Individual Assignment on

Performance Management System

Course Name: Employee Appraisal & Compensation Mgt.

Course Code: HRM 634

Fall 2020

Submitted to:
ASSISTANT PROFESSOR MOHAMMAD BEHROZ JALIL, MBA
(IBA, DU)
Submitted by:

Iqbal Parvez 112 191 032

Date of Submission: 2nd December 2020

 Beximco Pharmaceutical’s Strategic Plan

Mission Statement: The mission of the organization is to remain committed to enhancing human
health and wellbeing by providing contemporary and affordable medicines, manufactured in full
compliance with global quality standards. The organization is continually striving to improve its core
capabilities to address the unmet medical needs of the patients and to deliver outstanding results for our
shareholders.

Vision: We will be one of the most trusted, admired and successful pharmaceutical companies in the
region with a focus on strengthening research and development capabilities, creating partnerships and
building presence across the globe.

Strategy: By adopting industry best practices in all our operations to ensure highest quality standards
of our products. Moreover, being committed to satisfy the needs of our customers, both internal and
external. Giving high priority on building capabilities of our employees and empower them to realize
their full potential. Encouraging transparency in everything we do and strictly adhere to the highest
ethical standards.

Mission: (Department Level)

Mission: Seeking to provide a safe and secured workplace to inspires people to be the best they can be.

Vision: Transform the employee’s abilities by empowering the people.

Goals: Fostering growth and encouraging innovation.

Strategies: Enhancing the knowledge, management skills, and decision-making abilities. Focusing on
heavy research, following price skimming strategies. Additionally, focusing on personal selling and
creating a high intensity distribution channel. Interpersonal training, Social training, Performance
management training. Business training, Performance management training

Job Description

Tasks: Enhancing the organization’s human resources by planning, implementing, and evaluating
employee relations and human resources policies, programs, and practices. Maintaining the work
structure in the organization. Ensures planning, monitoring, and appraisal of employees.

Knowledge: Knowledge of principles and procedures for personnel recruitment, selection, training,
compensation and benefits. Knowledge of business and management principles involved in strategic
planning, resource allocation, human resources modeling. Knowledge of human behavior and
performance; individual differences in ability, personality, and interests; learning and motivation.
Integrity, Stress Tolerance, Leadership, Self-Control etc.

Skills: Social Perceptiveness, Coordination capabilities, Critical Thinking, Judgment and Decision
Making, Time Management, Management of Material Resources, Systems Evaluation etc.
 Individual & Team Performances

The performance management system needs to motivate employees to display the behaviors and
produce the results required to support the organization’s and the unit’s mission, vision, and goals.
Furthermore, Developmental plans needs to be aligned with specific unit and organizational priorities
as well. Well-designed performance management systems provide outline of clear path from
organizational mission, vision, and goals to individual and team performance. This is critical because
organizational success is a direct function of the alignment between collective and individual
objectives.

Figure: Link Among Organization and Unit Strategic Plans, Job Descriptions, and Individual
and Team Performance.

Brief Description:
Organization’s Strategic Plan:

Strategic planning is the way how specific business strategies created, how to implement them,
and lastly evaluating the results of executing the plan, whether the executed plan is in accordance
with the company’s overall long-term goals or desires or not. It is a concept that focuses on
developing integration between various departments within an organization (such as accounting
and finance, marketing, and human resources) to accomplish its strategic goals. Strategic
planning allows organizations to be proactive rather than reactive. A strategic plan allows
organizations to foresee their future and to prepare accordingly. Through strategic planning,
companies can anticipate certain unfavorable scenarios before they happen and take necessary
precautions to avoid them. Besides this a strategic plan also helps to define the direction in which
an organization must travel, and additionally aids in establishing realistic objectives and goals
that are in line with the vision and mission of the specific organization. Moreover, A strategic
plan provides management the necessary roadmap so that the organizations can align the
functional activities to achieve set goals. Through a dedicated strategic plan, organizations can
get important insights on the aspects of which market trends are currently circulating in the
market, consumer segments, as well as product and service offerings which may affect their
success.
Mission:

Once the strategic plan has been developed, environmental analysis has been completed and the
gap analysis reveals an organization’s leverage, constraints, vulnerabilities, and problems, the
members of the organization must decide who they are and what they do. After finding out this
information it will then be incorporated into the organization’s mission statement. The mission
statement of the organization summarizes the most important reason for the existence of the
organization. Mission statements provide the necessary information on the purpose of the
organization and its scope. Regarding the Mission of Beximco Pharmaceutical they are
committed to enhancing human health and wellbeing by providing contemporary and affordable
medicines, manufactured in full compliance with global quality standards. They continually
strive to improve their core capabilities to address the unmet medical needs of the patients and to
deliver outstanding results for the company’s shareholders.

Vision:

An organization’s vision is a statement of future aspirations. If it is said in other words, the

vision statement of the organization includes a summarized description of what the organization
would like to become in the future. Vision statements are typically written once the mission
statement is completed since the organization needs to know what the organization is and what
it’s the actual purpose of the organization is before they can figure out who they will be or what
achievement they will achieve in the future. However, that mission and vision statements are
often intertwines together and, therefore, in many cases it is strenuous to differentiate between
these two. In such few complicated situation often the vision statement usually includes two
components: a core ideology, which is usually referred to as the mission, and an envisioned
future, which is referred to as the vision of the organization. Whereas the core ideology contains
the core purpose and core values of an organization, the envisioned future specifies long-term
objectives and a clear picture of what the organization aspires to be in the upcoming future. The
vision of Beximco Pharmaceuticals Ltd. is to be one of the most trusted, admired and successful
pharmaceutical companies in the region with a focus on strengthening research and development
capabilities, creating partnerships and building presence across the globe.
Strategies:

After an organization has developed it strategy along with-it mission and vision and analyzed its
external opportunities and threats as well as internal strengths and weaknesses it can genuinely
establish the organization strategic goals that will further its mission. The objective of setting
such goals is to solemnize proclamations about what the organization hopes to achieve within
certain period of time. Strategies of Beximco Pharmaceuticals Ltd. is to adopting industry’s best
practices in all their operations to ensure highest quality standards of their products. Moreover,
being committed to satisfy the needs of their customers, both internal and external. Giving high
priority on building capabilities of their employees and empower them to realize their full
potential. Encouraging transparency in everything that they do and strictly adhere to the highest
ethical standards.

Unit’s Strategic Plan

Strategic Plan:

The organization’s strategic plan has a direct impact on how the units’ strategic plans is
developed and carried out. The vision statement, goals, and strategies of the various units need to
be congruent with the overall organizational vision, goals, and strategies in order to attain
success in the business for a longer period of time.

Mission:

The mission of Beximco Pharmaceuticals at the unit level is to provide a safe and secured
workplace to inspires people to be the best they can be.

Vision:

Their vision is to transform the employee’s abilities by empowering the people keeping the goal
in mind which is fostering growth and encouraging innovation throughout the organization.
Strategies:

Providing more emphasis on enhancing the knowledge, management skills, and decision-making
abilities of the employees. Focusing on heavy research, following price skimming strategies.
Additionally, focusing on personal selling and creating a high intensity distribution channel.
Interpersonal training, Social training, Performance management training. Business training,
Performance management training.

Job Description

Tasks:

Enhancing the organization’s human resources by planning, implementing, and evaluating

employee relations and human resources policies, programs, and practices. Maintaining the work
structure in the organization. Ensures planning, monitoring, and appraisal of employees.

Knowledge:

Knowledge of principles and procedures for personnel recruitment, selection, training,

compensation and benefits. Knowledge of human behavior and performance; individual
differences in ability, personality, and interests; learning and motivation.

Skills:

Social Perceptiveness, Coordination capabilities, Critical Thinking, Judgment and Decision

Making, Time Management, Management of Material Resources, Systems Evaluation etc.
 Individual & Team Performances

Other than serving as a necessary guide concerning on individual and team performance,
knowledge of organization- and unit-level mission and vision also provides useful and necessary
information regarding how to design the performance management system most suitable for the
organization. Adequate knowledge of the organization and unit vision and mission allows the
Human Resource function to make informed decisions about design choices regarding
performance management system. Irrespective of the criteria measured in the performance
management system whether they are behaviors or results (or both) that must be relevant to the
unit and the organization. Performance criteria need to make a contribution to the strategic
priorities.

Linkage between the various items in the Framework

Firstly, the Organization’s Strategic Plan plays a pivotal role in the development of the
organization an organization’s strategic plan requires a careful analysis of the organization’s
competitive situation with its competitors, the organization’s current position in the market and
destination, the development of the organization’s strategic goals, the design of a plan of action
and implementation, and the allocation of resources. Though there are several steps that must be
considered during the creation of a successful strategic plan few things are must to be
considered. Firstly, whatever strategic plan may be developed but it must be in accordance with
the mission and vision of specific organization. If the organization’s strategy is not aligned with
the company’s mission and vision however excellent the strategy it will not be proved to be
beneficial for the organization. However, aligning strategy only with mission and vision will
only ensure partial benefit. For ensuring absolute benefit the organizational strategy must align
with mission, vision and goals as well. Secondly, it has to be ensured that not only the
organization but every individual department has specific strategic plan, mission, vision and
goals as well. Because if only the organization has structed strategic plan not the individual
department then it will be very tough for the company to survive in the competition since every
department work together for the prosperity of the company. Thirdly, specific job description
regarding particular job is also necessary for any organization to become successful. Job
description gives an information about the various tasks performed in the job. Job description
makes the link between the individual position and organization quite clear. The job-description
makes individuals aware of how their specific roles fit within the overall mission of the
department. Job description also identifies what are the tasks that needs to be done for the benefit
of the organization. Furthermore, it also identifies what are the skills requires for specific
position. Finally, the performance management system needs to motivate employees to display
the behaviors and produce the results required to support the organization’s and the unit’s
mission, vision, and goals. Developmental plans need to be aligned with unit and organizational
priorities as well. The organization does not perform on its own rather the each of the
departments combinedly with the employees in the organization works as a whole to achieve the
organizations mission, vision, goals.