PART 1 Managing
Performance for Results

A mission and vision are
standard and critical elements of a company’s organizational strategy. Most
established companies develop organizational mission statements and vision
statements, which serve as foundational guides in the establishment of company
objectives. The company then develops strategic and tactical plans for
objectives.

A company’s mission statement is essentially its statement of
purpose. It serves as a guide for all of the company’s decision-making.
Shareholders, leaders and employees are generally the target of the mission. It
should help workers within the organization know what decisions and tasks best
align with the mission of the company. A mission statement offers insight into
what company leaders view as the primary purpose for being in business. Some
companies have profit-motivated missions, while others make customers a focal
point. Other firms use a mission to point out more altruistic intentions that
ultimately lead to profits.

On the other hand Vision statements should offer more of a
direction and include a perspective of corporate values. A vision might provide
a direction for the company for the next five to 10 years, while also noting a
commitment to integrity, transparency, openness and other such values. A vision
statement takes the mission and adds an element of human values. It should
inspire employees and given them a sense of purpose.

There are many benefits of having clear and good vision and mission statements.
First, vision and mission statements provide unanimity of purpose to
organizations and imbue the employees with a sense of belonging and identity.
Second, vision and mission statements spell out the context in which the
organization operates and provides the employees with a tone that is to be
followed in the organizational climate. Third, the vision and mission
statements help to translate the objectives of the organization into work
structures and to assign tasks to the elements in the organization that are
responsible for actualizing them in practice. Fourth, to specify the core
structure on which the organizational edifice stands and to help in the
translation of objectives into actionable cost, performance, and time related
measures. Finally, vision and mission statements provide a philosophy of
existence to the employees, which is very crucial because as humans, we need
meaning from the work to do and the vision and mission statements provide the
necessary meaning for working in a particular organization.

There are many examples of good vision statements such as:
Ikea and American Express.
” At IKEA our
vision is to create a better everyday life for the many people. Our business
idea supports this vision by offering a wide range of well-designed, functional
home furnishing products at prices so low that as many people as possible will
be able to afford them.”

Ikea’s mission statement could have been a promise for beautiful, affordable
furniture, but instead, they decided their mission is to make everyday life
better for their customers. It’s a partnership: IKEA finds deals all over the
world and buys in bulk, then we choose the furniture and pick it up at a
self-service warehouse.

” At American
Express®, we have a mission to be the world’s most respected service brand. To
do this, we have established a culture that supports our team members, so they
can provide exceptional service to our customers.”

American Express sets itself apart from other credit card companies in its
mission and values with an ode to great customer service, which is something
they’re famous for. They emphasize the need to support their employees so their
employees can support their customers.
References:
Performance Management
System Definitions – OHRM. (n.d.)..commerce.gov/Practitioners/CompensationAndLeave/DEV01_006178″>http://hr.commerce.gov/Practitioners/CompensationAndLeave/DEV01_006178

PART 2 Managing
Performance for Results

Sometimes the organizations summarize the goals
and objectives in the mission statement and / or vision statement while others
start from the vision and the message used to formulate goals and objectives.
The existence of a common message is extremely useful, many specialists in
strategies ask about requirement to
write a mission statement. However, there are many strategic planning models
that begin with the message sentences.
Mission
statement tells you the fundamental purpose of the organization. He knows the
customers and critical operations. Also it teach you the desired level of
performance. Vision statement outlines what the organization wants to be, or
how you want to see the world in which they operate. It focuses on the future.
It is the source of inspiration. It provides clear criteria for
decision-making.
One of the
advantages of the existence of a statement that it creates value for those who
are exposed to this statement, and these are likely to be managers, employees
or even customers. The statement also creates a sense of direction and
opportunities. Both are essential parts of the strategy-making process.
There are a lot
of people who make mistakes in differentiating between vision statement and
mission statement, and sometimes one of them is used as text for the other. The
vision should describe why it is important to achieve the message. As the
vision statement defines the purpose or broader goal for being in the presence
or in the case of work, and can stay for decades if the situation well. The
mission statement is more specific to what can be achieved in a wider area if
the organization and others are successful in achieving individual tasks.

The mission statement can resemble the vision
statement in a few companies, but this can be a big mistake. It can confuse
people. The mission statement could stimulate people in order to achieve
specific goals, even if they are flexible targets. The mission statement
provides a way to achieve the vision in line with their values. These data
directly affect the minimum and on the success of the organization.

References:
– Aguinis, h. (2012), Performance Management.
– Ferguson, r. (2014). Finally! Performance Assessment That Works: Big Five
Performance Management.