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Performance management can be defined as a corporal administration devise which assist the executives in monitoring as well as evaluating the work of the employees The main objective of the performance management is to generate an ecology wherein individual might serve out the best of their capabilities as well as offer the maximum class of work in the most effectual manner. Thus it can be clear from the definition that one of the main notions behind conducting this study is to provide focus on the different factors of the performance administration of the selected company’s team as well as its contribution in the attainment of the company goals. The work has been divided into four main segments which will show the use of different performance management tools in addition to will also highlight various theories related to it.
In order to accomplish the study a SME has been selected namely Monzo which is into banking and finance sector. Main motive behind forming this company is to create the financial system additionally keener. The company was established in the year 2015 and it provides pre-paid cards linked to software which identifies and locates the expenditure as well as lets its clients evaluate their monetary activities. Currently, Monzo has created even additional as in April 2017 the organization got approval of an entire financial service license (Limited,Monzo Bank , 2015).
Proper aimed strategy can be only achieved if the team performance is good as a result it can be said that team performance and strategic objectives are connected with each other. Mainly in a medium sized company like Monzo providing focus on team performance is their main motive as it is a new company thus attaining the strategic objectives based on team performance is of utmost importance. In general for companies like Monzo the main objective of the strategic administration is to create tactical ability by facilitating that the company has the accomplished in addition to properly motivated workers that it requires to attain constant cutthroat benefits. Group performance working includes the advancement of various interconnected by means of providing a focal points on the various strategic objectives. This is accomplished by upgrading the abilities and connecting with the eagerness of employees. The beginning stage is initiative, vision, and benchmarking to make a feeling of force and course (Mendibil, 2012). As per Monzo the performance of a group has a pivotal function to play within their functioning. Team performance if straightforwardly connected to the attainment of the groups’ tactical business aims. They both act like a bond among the group as well as the business performance outcome (Abubakar, 2019).
Now this situation can also be explained using the congruence model. Congruence model is a type of model that illustrates the change of contribution into result. For example, Monzo’s change technique is the conversion of its owner tactical long term objective into functional phase for example settling on the item mix as well as the targeted demographic. The use of the congruence model within Monzo helps the company is offering a proper checklist for evaluating the overall firm’s inner techniques as well as also provides a theoretical structure for attaining the strategic objective. The means for accomplishing this change incorporate ordering execution information, recognizing any holes among execution and targets, and creating and carrying out activity intends to manage these holes (Bradley, 2006). So, from the overall discussion it can be said that the company’s team performance and strategic objectives plays a very pivotal role in Monzo for getting the desired result.
Performance administration assists medium sized organization like Monzo turn out to be additionally successful as well as also helps in staying one step ahead of the rivalry. It importantly consist calculating, accounting as well as administering development with an intention to get better the work the company both at personal and company level. There are various performance management tools planned to create the technique simple as well as additionally effectual (Brown, 2018). Below mentioned are some of the important tools accessible to set team target performance targets in Monzo.
The foremost phase in acquiring proper future team performance depends on how a company is establishing its employee performance. In order to do so a teal must be consist of:
In addition to this while meeting as a group the below mentioned guidelines are important for teams:
In addition to this, estimating worker execution assists in calibrating those objectives by giving knowledge within where somebody is progressing well as well as could be extended and regions that are not a strength yet. Using proper tools for estimating the team performance also helps in identifying the future prospects by providing better insight of the overall work done by the team. Also, these performance tools additionally helps in identifying the loopholes that might create hindrances in the company performance. With the help of those tools the managers can find out ways to deal with the issues for getting better performance that will help in attaining the overall company objectives.
Team performance targets need to be achievable, measurable, and smart instead of being vague or abstract. Key Performance Index (KPI) helps to understand present performance and set targets. Based on Monzo’s KPIs the following targets have been set to enhance team performance (Li, et al., 2020).
Monzo- Banking and Finance, has been gathering satisfactory revenue, over time, as a small organization in the UK. However, the first target is to indulge in advanced level planning so as to increase the revenue. The revenue is a whole of subsets like deposit interest, service fees, loan interest, and so on. Therefore, the target primarily involves gaining more clients who can add to the revenue of the institution. The marketing team needs to focus on gaining customer loyalty and the management needs to reduce costs incurred in bank operations, wherever possible.
The next target is the reduction of time to close issues. The current performance levels point out that it can take quite some time to solve issues regarding their service to the customers and also issues that occur internally within the institution. The next performance target, therefore, is to overcome issues faced by the customers within a maximum of 72 hours. This will require a more efficient workforce, and therefore the teams need to overcome internal issues first. Department heads need to look after the entire process, as a part of the performance target, and ensure utmost sincerity from the teams (Ango, 2022).
Moreover, current performance levels show that Monzo suffers from high rates of account setup errors as well as accounts opened with faulty or insufficient documents. Account setup errors include wrong account type or incorrect addresses, the next performance target is to reduce these problems so as to reduce harassment of the customers as well as the institution.
These required performance targets will help teams to take note of the shortfalls in the current performance and enhance the institution’s productivity and profits.
McClelland’s theory of needs suggests that there are three motivating drivers and at least one is dominant in an individual- power, affiliation, and achievement. An individual in need of power wants a position of influence over others, one with affiliation needs social acceptance and love and dislikes conflicts, while one who desires achievement is more focussed on responsibilities and results or outcome of one's hard work (Jaquays & Thompson, 2018). The department heads in Monzo need to identify which trait is dominant in an individual and put them in a position that makes them commit to the task and shared goals. This also means that teams should be constituted after proper planning as a person who tends to grab power might get into conflicts with another person with the same trait.
Hertzberg's two-factor theory highlights two workplace needs hygiene factors and motivating factors. It mentions that when the workplace is unhygienic or the working conditions are dissatisfactory it reduces people's will to work. Similarly, the absence of motivating factors like personal growth, recognition, achievement averts people from work commitment (Yadav, 2022). Therefore, Managers and heads in Monzo need to ensure a comfortable and safe work environment as well as remind the workforce of their personal strengths, growth, recognize their outputs, and so on to make the work more desirable to the individuals.
Hawthorne effect suggests that people work better and put more effort when they know that they are under observation or are being tracked or watched (Villaseñor, 2021). While this does not mean that department heads in Monzo should hover over the team members, it does mean that heads should ask for regular work updates and supervise the progress so as to make sure that employees are committed.
Delegation positively impacts the relationship between the leaders/heads and the team members. To achieve the performance objectives, the establishment of the trust is extremely important. When the heads in Monzo can delegate work equally to any and every member, it will make the members feel more confident about their performance and will enhance their sense of responsibility as well as accountability. Also, the delegation will help Monzo to distribute the workload better to achieve the performance objectives of reducing errors and solving consumer issues. However, when work gets delegated it might not always yield satisfactory output. When a departmental head decides to delegate work among several members it might become more complex and decrease the work quality.
Mentoring becomes important as the most experienced team members or the team leaders in Monzo have an understanding of the performance targets and how to achieve them. The new employees might not be so clear about the current KPI or how exactly the team can achieve the targets. This is where the experienced ones can mentor the teams and guide them towards achieving the objectives, step by step. This can be done through sessions that are organized at regular intervals, like after every few months (Priest, et al., 2018).
Coaching to achieve the objectives can be given by the management and marketing team. The targets have a connection with management as well as the marketing of Monzo. When the institution targets to solve customer-related issues within 72 hours, the marketing team uses this premise to promote the organization as a leading choice in banking and finance. Therefore, these teams should hold meetings with the employees to chalk out a plan so as to make the objectives turn into reality.
Team performance plan of Monzo includes two important parts- departmental objectives and individual objectives. The departmental objectives include making the teams more efficient and reducing conflicts. In this regard, the work hours shall remain strict and any casual approach to the same shall not be tolerated. To overcome account setup errors, the details shall be checked twice by two different team members. The workload therefore increases and the institution will open hiring whenever required. However, the only scope or error remains when heavy absenteeism is faced, it will be difficult for the bank to face the workload.
Moreover individual objectives like meeting the deadlines and providing regular reports and updates form a major part of the team performance plan. Individual performance appraisals should be made mandatory so as to measure an individual's contribution to their team.
A weekly outline should be made that highlights the major tasks to be done and objectives to be met. The resources and assets required for tasks should be made available to the team members and guidance should be given at any point required. Leadership roles within a team should be made clear as well as conflict management methods should be discussed.
To attain the maximum efficiency possible for a business organization, its team needs to be functioning at the optimum level possible. It is also a very important aspect when it comes to SMEs (Small and Medium Size Businesses). To monitor and enhance the overall performance of the team, there are certainly cheap and easily available tools that aid in the process. These tools include HRweb, Performly, Journyx, AssessTEAM, Asana, Yodlee, Basecamp, Pipedrive, TSheets, and TinyPulse. Some very useful methodologies can be used to monitor team performance (van Dun and Wilderom, 2021). Key performance indexes (KPIs) can be used to measure the performance of the team. They can help provide a specific set of performance measurements that are set up according to the goals, problems, or challenges that might be encountered in the process of doing the work. Five such key performance indicators are productivity, customer satisfaction, quantifiable goals, billable hours, the satisfaction of the employee, and attendance of the employees. Keeping raw forms of data such as product data through actiTIME can be very useful (Tavoletti et al., 2019). Feedback forms and keeping records of said documents can also be a good performance evaluation process (Wannes and Ghannouchi, 2019). This can be done through suggestions, interviews, and surveys. Direct conversation with employees can also serve as a good way to gauge employee satisfaction. Setting unrealistic expectations, ignoring feedback from the employees, avoiding changing the factors that have been negatively impacting work culture, and not employing measurable values can seriously deter the progress of the business.
To apply these theories of team performance monitoring tools as well as methodologies, a team performance event was organized (Bowers et al., 2018). The event chosen was a willingness to share expertise as well as recognize the abilities in one another and complement each other. To do this, the Asana tool was used. The methodology used for this event was KPIs (Chotiganta, 2021).
To make communication channels clearer team members were asked to share the knowledge that they have, to share resources that are available to individuals as well as the team as a whole. To demonstrate efficient ways to be open about the expertise and resources available to the members of the team (van Dun and Wilderom, 2021). This collective method is used to strengthen the members of the team. To promote a healthy work environment, strengths are discussed through a reflective process so that those areas could be capitalized (Martirosov and Moser, 2020). At the event, everyone will use the best skills that they have to fill in the places where the team might lack. This will help in increasing the collective strength of the team (Kobushko et al., 2020). Through the method of reflective analysis, a document was passed amongst the team members where each would write the talents of other team members and their perceived weaknesses. Then a speaker document was created where the team members would be writing their perceived lists of strengths and weaknesses which would then be analysed and compared with what the other members have written (Kanket, 2019). Through the task management software Asana, tentative goals for the team were set. The list of goals included creating specific goals which are also measurable. Taking action steps towards these goals was crucial. These goals were set by the achievable goals and certain roadblocks were identified and considered. A realistic timeline was set for the process which culminated with performing tasks that could inspire and motivate the team (Bowers et al., 2018). Three main goals were agreed upon which were developing the strategic objective of maximizing profits and driving customer engagement, creating more customer acquisition opportunities, and increasing organic web traffic.
The strategies of management organizations mainly employ as per the set objectives for achieving it. In the context of Monzo, there are different influencing methodologies for determining the individual commitment of the employees to the business. The commitment of an individual person is mainly determined with the help of organizational politics as well as their interest. In this, the three different influencing methodologies to gain the commitment of individuals helps to understand the approach to manage the team leadership. It is highly environment-oriented with functional leadership that is considered for achieving essential tasks which are deployed by teams in the business (Fernandez, and et.al., 2019). In different terms, it can be stated that the small group of people and their leadership skills help to develop an appropriate response to the situations. Three influencing methodologies are as follows:
Develop better Employee-Employer Relationships- It is considered as one of the influencing methodologies towards gaining commitment as it increases the motivation among people to work hard. It encourages the employees and enhances their practice with transparency which develops healthy communication at Monzo. The employees are more comfortable discussing anything and in the same way, a good listener is also a good step towards finishing the set goals. Employees and employers respect each other opinions that help in managing different ideas for working in a positive manner. It mainly encourages the employees as they feel important for gaining the commitment of individuals for the strategies (Luz, de Paula, and de Oliveira, 2018).
Competence- It highly matters as it has been seen that incompetence mainly leads to decision-making making. However, commitment plays an important role in the process of competence. The employees who are competent towards the work and they work smartly without any much hard work. Engaged employees are hardworking and able to give their time and put effort to complete it. Commitment and competence are considered as a backbone for the success at Monzo where employees need to put more effort and make their real contribution including the interest of the work. The contribution of employees helps them to fulfill their personal requirements by participating within organisation.
Increase Employee Involvement- At Monzo, this is another influencing methodology that helps to gain the commitment of an individual and enhance the performance of employees at the workplace. When an employee is handed significant data and plays a role of a trustworthy perform, it builds an emotional bond for a lifetime. This mainly shows a perception of an individual to deal with the situation with more positivity. However, the employees put their contribution and take part in big decisions which makes changes in their behavior. It highly motivates employees to perform well and employers keep involving them in the process of work and value their opinions.
All of the above influencing methodologies help to gain the commitment of an individual for the strategies at Monzo manage the system with more effectiveness in the performance.
Organizational behaviours are considered a major aspect of behavioural science and include group behaviour, individual behaviour with the structure and process of the organization. However, it includes some major investigation about the facts of the different perception as well as personality which leads to job satisfaction, politics, individual and group dynamics. It also includes the politics with an impact of pressure on the work along with the process of decision making that highly affect the chain of communication and culture of Monzo. Further, the people use many tactics along with the different approaches to assess various elements and their impact on the individual, organizational efficiency as well as a group of people (Hadlington, and et.al., 2019).
The group of individual people came together to achieve an objective or make a committee for managing different stages of work before the process of work that is to be done. The different stages include various functions where the role of each person is varied and different identification for that and an individual is considered as a source of huge information. The perception of an individual at the workplace is quite different as it can affect the goal where sometimes there is a dispute among the employees due to differences of opinions. Further, the leadership position by an individual and its responsibilities mainly includes the group of people that affect the various phases of the process. In addition to this, a group of people possesses different skills and knowledge that are required to accomplish the objective in a proper way. It creates issues among people regarding the system and its policies. One of the most important impacts of organizational politics that can affect the performance of the organization is considered as a negative emotion due to various deals. There is a loss of interest in the proceedings of the work and politics within a business affect their activities and productivity. However, organizational politics end up demotivating the employees and it has a negative impact on the workplace. It has a bad impact on both organization as well as employees’ performance and it includes the productivity, wellbeing of the organization along with the perception of employees towards job satisfaction.
In addition to this, it highly affects the concentration of an individual and people are more interested in ruining others' image at the workplace. Further, if a person is involved in politics there are more chances to make certain mistakes that highly affect the reputation of the organization (Kalpazidou Schmidt, and Cacace, 2019). It changes the attitude of employees and organizational politics does not allow employees to put their efforts into work. It is difficult for employees to get noticed in a politically driven organization as it is harmful to the business. The impact includes the demotivation of employees where the discussions among people are less and people look for an opportunity to affect the healthy environment of the organization. However, it leads to an increase in the stress level of individuals that affects the productivity level, and hence it highly affects work.
Thus, it can be stated that organizational politics highly affect the overall productivity of a business and as per the common observation, an individual is less concentrated. Further, the employees are failing to achieve the goals in a given time frame. However, Monzo needs to make such policies for the people to handle work in such a manner that they can achieve set goals with enhancing productivity (Seidl, and Werle, 2018). It can be believed that all of the employees take proper action towards organizational politics and maximize the level of profit with organizational behaviour.
Conclusion
So, from the overall discussion it can be identified that managing a team using different kinds of tools not only helps in attaining of strategic objectives but on the other hand it also helps in creating bond among the team for better performance. It can also be concluded from the study that Monzo is using few performance measuring tools which help them in getting the competitive advantage in front of their rivalry with better result.
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