The Performance Management System Essay
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The Performance Management System Essay
Performance, Management, System, Essay
Chapter 8: Performance Management: Case Study 2 Performance Management System Helps Freeport-McMoRan Switch Strategic Gears Book Title: Managing Human Resources Printed By: Cedric Turner (cedric.l.turner@gmail.com) © 2016 Cengage Learning, Cengage Learning
Chapter Review
Case Study 2 Performance Management System Helps Freeport-McMoRan Switch Strategic Gears
What do you do when your organization needs to completely turn around its strategy due to a changing marketplace or for competitive reasons? Situations such as these are common in today’s fast-paced business environment. How does a firm manage drastic changes like this? A good performance management system can help.
Freeport-McMoRan Copper & Gold is a case in point. The company, which is based in Phoenix, is the second-largest copper mining company in the world. It employs approximately 35,000 workers and has mining operations that span five different continents.
But it wasn’t a poor market condition that caused Freeport-McMoRan to shift gears. It was a booming one. During much of the 1990s and 2000s, the price of copper was low only about 75 cents per pound making mining less profitable than it had been in the past. Mining a large amount of copper therefore became less of a priority than keeping costs low for Freeport-McMoRan.
However, after the price of copper jumped sharply upward and hit $4.50 a pound, Freeport- McMoRan realized it needed to change its strategy and fast. It needed to ramp up production and invest in new people and equipment in order to mine as much copper as possible while its price was hig
- The question became how to implement the change. Compounding the task was the fact that each mine was run separately. The firm’s top managers did not even know how its employees were organized at the separate mines, let alone what their goals were or the metrics they were expected to achieve.
The company had also acquired a rival mining company twice its size—Phelps Dodge—which made coordinating the performance of its people and operations even more difficult. In 2013, Freeport-McMoRan went to into a completely new line of business—oil and gas—making the coordination even more difficult.
To align the goals of everyone in the company and get all of its various mines performing at top capacity, Freeport-McMoRan needed a new performance management system. The system would hopefully enable the company to quickly implement and monitor the changes needed, while giving it the agility to change strategies again if or when the price of copper dropped.
Many of the employees who work in its mines and oilfields do not use computers regularly on the job, so Freeport-McMoRan needed a system that was easy to use. For this reason, the company adopted a web-based performance management system that employees could
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use at home. Initially, the firm rolled out the system to 500 employees as a pilot program. When it proved to be successful, the entire company began to use the system.
The software keeps everyone in an organization focused on a company’s most important goals, which can have a strong impact on the firm’s financial performance. It also helps organizations measure the contributions of its employees and to nurture, motivate, and reward employees based on their achievements.
“Managers need reliable real-time data and pragmatic e-tools to measure, identify, analyze, and understand their organization’s people capability and what capability is needed to compete in the future,” explains Jonathon Hogg, with PA Consulting Group, an IT and management consulting firm.
The performance system, along with the company’s strategic move into oil and gas seems to be working for Freeport-McMoRan. In 2013, the company posted a 19 percent return to shareholders, despite copper prices plummeting again.
Questions
- Why did Freeport-McMoRan need a performance management system? How might it have helped the company adjust its strategy?
- Do you think a pen-and-paper performance management system could have been as effective as the web-based system Freeport-McMoRan adopted? Why or why not?
Sources: Josh Bersin, “Performance Management Creates Agility in Copper Mining,” Bersin & Associates
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(February 24, 2008), http://www.bersin.com; Jessica Twentyman, “Talent Management: Software Highlights Stars
and Slackers,” Financial Times (April 20, 2011), http://www.ft.com; David Lee Smith, “You Can’t Afford to Pass Up
Freeport-McMoRan,” Motley Fool (April 5, 2011), http://www.fool.com; Matt DiLallo, “Freeport-McMoRan Copper &
Gold Inc’s Big Oil Deal Still Looks Smart,” DailyFinance (January 23, 2014), http://www.dailyfinance.com.
Chapter 8: Performance Management: Case Study 2 Performance Management System Helps Freeport-McMoRan Switch Strategic Gears Book Title: Managing Human Resources Printed By: Cedric Turner (cedric.l.turner@gmail.com) © 2016 Cengage Learning, Cengage Learning
© 2020 Cengage Learning Inc. All rights reserved. No part of this work may by reproduced or used in any form or by any means – graphic, electronic, or mechanical, or in any other manner – without the written permission of the copyright holder.
http://www.bersin.com/
http://www.ft.com/
http://www.fool.com/
http://www.dailyfinance.com/
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Content (worth a maximum of 50% of the total points) |
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30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
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10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
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20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
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7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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