The Research On Performance Management In Singapore Sme Lam Heng Marine Corportation

Over the years, Singapore shipyards have strengthened their capabilities and technologies such that resources could easily be re-deployed across the three sectors of ship repair & conversion, shipbuilding and offshore business, to take advantage of sectoral growth. Many companies in the marine supporting industries have in the last few years expanded their range to include offshore projects to leverage on the growth in this market. This flexibility will help see the industry through the various variations in the business cycles.Going forward, industry players have continue to build on their comparative advantages in man and technology by upgrading manpower competencies and investing in research and development efforts.The company- Lam Heng Marine realised that their existing competitive advantage in the skill and competence segments are facing constant threats from new low-cost player and skill obsoletity due to change in the technologies. As to strive for survival and growth sustainability, like many other enterprises, we need to find ways to improve the productivity and efficiency, restructure the organisation to optimize the resources, in order to stay ahead of competitions.As the organization is a small and medium Chinese family business, we study the characteristic of family business and how this influences the human resource management as well as performance management in an organization.The key to better performance is aligning a competitive business strategy with the people who will implement an effective appraisal frame work, and managing base on performance objectives, as we defined it as"Performance Management"(PM), which is the ongoing process of setting goals, self-assessment, manager assessment, peer-assessment (also called 360? assessments), coaching, development planning, and evaluation. PM is a leading indicator of performance because it drives a system or organization toward desired future goals and provides solid management and performer steps along the way through daily behavior patterns of every employee.This research starts with the important roles of performance appraisal in view of Lam Heng Marine existing human resource practice and business performance. The objectives and backgrounds of this research were introduced; some theories and measures were reviewed in this thesis. According to Lam Heng's strategy, we analyzed and concluded the transformations of performance management system, by adopting the concept and frame work of Balanced Score Card. (BSC)The balanced scorecard (BSC) is a strategic performance management tool for measuring whether the smaller-scale operational activities of a company are aligned with its larger-scale objectives in terms of vision and strategy. By focusing not only on financial outcomes but also on the operational, marketing and developmental inputs to these, the Balanced Scorecard helps provide a more comprehensive view of a business, which in turn helps organizations act in their best long-term interests. In practice, Performance Scorecards achieved this balance by encouraging managers to select measures from three additional categories or perspectives: "Customer," "Internal Business Processes" and "Learning and Growth." for better response to the business strategies.By illustrate different approach of performance management theories, we conduct a feasibility study and recommend to the senior management regarding an implementation plan for a strategic performance management frame work system, and hope this paper could serve as a reference guide for information sharing within the industries.