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Based on evidence from the Cranet survey this paper examines the progress in the practice of HRM in Greek organizations, comparing results from 1992 to those of the 1999 survey round, focusing on various core functions such as training and development, performance management and employee communications. It also compares these developments to the overall European scene. Results show more improvement in training and performance management and less in employee communications. From examination of survey results, it is obvious that Greece follows the EU trends towards an improved, more strategic role of HRM. However, statistical analysis of data from the comparative survey across European countries indicates a slower pace in improvements and some differences, which Greek companies will have to overcome. In this effort, training and development appears to be the most critical factor.

The aim of this paper is to examine the practice of performance management in a cross-border context in times of global uncertainty.

This is a conceptual paper.

The findings expose global uncertainty to be wielding a significant influence on performance management.

A practical framework is developed using real options theory. This approach offers suggestions for multinational corporations to increase the effectiveness of their performance management while at the same time focusing on profit-maximisation.

This paper enhances international management research by recognizing that real options theory can effectively be applied to improve the effectiveness of performance management in global uncertainty.