Like many management terms, the word “performance management” has been interpreted, and the concept implemented, in many different ways. But the major goal in any good performance management system is to ensure that employees’ activities – what they do and how well they do them – are in sync with the goals of the organization, while maintaining a motivated and happy workforce.

Hence we can say that Per­for­mance man­age­ment is the con­tin­u­ous process of improv­ing per­for­mance by set­ting indi­vid­ual and team goals which are aligned to the strate­gic goals of the organ­i­sa­tion, plan­ning how to achieve the goals, review­ing and assess­ing progress, and devel­op­ing the required competencies of peo­ple.

So, there are 4 major steps in the performance management system. These are- plan, act, track, and evaluate

Performance Management is a very important function in Human Resource Management and if not done properly then can waste a lot of resources of the company.

Here you will learn about:

Meaning of performance management system.

Key characteristics of effective performance management.

Different strategies in performance management.

Here learn about the various strategies used nowadays.

Section 1: Introduction

• Meaning and key steps

• What should we assess

• Performance Management System vs. Performance Appraisal

• Key Characteristics

Section 2: Various Strategies

• SMART goal setting

• KRAs and KPIs

• Critical Incidents Method

• Checklist Method

• Behaviorally Anchored Rating Scale (BARS)

• Assessment Development Centre (ADC)

• Balanced Score Card (BSC)

Section 3: Feedbacks and Performance Improvement Plan (PIP)

Section 4: Common biases