Business Definition for: Performance Management
• the facilitation of high achievement by employees. Performance management involves enabling people to perform their work to the best of their ability, meeting and perhaps exceeding targets and standards. Performance management can be coordinated by an interrelated framework between manager and employee. Key areas of the framework to be agreed are objectives, human resource management, standards and performance indicators, and means of reward. For successful performance management, a culture of collective and individual responsibility for the continuing improvement of business processes needs to be established, and individual skills and contributions need to be encouraged and nurtured. One tool for monitoring performance management is performance appraisal. For organizations, performance management is usually known as company performance and is monitored through business appraisal.
Performance Management: Who Should Use Performance Management Consulting Services?
Performance management is critical to focus people on the right things to drive business results. In today's dynamic, customer-driven marketplace, an effective performance management system equips and energizes people to take responsibility for their performance and accomplish superior results. Consistent, demanding standards of performance foster a high-performance culture. Yet many companies do not clearly define and communicate critical measures of performance to their employees, and many managers are judged to be inadequate in providing ongoing performance communication to the employees they supervise.
Definition:
Performance management is the process of creating a work environment or setting in which people are enabled t ...