Best Performance Management Tool for Tesla Inc PDF

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Running head: BEST PERFORMANCE MANAGEMENT TOOL FOR TESLA INC. 1Best Performance Management Tool for Tesla Inc. Name Course Institution Lecturer DateBEST PERFORMANCE MANAGEMENT TOOL FOR TESLA INC.1. Introduction Tesla Inc. is an international electric-car manufacturer and sustainable energy company s...

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Running head: BEST PERFORMANCE MANAGEMENT TOOL FOR TESLA INC.

Best Performance Management Tool for Tesla Inc. Name Course Institution Lecturer Date

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BEST PERFORMANCE MANAGEMENT TOOL FOR TESLA INC.

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BEST PERFORMANCE MANAGEMENT TOOL FOR TESLA INC.

1. Introduction Tesla Inc. is an international electric-car manufacturer and sustainable energy company situated in Palo Alto, California. It was founded in 2003, and specializes in clean energy generation and storage, in addition to being a world leader in electric-car manufacture and sales[ CITATION Hua19 \l 1033 ]. The company has aspirations in leading the world in the transition to sustainable energy use. Popular Tesla products include the Models 3, Y, S and X vehicles, while renewable energy solutions range from the Solar Roof, Power Wall, as well as the Power Pack systems. These products (especially the cars) have profound levels of success, with regard to their sales numbers. Since its inception, the company has proceeded to become the second best-selling electric-car producers world-wide. The company boasts of highly trained personnel, as well as the safest factories world-wide. Tesla provides on-job training and tracks the performances of its labor force on a day to day basis[ CITATION Hua19 \l 1033 ]. The company makes use of different strategies for monitoring performances of their labor force. These strategies have varying levels of success and failure, and have propelled them to the level they are currently in.

2. Problem Statement The adoption of suitable Performance Management Tools(PMTs) in a company is an effective method of rating the output of the company by focusing on the individual

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performance of employees. Tesla Inc. already has existing PMTs that are effective, but more can be done to further propel the company towards its desired vision. With the integration of new methods aimed at improving the performance values of the employees, it is apparent that the success of the company would gradually increase. This paper focuses on the additional PMTs that can be integrated into the company’s policies, for much better results going forward.

Current Strategies Tesla Inc. takes a productivity-based approach in evaluating employee performance. This approach focuses on the output value of the concerned department[ CITATION Hua19 \l 1033 ]. For instance, the manufacturing bloc is evaluated based on how many units are assembled in a day, while the customer-care department is concerned with the number of customer-related issues solved in the same day. The company also establishes Key Performance Indicators (KPIs) for the assessment of successachievement in the required time period. A special focus on share-holder feedback exists, as the company issues regular updates on the performances of the company. These strategies have numerous advantages to the welfare of the company and its operations. However, key issues concerning the employees’ quality of life are present and cannot be ignored. Employee performance is always attributed to the different factors in the working environment, as well as the nature of the daily tasks required of them[ CITATION Ahm16 \l 1033 ]. Below are the different analysis points, which pertain to the current status of the company, with regards to the various existing strategies which are currently in use.

BEST PERFORMANCE MANAGEMENT TOOL FOR TESLA INC.

3. Swot Analysis Strengths 

Daily performance evaluation to monitor employee performance. This improves the output of the workers since the evaluation is done on a regular basis.

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Regular company performance communication to the share-holders, keeping them up to speed with the company’s progress.

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High overall output from the workers due to the regular evaluations.

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General employer satisfaction as a result of the high employee outputs.

Weaknesses 

The company can miss out on key issues arising from other aspects of the labor welfare, including the quality of life and the nature of their daily tasks.

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Potential risk of performance reduction due to employee fatigue, which is associated with the output reliance.

Opportunities 

An improvement of labor satisfaction in all aspects, including the employee working standards as well as employer satisfaction in terms of output.

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An overall improvement concerning the company image in the industry, which translates into sales increase.

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Global leadership of the company in the electric-car manufacture and sales.

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Overall success in the sustainable energy innovation.

Threats 

Failure to meet the ever increasing demand, due to potential labor-fatigue.

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Eventual delays in new product launches, as well as the construction of new assembly lines. This is also associated with poor working standards of the employees.

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An overall decrease in the product sales of the company. This is a significant draw-back in the company’s operations.

4. Additional Options With regards to the Tesla situation, additional options are available. The two possible options include the 3600 Feedback tool, as well as the Self-Evaluation tool. These were found to be the most suitable methods with regards to the current status and working environment of Tesla Inc. We will compare the two options in an effort to determine the most suitable choice for the company.

3600 Feedback This method involves collection of an employee’s opinions, assessments and feedback from their various colleagues[ CITATION Mon18 \l 1033 ]. The process

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involves all the workers in giving out information regarding the performance of their fellow workers. This method entails the actual acquisition of information from all the involved employees regarding every other colleague in an effort to obtain the highest level of honesty and accuracy regarding each worker in a company.

Self-Evaluation Involves letting an individual evaluate their performance levels. This method can use choice and essay answers, as well as a combination of both, for the determination of the performances of the concerned employees[ CITATION Dan18 \l 1033 ]. The method relies on the feedback of an individual with regards to their performances in the daily tasks. A worker would be given a questionnaire (or any other relevant method of information acquisition) and would be required to fill up information regarding their performance on the job. Another method would be the actual one-onone interview including the manager and an individual worker. The following is a comparison of the two options: Pros  3600 Feedback

Gains information from

Cons  Might potentially instigate disunity among workers.

different perspectives. 



Influences good



The method might assist

decision making

in presentation of false

Everyone has a sense

information about an

of responsibility for the

individual.

daily operations and

BEST PERFORMANCE MANAGEMENT TOOL FOR TESLA INC. eventual success of the



company. Gains an honest output



Varying perceptions

regarding personal

between the employees

Self-

performance of the

and the managers.

Evaluation

workers. 







Can potentially induce

Helps gain valuable

conflict between the

insight on better ways

employer and the worker,

to run the company.

mainly due to the different

Promotes the

perceptions regarding the

employees’ level of

performance levels of the

self-entitlement.

worker.

Promotes better and effective communication between the workers and employers.

5. Decision Criteria/ Recommendation Based on the comparisons, it is highly recommended that the self-evaluation method of performance management would better benefit the company. This concerns increasing the output, focusing on quality of the work standards, while at the same

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time maintaining the employee satisfaction, which relates to the overall well-being of the workers. This method positively influences the workers to be better aligned with the company’s objectives and vision for the future.

6. Action Plan The most ideal plan for the company would be a combination of the existing PMTs with the Self-Evaluation method. An important factor to consider would be shifting attention towards the effective return of feedback to the worker. Giving the feedback to the workers has numerous advantages related to the employees’ well-being. This is due to the fact that the workers are aware of their performance outputs, and further helps them in setting personal goals which is a key ingredient in their personal development[ CITATION Dan18 \l 1033 ]. As is apparent, employee satisfaction and overall well-being are essential factors required for maximum output of the concerned worker. In addition, it is just as important to make sure that the feedback is duly returned to the workers, as it makes the adoption of these strategies fruitful. As a result, the company’s overall status and image is improved.

7. Conclusion Tesla, with its current success and quality standards, would achieve new heights with the adoption of the Self-Evaluation method. This is in addition to the combination of the existing methods that are currently in used. It is important to note that these

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combinations are suitable to the company concerned (Tesla Inc.). A different company would require different strategies as well as different combinations for effective results in terms of employee performance. A well refined combination of these PMTs would help to effectively boost the success of the Tesla brand further.

References Ahmed, T. M., Bezemer, C. P., Chen, T. H., Hassan, A. E., & Shang, W. (2016, May). Studying the effectiveness of application performance management (APM) tools for detecting performance regressions for web applications: an experience report. In 2016

BEST PERFORMANCE MANAGEMENT TOOL FOR TESLA INC. 10 IEEE/ACM 13th Working Conference on Mining Software Repositories (MSR) (pp. 1-12). IEEE. Dan, M., & Crişan, E. (2018. Managerial Challenges of the Contemporary Society. Proceedings, 11(2), 5. Mone, E. M., London, M., & Mone, E. M. (2018).. Routledge. Huang, Y. (2019, February). A Potential Company or Not: the Analysis of Tesla. In 2019 4th International Conference on Financial Innovation and Economic Development (ICFIED 2019). Atlantis Press.

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