Performance Management in an organization

Performance Management in an organization

 

Introduction

Performance management is a process used to improve the performance of teams and organizations and is a systematic process to improve the performance of individuals, teams and the performance of organizations. Strategic Performance Management focuses on what needs to be done to help the company achieve its business objectives. Performance management systems are generally considered for individuals and very limited groups. This can sometimes be seen as a matter for individuals and their managers, but performance management processes must be applied to teams and organizations.

Managing organizational performance is one of the key responsibilities of top management and provides leadership in planning, organizing, monitoring, managing and achieving strategic objectives and meeting needs and requirements.

Role of Performance Management -

Performance management is an important part of the work that is led by HR managers or business management. This business discipline is there to ensure that the performance of employees is in line with the objectives of the company and that employees achieve these objectives. Performance management plays an important role in increasing business value.

The purpose of managing business performance is to improve the efficiency of an organization - the ability of an organization to function effectively. It is about the ability of a company to guarantee high performance, achieve its objectives and above all to meet the needs of its stakeholders.

The most important long-term goal of corporate performance management is to promote a culture of high performance and to increase the efficiency of the organization - the ability of an organization to function effectively

An efficiently implemented performance management system can benefit various systems, managers and employees:

Organization’s Benefits	Improved organizational performance, employees retention and loyalty, improved productivity, overcoming the barriers to communication, clear accountability and cost advantages
Manager’s Benefit	Saves time and reduces conflicts, ensures efficiency and consistency in performance
Employee’s Benefits	Clarifies expectation of the employees, self-assessment opportunities clarifies the job accountability and contributes to improved performance, clearly defines career paths and promotes job satisfaction

Performance Management as a Cycle-

Picture 01, Performance Management as a Cycle

Objectives of Performance Management -

01.Employees are able to achieve high performance standards and work performance

02.Improving employee efficiency by encouraging, motivating and implementing a profitable pay mechanism

03.Helping employees to identify the knowledge and skills needed to perform the task, allowing them to focus on the right work.

04.Identifying berries and overcoming these barriers through monitoring, training and development interventions

05. Set a basis for strategic planning, succession planning, promotions and performance-based payments for multiple management decisions.

conclusion-
Performance management is one of the most important considerations for corporate management and active employee engagement. A good performance management system works to improve the overall performance of the organization by managing the performance of teams and individuals to ensure the overall goals and objectives of the organization are achieved. An effective performance management system can play an important role in managing an organization's performance.

References/ Bibliography-

Armstrong, M. and Stephen Taylor (2014) Armstrong Handbook of Human Resource management practice, 13^th edition.

Armstrong, M and Baron, A (1998) performance Management: the new realities, London.

Bourne, M, Franco, M, and Wilkes, J (2003) Corporate performance management, Measuring Business Excellence.