Managing Performance

Scenario

You are the new owner of a small business. About one week ago, you purchased this business from the previous owner who decided to retire. The previous owner was a phenomenal businesswoman; however, she did not value the importance of performance management systems. When you decided to purchase the business, you knew that you would need to make organizational changes. Based upon the information provided, answer the following questions:

In your own words, explain the benefits of a performance management system in terms of employee and organizational success.
Explain the implications associated with poorly implemented performance management systems.
Address components that you believe your performance management system should include.
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Embed course material concepts, principles, and theories (require supporting citations) in your initial response along with at least one scholarly, peer-reviewed journal article. Keep in mind that these scholarly references can be found in the Saudi Digital Library by conducting an advanced search specific to scholarly references. Use Saudi Electronic University academic writing standards and APA style guidelines.

Be sure to support your statements with logic and argument, citing all sources referenced. Post your initial response early and check back often to continue the discussion