Performance Management Essay Example | Topics and Well Written Essays - 500 words

Performance Management - Essay Example er and retailer of specialty coffee, deals with issues of performance management such as setting of standards by the Compensation and Management Development Committee. It has as one of their responsibilities to: â€Å"Annually review and recommend the objective performance measures and the performance targets for executive officers participating in the Executive Management Bonus Plan (whether or not such executive officers are Executive Officers) for approval by the panel of independent directors of the Board and for certifying the performance of such executive officers at the end of each fiscal year.†1 In line with this responsibility, Starbuck came up with an Executive Bonus plan whereby performing executives can make up to 70% of their base salary for meeting performance measures and company’s strategic plan annually. Those concerned with this bonus plane are â€Å"Employees serving in positions of executive vice president and above, as well as certain other senior officers of the Corporation specified by the Compensation Committee†.2 All of this is to meet the mission statement of â€Å"establishing Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles as we grow.†3 The mission statement is often followed through meetings of top managers of all Starbuck agencies around the world. One of such follow up meetings was held on March 10th 2008 at Seattle, where the General Manager, Howard Schultz and senior members came up with what is known as â€Å"Howard Schultz Transformation agenda communication number 10†4 in which 7 bold moves to be followed in the coming years; remain the undisputed coffee authority, re-engage into serious business and inspire Starbucks partners, re-ignite company emotional attachment with the customers, expand the company global presence while making each store the heart of the local neighbourhood, remain a leader in ethical sourcing and environmental impact, create innovative