The training needs identified were internally evaluated by the holders of the key positions of the company, that is the CEO, CFO and the CRO. It is paramount for the company to use external services from the experts to improve the training of the senior individuals in the firm. As a result, the biases that are likely to materialize as a result of the need to achieve the self-interests over those of the firm could be addressed.
The proposed model would, as a result, support the outsourcing of the experts to formulate the training needs when with liaison with the affected individuals to improve the performance. According to the goal-setting theory, the reward systems of the firm should ensure that the effort of the employees is equally compensated and recognized to boost their motivation at work. The setting objectives should also ensure that they are specific, measurable, achievable, realistic and time-bound (SMART).
The model hence proposes the use of smart goals to motivate the holders of the key positions to work towards achieving them and improve the performance and competitiveness of the firm (Borisova et al. 2017) Performance appraisal is aimed at reviewing the job performance of the employees and evaluates their overall contribution to the firm. It hence evaluates the skills of the workers, their growth, achievement or lack thereof.
The posed model would thus be used to give the key employees a big picture of feedback concerning their work by use of peer reassessment rather than individuals where the individual’s workgroup will be used to rate the performance of the holders of the key positions. The proposed model hence supports the use of peer assessments rather than individual evaluation type of the performance appraisal.
Additional, the proposed model indicates that the frequency of the review should be increased and use of smart goals that are to be achieved by the process should be continuous throughout the year on a quarterly basis. The changes would lead to motivating the employees to achieve the set goals hence improving the performance of the firm (Deery & Jago 2015).
Borisova, ON, Silayeva, AA, Saburova, LN, Belokhvostova, NV, & Sokolova, AP 2017, ‘Talent management as an essential element in a corporate personnel development strategy’, Academy of Strategic Management Journal, vol. 16, pp. 31-46
Deery, M, & Jago, L 2015, ‘Revisiting talent management, work-life balance and retention strategies’, International journal of contemporary hospitality management, vol. 27, no. 3, pp. 453-472.
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