Performance management is a corporate practice that helps managers evaluate employees’ performance. The purpose is to create an environment where employees can perform their best work efficiently.
In Performance Management, managers and employees work together to set work goals and its progress, and work on ways to align the employees’ career goals with that of the organization.
Performance management involves setting goals and objectives after discussing with the employees. This includes regular review meetings, feedback and guidance sessions, and course correction to help employees achieve their goals. They come to an understanding of how effective performance would look like and develop ways to measure it. This is a great alternative to traditional year-end performance reviews wherein managers have minimum context on what the employee is working on. For instance, instead of merely setting marketing targets for each employee, managers would sit with their employees and provide guidance and feedback wherever necessary.
Performance management ensures that there’s more accountability and transparency at work. Managers schedule regular meetings with employees to remain updated on what they are working on. They set expectations with employees, and offer guidance wherever necessary.
An effective performance management system involves the following steps:
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