Performance management system

Performance Management System
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(24 September 2011)
Performance Management System
H&M are the initials for Hennes & Mauritz a Swedish clothing company that has perfected its performance management systems to emerge as one of the world’s leading fashion companies. The company provides fast fashioned clothing for men, women, children and the teenagers. It has grown from a single retail to being a global distributor of cloth with more than 1700 stores and operating in more than 33 countries (H&M Sustainability Report, 2008).
H&M was set up by Erling Persson in 1947, and used to trade in women clothing also known as Hennes which is the Swedish term for “Hers’. It was not until 1968 when the word changed to H&M after the acquisition of the store Mauritz Wildforss, which dealt with the delivery of men clothing (About H&M, 2011). This time H&M ventured into men’s clothing thus broadening its scope fashion in the clothing industry.
The company operates in five continents i.e. North and South America, Europe, Oceania, Asia and Africa. This is quite an achievement and a show of an effective and efficient performance management system that the company has since it has been able to expand and grow tremendously (About H&M, 2011).
The mission of H&M is to always provide “fashion and Quality at the best price”. The company has always been very focused on the increase of sales of the clothing in every store and thus has a very successful marketing strategy so as to achieve the goals set (H&M Sustainability Report, 2008). The company also aims at meeting and exceeding the customers’ expectations by providing the best in the market. The vision aims at business operations that are run in an economical, social, and environmental friendly manner to ensure sustainability (H&M Sustainability Report, 2008).
An effective performance management system can be seen in the way the company has grown from a local business to a global company; in addition it has been able to create a very r...