Effective Performance Management
Performance management is a process of ensuring activities & outputs meet an organization's goals in an effective & efficient manner. Performance management can focus on the performance of an organization, a department, an employee, or the processes in place to manage particular tasks.
A company that don’t manage performance of their departments & employees objectively will eventually see that it will be left behind and will not be competitive.
In order to drive towards an objective performance management, the tools & processes itself must be well defined. While there are many elements that go into performance management, here are five fundamental areas that contribute to its effectiveness:
1. Performance Planning & Goal Setting
2. Performance Communication and Employee Involvement
3. Performance Monitoring and Reviews
4. Performance Development and Improvement
5. Merit based Rewards and Compensation Management
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