Create a presentation of an ideal performance management system (PMS) that you would implement as the human resources (HR) manager of an organization (TASNEE Petrochemical Company). Be sure to include...

Tasnee petrochemical company
Table of Contents
Introduction    2
Organizational Strategy    3
Systems    5
Implementation Factors    8
Employee Development Consideration    10
References    11
Introduction
TASNEE Petrochemical Company (National Industrialization Company) was founded & came into operations in 1985 as Saudi Arabia’s first fully owned joint stock industrial company. TASNEE today is the second largest industrial company in Saudi Arabia, alongside that it also is among the largest producers of Titanium Dioxide in the world. It operates in multiple sectors including chemicals, engineering, plastics and many others. TASNEE is headed by Mutlaq H. Al-Morished, who is the CEO of the company. TASNEE has reported a revenue of $ 6.4 billion in 2016 and it allocates 1 percent of its profits to contribute towards charitable and humanitarian projects all across Saudi Arabia (Ana-Maria, Constantin & Catalina, 2009).
TASNEE operates in 3 major verticals which are, Industrial chemicals, Petrochemicals and Headquarter operations (Non-Core Business Operations). The petrochemicals division accounts for about 50 % of the total revenue, followed by the industrial chemicals division which contributes nearly about 47 %, the rest being generated by the Headquarter operations.Figure 1: Organizational Structure TASNEE
Organizational Strategy
Performance Management is defined as an integrated & strategic approach to achieving sustainable success to an organization by working upon the performance of the people or employees working in it, by building upon the capabilities of the teams these people form and enhancing the individual contributions. The purpose of performance management strategy from an organization’s point of view will take into account the results and output by understanding & monitoring the performance on an agreed upon framework of targets & goals, competence requirements and standards.
TASNEE was established in 1985 with the aim of furthering the economic diversification in Saudi Arabia. TASNEE is driven by the topmost industry business practices, aiming to achieve profitable and sustainable growth for its investors, stakeholders and the Saudi public. Being committed to innovation and technology, TASNEE supports product innovation in the firm via its NIPRAS (National Industrialization Product Research Applications and Support Centre) Centre for Research and Development in the Jubail industrial city (Daniels & Daniels, 2004).
TASNEE’s vision statement reads as follows,
“To be a leader in its industries and keen on responsibility towards its stakeholders and society at large.”
As for its mission statement,
“Achieving profitable and sustainable growth through the development of best business practices.”
The components of a strategic performance process should revolve around the idea of a systematic definition of the mission, strategy and objectives of an organization. These collectively contribute towards the critical success factors and KPI’s (Key Performance Indicators) of TASNEE. They also guide and propose a guideline for co
ective steps and actions to keep the company on track (Folan & Browne, 2005).
· Strategic Development: The SDP (Strategic Development Process) will lead to clear strategic objectives and action plans for performance improvement in a more measurable form. The SDP is based on the key value drivers within an organization which are aimed at achieving a competitive advantage. The strategic plan tends to be inward focused and leads to unrealistic future & a long term outlook that do not take into account the business environment developments and are insufficiently focused on the differentiating factors which truly contribute to the competitive advantage.
· Budgeting & Target setting: The budget setting & target setting process will result in understandable action plans which are deemed operational and are focused on the key value drivers, their resource needs and the financial targets for the coming year. Due to the volatile nature of the organization and the business environment itself, along with the earlier start of the budgeting/target setting activity in the financial year, the targets set in the budget are outdated from the moment they are set. Budgets also tend to be heavily detail oriented for nearly all management levels and hence require a significant amount of time to consolidate & prepare.
· Forecasting: During the forecasting, the employees of the organization undertake tasks & activities which lead to the required results. Regular forecasting is done to predict and understand if the organization is still on the right track or if there are co
ective and /or predictive measures to be implemented to help solve the cu
ent business issues or future predicted problems (Folan & Browne, 2005).
Performance Measurement: The performance measurement process aims at collecting, consolidating, processing and distribution of information and data to allow a better implementation of the sub-processes in place. The information is conveyed as Critical Success Factors (CSFs) & Key Performance Indicators (KPIs). The need to optimize, improve or alter the Performance measurement process can arise due to the low quality of management information or the subpar quality of management reports. These reports are often lacking on multiple fronts, not satisfying the management’s needs & do not stipulate or suggest any co
ective actions, steps or proactive behaviour simply due to the lack of non-financial information, are not sufficiently based on exceptions, lack the inclusion of co
ective or preventive actions & are incomplete because the collection & collation of data is a very time-consuming process...