Performance Management System's Impact on Productivity A Case of Jubilee Insurance

Abstract

The overall purpose of this study was to assess the impact of performance productivity at Jubilee Insurance. The study aimed at covering the entire 206 population at Jubilee Insurance. However, only 90 responded to the survey since the majority were out of their work stations. Others were not willing to cooperate, while the rest had taken their annual leave. Results of the study reveal that Jubilee has a performance management system, which is effective to a great extent but requires improvement in the appraisal system. Most employees felt that results of the appraisal system are not taken seriously and as a result issues like training, which are meant to be identified by the appraisal system, are left to individual employees to handle. Further, the study indicated that revenue and sales increase, which are the parameters that Jubilee uses to measure productivity, are fully determined and influenced by proper performance management. Employees are self-motivated and have to set goals on achievable work targets. These targets are discussed with respective supervisors to arrive at appropriate targets. Finally, equitability in the reward system is not consistent and this needs to be addressed. Employees feel that there is no balance in their exchange relationship with the company.