaluations to ensure both organisational growth and individual leadership effectiveness. Initial planning must include current year targets as well as long term strategic organisational goals and should be initiated at least 3 month prior to submission,favourably in fourth quarter of financial year. 1. Core KRA Focus - 30% Weightage The PMS should allocate 30% of its weightage to two core KRAs essential for sustainable growth: A. Cost Reduction Projects: Implement projects that reduce operational costs. B. Quality Improvement: Initiatives aimed at improving the quality of products or services. C. Productivity Improvement: Enhancing productivity to maximise output. Additionally: 2. New Product Development: 10% Weightage This objective ensures long-term growth and sustainability by focusing on innov