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Can you imagine your organization as a Ferrari or a McLaren? Your management team as the pit crew and your sales force as the race team? A Formula 1 racing team model can be used as a metaphor for business, as they have many elements in common.
Organizations should be aware that old methods and strategies may not apply in a fast changing environment, in which an increasing number of companies are more innovative in their businesses.
Performance management, at least at the employee level, has received serious criticism from multinationals such as Microsoft, General Electric, Adobe, Goldman Sachs Group and Google, in the past 5 years. The traditional ranking system and KPI measurement used in the appraisal process provided little added value for the organization, for managers or for the individual. Practice has proved that a measurement system is merely a promise of improvement.
Change is a necessary and sometimes mandatory process that any business will experience at one point in time.
Happiness is not usually associated with hard data, performance, efficiency and so forth, but a Kansas State University researcher, Thomas Wright, points out that this particular factor can contribute greatly to organizational performance.
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