Performance management is a continuous process where managers and employees communicate regularly to assess job responsibilities, expectations, performance, and development strategies
. It aligns individual efforts with organizational goals, fostering a fulfilling work environment
. The aim of performance management is to create an environment where individuals can perform at their best, in line with the organization's objectives. A typical performance management cycle includes
:
- Planning Setting clear and flexible performance expectations and SMART goals, involving employees in the process to boost motivation
- Monitoring Regularly tracking employee performance and providing timely feedback, using performance management software to assist, but not replace, face-to-face discussions
- Developing Analyzing collected data to improve employee performance through training, coaching, and additional projects
- Rating & Rewarding Evaluating employee performance to quantify their contributions, address underperformance, and recognize superior achievements through praise, raises, or promotions
