In this assessment measurement of performance for the Samsung is accomplished. The strategies that are involved in the performance management by the Samsung are also analysed. The stakeholders are the main entity of any organisation. The methods that are involved by the Samsung for the management of risk associated with this organisation are also determined in this assessment. The financial performance that is accomplished by this organisation is described in this assessment. The perception of the customers regarding the performance of Samsung is also presented in this assessment. The recommendations that are necessary for the improvement of performance are investigated in this assessment.
Performance management is a whole new aspect which starts as soon as an employee enters the organization and ends with the resignation of the employee. Performance management facilitates communication with its employee and helps the organization in measuring the performance of the employee and appraising the employee. Samsung manages the performance of its employee and provides them with incentives to them motivated towards the work. Performance management not only includes the employee performance but also how the organization creates and maintains their stability in the market. How they manage their risk and communicate with their stakeholders. How they react to the feedback and perspective of customers and clients (Chow and Gender, 2015).
It also, makes sure that the operation of Samsung is running effectively and the evaluation and of the performance is done accurately. In the end, the deviations in the performance are analyzed and proper implementation towards it is made.
Organizational performance management and performance measurement
Samsung is a Korean based company offering services to its customers and job opportunity to its employees for 50 years approx. Samsung is the second largest information technology company in terms of revenue in the world. Samsung deals with electronic items like mobiles, laptops, television, refrigerators, etc. The organizational performance management system is the process of analyzing, evaluating and managing the performance of the organization throughout the year. By using the previous data and information, the performance of Samsung’s employee is measured so that the appraisal to the employee could be given. It helps in analyzing that whether the performance of the employee matches with the performance meters set for the employee, and if not, corrections to the policies are made (Grant, 2016).
(Figure: Performance management)
(Source: Grant, 2016)
Performance management is an art of creating an environment where the employees could work with their best of abilities. It focuses on evaluating the performance rate of the employees and helps in communicating with them. It starts when an employee enters an organization and continues until he left the organization. Performance management and performance measurement are related to each other. Samsung makes sure that its employee is working in a coordinated environment where their thoughts are always given a place and they are also motivated for their achievements so that they could give their best performances. Samsung uses the pricing strategy for its employee. Towards the best contribution, the employees are awarded and appraised. Many training and development programs are running in a year and the grievances of the employees are communicated so that they could feel the safe and important in the organization (Chadwick, et. al., 2015).
Performance management helps in the welfare of the employee and thus, develops the skills and standards of its employees. By motivating and waking their initiatives, Samsung could be able to gain effective performance of its employee and thus, the organization. Good performance results in optimum utilization of its resources and help in achieving its objectives effectively and efficiently and thus, helping Samsung, in establishing good brand value in the market.
Communicating performance to stakeholders
Communication is the most important aspect of any business. Samsung makes sure that it communicates with each stakeholder so that it could be able to build good relationships with them.
|Stakeholders||Promotional schemes||Communicating ways||Expectations|
|Employees||Samsung hires and cultivates talented and skilled people and provides them with adequate training and development throughout the year. It provides time to time performance appraisal to them and provides them with good incentives.||Multidimensional evaluation,|
|The welfare of the employees, their development rate, appraisal, and fair compensation.|
|Shareholders||Samsung understands the importance of its stakeholders and regularly communicates with them via shareholders meetings and minute maids. It helps the shareholders in knowing the issues and also the achievements of the organization, thus helping Samsung in establishing good relationships.||IR activities,|
Meetings of shareholders (Hatch, 2018).
|Cooperation with them, increasing the values of shareholders.|
|Customers||Samsung values its customers and understands the fact that the customer is its ultimate aim. They aim at providing maximum satisfaction to its employees, by keeping regular communication procedure with its clients. It welcomes the feedback of its customers and always works on it. It treats the customer as part of its organization and adopts new schemes for providing benefits to its employees.||CS surveys meetings, VOC.||Increases customer satisfaction and support, aids on providing the protection to the privacy of its customers.|
|Government||Samsung fulfills all the rules and regulations of the government and maintains healthy relationships with the central power. Through, seminar and conferences, it provides the performance o the company and keeps transparency with the government. It relays on the fact that, with the mutual relationship both the party could grow together.||Seminars, conferences,|
Magazines and newspaper supplies (Basole, 2016).
|Management of governable ethics, legal compliance.|
From the recent reports and data, it could be seen that the customers are not satisfied with the performance of the Samsung. Many reports regarding the explosions of the phones have been seen. Hanging on the phone is the main and the most accepted problem in the Samsung products.
(Figure: Risk Management)
(Source – Fainshmidt, et. al., 2016)
Samsung should try to minimize it. Risk management helps the company in managing its risks and moving ahead. Risks directly aim at the downfall of the company. Risk management helps the company in identifying the risks in the company and helps the company in framing new laws and policies for the company so that it could be able to minimize it and rise in the market (Fainshmidt, et. al., 2016).
Quality management and improvement
Quality is something which should not be compromised. Samsung aims at providing quality products at reasonable rates. Samsung says that quality should never be ignored for quantity. By providing qualitative services to its customers, it provides satisfaction to its client and thus, increases its business. Quality management involves the activities where the quality of the product or service is measured and compared to its standards sets, if any deviations occur in that, new protocols are formed, and a better product is supplied (Gruber, et. al., 2015).
Samsung works on achieving excellent quality products so that it could outshine in the market. Samsung deals in electronics items and compromising the quality in this fields leads to the losses and no interest from the customer because of the competition in the market. To gain a successful business, Samsung makes sure that all its operations are qualitative and the work is going on effectively and efficiently.
Samsung has stable financial resources and is the highest revenue earning company in the sector. It aims at quality products at affordable prices which helps in generating customers for the company and thus, helping in increasing revenues of the company. Samsung has achieved able financial goals and is capable of achieving them. Financial performance helps to measure and to maintain the policies and operation of the firm in a year. From the data and information, available it could be seen that revenue of Samsung is increasing year by year and is becoming the top competition for the well-established firms like Apple. In the past years, some of its products saw the downfall in the market, but overall Samsung is working for uplifting its company’s brand and is establishing an excellent track for achieving its financial objectives (Arora, et. al., 2015).
Customer and client perspective
The customer is the ultimate resources of the company. The company is made and ran for its customer. What a customer thinks about the company, matter a lot. Samsung makes sure that its brand image and identity is good in the market. It makes steps for analyzing that its customers are getting what it is conveyed to them and are not framing negative perspective about the company. It is important to maintain healthy relationships with the customers so that, the company could benefit through mouth advertisement. Having a positive mindset of the company, company frames new customers in the market and is able to provide satisfaction to its customers (Ramadan, et. al., 2017).
Samsung achieves mutual relationships with its clients by providing them with high-quality services through a number of channels, previously, customer centers were contacted only when, a problem arises, but now, a minute problem, customer call the call centers and figures out the solution. Samsung should aim at providing excellent customer care services to its customers and gain a positive image in the market.
What brand image a company is forming in the market tells a lot about the performance of the company.
Samsung’s objective is not limited to selling or promoting a product or fixing the product but also; it aims at establishing good relationships with its employees. By building interrelationships, Samsung caters at solving the problems of the customer and providing them with fuller satisfaction. Samsung also aims at providing doorstep services to its customers so that, they could not face problems of loading the products to the repair shops and bear the costs. By delivering amazing services, it helps the company in getting more investments in the wide range of its products by its customer and thus, creating huge profits for the company.
Samsung is well known for its quality products and also at reasonable prices and helps the company in generating new customers every year (Lin, 2017).
Samsung is not only customer oriented company but also focuses on the welfare of its employees. It provides time to time appraisal to its employee and creates good brand value in the market. By giving good incentives and recognition to the employees, the company is able to gain a positive perspective from the people and thus, it will be able to gain social approval.
Samsung is growing day by day and is adopting new technological advancements in its products. With the fashionable mobile phone to smart television, it is taking over the market. As it is providing amazing products and service to the customer it is charging it from the customer for the same. But, customers face a lot of problems in the product of Samsung and especially in its mobile ranges (Cai, et. al., 2018).
Mobile comes with a handy feature and is now a replica of many activities. But Samsung is compromising in the quality of the product. Problems like battery poor life glitches like bad applications performance upset the customers who are paying the high prices for the same. A most common problem that is seen in the products of Samsung is mobile hanging and automated rebooting. It disturbs the tasks of the customers and impacts the performance of the overall company (Grant, 2016).
According to the technology, Samsung is adopting new advancements, but the portable charging mode is not up to the expectations which make customers, dissatisfied. This issue makes it hard for the company to maintain its performance and harms the image of the company too.
Recommendations for improvement
Although, the Samsung is doing good in the market, its Mobile and tablets range, is not working much in the market due to its bad performance and many other reports like an explosion of the handset and of course, the biggest problem hanging and the battery life of the mobile phone. As a result, decreasing market share of Samsung could be seen and also, dissatisfaction on the side of the customer could be observed.
For grading up the market share and providing the satisfaction to the customer, following are the recommendations on which Samsung could act upon:
- Improve battery life: Mobile runs in the battery and if the battery is not sufficient then, the problems will arise gradually. The customer now a day’s do not use the phone only for calling or text but also for several other activities which demand the fuller battery performance of the model. Samsung should focus on increasing the battery effectiveness of the product so that customer could be kept loyal to the company (Hatch, 2018).
- Cutting down on new ranges of the particular product or cutting back on models: Samsung has this habit of releasing a new phone with advance feature every now and then, which upsets the customer as its possession seems to be outdated and newer one seems to be updated which makes the customer worried about the cost and performance. New and updated products symbolize the social status and market value of the customer and the outdated one declines it.
- Explosions of the phone should be treated: Customers face a huge problem of explosion due to heating up of the mobile phone. A mobile phone completes works or operates on the software and hardware of the product and the heating up of mobile hardware’s results in the heating and blasting up of phones. Samsung should aim at the development of good quality software having excellent performance and its heating and blasting problem should also be fixed (Budhraja, et. al., 2017).
- Improvement in the software: Samsung should focus on gaining the advantage from its competitors. Samsung’s software is having this problem of hanging and rebooting and which needs to be fixed. Investments on the newer feature introduction in the phone should be focused so that the newer customers could be attracted.
From the above report, it could be concluded that the measurement of the performance of the organization and the employee is necessary for an organization. Performance management helps the organization in knowing their performance throughout the year and also, helps in knowing where the deviations are and where the corrections are needed. It helps the companies in managing risks and other uncertainties. It facilitates the communication gap between the employees and its stakeholders. It helps the company in appraising the performance of its employees and helps in taking many other decisions regarding the value and their feedback of the people. It helps in establishing interaction between the providers and customers and facilitates the facility of quick feedback. Most importantly, performance management not only measures and manages the performance but also helps in improving the quality of the performance of both employee and organization.
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