Performance management regroups the principles and activities that aim to create, sustain, or enhance the performance and productivity in an organizational setting. Common performance management processes include coaching, monitoring performance, giving feedback, and rewarding.
Why Is Performance Management Important?
Performance management enables organizations to align their objectives with their team and their individual goals. It allows employees and organizations to both thrive.
Some benefits of performance management include:
- Keeping employees motivated and engaged;
- Improve profitability;
- Finding leaders within the company;
- Enhancing productivity.
Why Use a Performance Management System?
Using a performance management system or software allows managers to accurately track the performance indicators of an organization. Gathering specific data allows managers to make better decisions in order to achieve the strategic goals of the company.
What Are the Benefits of Using a Performance Management Software?
Common benefits of using a performance management system include:
- Making better decisions;
- Keeping track of key indicators;
- Providing detailed reports;
- Improving accountability.
What Is the Difference Between Performance Management and Performance Appraisal?
Performance management includes all processes used to monitor, enhance, and sustain better performance.
On the contrary, performance appraisal is a specific process used to evaluate employee performance. In other words, performance appraisal is a component of performance management.
What Tools and Processes Can Be Used in Performance Management?
Common tools and processes used in performance management include: