Performance management is a comprehensive process of maximising engagement, development and performance of all employees in the employment lifecycle by proactively focusing on employee development, talent and succession management. Performance management also assists the organisation by aligning employees work to department goals and objectives, and communicates performance expectations regularly.
The process of performance management involves:
- Establish unit strategy & goals. Align goals of employees and determine performance level criteria.
- On-going feedback, performance reviews, continuous feedback, manager reviews and 360-degree reviews.
- Correlate performances to bonuses and employee benefits.
- Create individual development plan and utilize rotations and on/off campus training.
During the planning phase, management must establish SMART (specific, measureable, accountable, realistic, and time-bound) goals.