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Case Study: The Federal Reserve Bank 3. Conclusion References

The Federal Reserve Bank of Kansas City conducted a survey of employees using a new performance management system called Max to align individual goals with organizational objectives. The survey found that the system was effective in linking performance to values and goals, and encouraging employee involvement. While most aspects worked well, supervisors could improve feedback and support for individual development. With further enhancements, Max will better support the cultural change and customer focus sought by the bank.

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163 views

Case Study: The Federal Reserve Bank 3. Conclusion References

The Federal Reserve Bank of Kansas City conducted a survey of employees using a new performance management system called Max to align individual goals with organizational objectives. The survey found that the system was effective in linking performance to values and goals, and encouraging employee involvement. While most aspects worked well, supervisors could improve feedback and support for individual development. With further enhancements, Max will better support the cultural change and customer focus sought by the bank.

Uploaded by

tallalbasahel
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1. Introduction

2. Case Study: The Federal Reserve Bank

3. Conclusion

References:


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In the case of performance management, triumph or failure is based on organizational


philosophies and the approach and talent of the persons accountable for the
application of the same and administration, combined along with acceptance,
dedication and possession of evaluators and the one¶s being appraised. The concepts
of procedural fairness and distributive justice might also impact a specific program¶s
usefulness (Peters, 1987). While distributive justice refers to opinions of the justness
of related rewards and recognition results, procedural fairness is about the workers
opinion of the program¶s overall process equity. Drucker, Cascio and Wilson who
support the performance review and management systems contest that performance
review programs are the rational and favorable mode to appraise, develop and
efficiently utilize knowledge and talent of workers (Bisoux, 2004: 18-25).

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Max or maximizing performance which is DDI¶s performance management system


was supposed to be helpful in its endeavor to generate a consumer oriented culture by
the Federal Reserve Bank. Through connecting a particular person¶s productivity with
organizational aims and ethics & values, Max aids to create focus and clarity in a
company. By attaching accountability for performance on every one of the
employees, it further generates a high involvement atmosphere. The complete
involvement of associates is in establishing their own performance goals, tracking and
appraising their growth and creating their self growth plans. This type of performance
management system traits will offer the bank with a way to ally individual
performance goals of associates with the latest cultural approach of bank. In order to
provide the requisite infrastructure mandatory to create a high involvement client
focused atmosphere, Max was selected.

Federal Reserve Bank wanted to see as to how well Max operated in an initial
application group, prior to releasing it for the whole entity and for that a questionnaire
was made and given to persons who were hands on with the system for more than six
months. Planning, tracking and reviewing which are the three elements for Max were
rated on a scale of 1 to 7 with 1 being not at all and 7 being to a large extent, by
seventy six participants.
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Even-though the Federal Reserve Bank of Kansas City is on the verge of starting the
application of new performance management system but the outcomes are very
positive from the preliminary survey of customers. It appears that the initial phases of
the process are operating quite well, specifically the participants have the opinion that
the latest system enables them to ally their personal performance aims with that of the
bank¶s objectives. Further such configuration must aid the bank¶s endeavor to apply a
cultural change and define the consumer oriented characteristics needed for triumph
in the new atmosphere.

Although majority of the system is working well, additional regions can gain from
further development endeavors. Supervisors can enhance their ability to give well
timed and important response with regards to their immediate subordinates
performance, as believed by the participants. Furthermore the participants will prefer
greater supervisory participation in their individual development endeavors. The
performance management system can be much more useful with further supervisor
support and enhanced growth openings and policies. Max as a partner is aiding the
Federal Reserve Bank which is very much on the path of applying a cultural change,
to make sure its success through offering a constant framework by way of which the
bank can drive its client oriented approach.

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1.Ê Bisoux, T. (2004). Man, one business. Biz Ed, 3(4), 18-25.
2.Ê Nankervis, A.R. , & Compton, R. (2006). Performance Management: Theory
in practice? Asia Pacific Journal of Human Resources, 44, 83-101.
3.Ê Thomas, S. L., & Bretz, R.D. (1994). Research and practice in performance
appraisal: Evaluating employee performance in America¶s largest companies.
SAM Advanced Management Journal, 59 (2), 28-34.
4.Ê Peters, T. (1987). The new masters of excellence. Niles, IL: Nightingale
Conant Corp.

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