Performance measurement Essay Example | Topics and Well Written Essays - 250 words

Performance measurement - Essay Example In a broader perspective, the role of performance management system is to provide a fundamental bloc for enhancing total quality management (Besanko, Dranove, Shanley & Schaefer, 2010). Organizations that employ performance management systems are those that wish to establish the individual, departmental, and organizational performance in a bid to enhancing management to achieve organizational goals. Amongst the personal experiences with performance measurement is during the recent visit by auditors. The auditors aimed at ensuring that every employee in the organization had not only complied with the requirements of the firm but had also placed in extra efforts to ensure customer satisfaction in addition to growing shareholders’ value. The auditors found out that most employees in the organization would go an extra mile to call the clients in order to offer advisory services with respect to the organization. Being in the Accounting and Finance Department, the auditors wanted to know how the organization was complying with the Accounting Standards as provided for by the IAS and IFRS. Their advice to the department was the need to keep updating financial and accounting data in a bid to ensure that there was accountability and transparency in reporting the same concepts and