Performance Management is a means of getting better results from the organization, teams, and individuals by understanding and managing performance within an agreed framework of planned goals, standards, and competence requirements. (Armstrong 2005).
Performance Management is a continuous process of identifying, measuring, and developing the performance of individual employees and teams in an organization and aligning this performance with the strategic goals of the organization.
Importance of Performance Management
- Provides Performance based conversation: This enables the managers to talk about the performance of the employees individually.
- They may help the employees in case he is not performing well, on the other hand appreciate him in case he does good work.
- Decreases the time it takes to create strategic or operational changes by communicating the changes through a new set of goals.
- Performance management system can also help to identify the employee development opportunities, which could be the crucial part of the succession planning process.It rewards the employees who are good performers as employees deserving the promotions can easily be identified.
- The underperformer can be identified and eliminated or helped improving his performance with various training and development programs.
- Proper maintenance of the past performance records of the employee in a systematic order, which can be used for future references.
- Employee himself can gauge his performance and work upon it accordingly.Performance management system can boost the productivity and output of a company.
- Improves employee engagement because everyone understands how they are directly contributing on the organizations high level goals.
Our consultants are very experienced in this area. Talk to us and let’s review and develop your performance framework.