Performance Management

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Performance Management














Performance Management

Performance management is an ongoing process between a supervisor and an employee, in support of accomplishing the strategic objectives of the organization. It is focused on accountability, transparency, and fosters a clear understanding of expectations.

Importance of performance management                              
  • It is helped people to perform to the best of their abilities to produce the highest-quality work most efficiently and effectively.
  •   It helps managers to monitor and evaluate employees' work.  Its goal is to create an environment where people can perform to the best of their abilities to produce the highest-quality work
  •  The precept of performance management is to view individuals in the context of the broader workplace system
For an effective performance management Employees should understand how their goals contribute to the company's overall achievements. It Develops specific job-performance outcomes and it is Created measurable performance-based expectations. 

The benefits of ongoing performance management

continuous performance management   is a series of ongoing events that include the following processes and benefits:
  • · Goal setting and revising
  • · Management and coaching.
  • · Development planning
  • · Rewards and recognition.


  Performance Management Strategies

1. Define and Communicate Company Goals and Performance Objectives

2. Utilize Performance Management Software

3. Offer Frequent Performance Feedback

4. Use Peer Reviews

5. Preemptive Management and Recognition

6. Set Regular Meetings to Discuss Outcomes


In my ABC bank, the performances as total deposits, total advances ,total assets and annual profit are being increased  annually with  leadership, interpersonal relationships, constructive feedback, and teamwork exist in the organization . As a conclusion, an.effective performance management  leads the organization growth and success while setting the expectations.

Reference

Heathfield S.(2020) ,performance Management
https://www.thebalancecareers.com/performance-management-1918226


 Pollock S. (2018), Strtegies for performance management
  https://hrdailyadvisor.blr.com/2018/01/11/6-strategies-effective-performance-management/

Agunis , S. (2013 )  , Performance Management
https://www.ebsglobal.net/EBS/media/EBS/PDFs/Performance-Management-Course-Taster.pdf

       Chubb , C.,Reilly , P. and Brown, D. (2011) ,Performance Management

Comments

  1. Aruna AsmadalaMay 18, 2020 at 6:23 PM

    Interesting article Shantha. As you mentioned this is an ongoing process between a supervisor and an employee and finally it is reviewed by the higher authority.
    Financial Organizations have been part of the huge automation drive at the operations level with the technological advancements. Automation and digitized work environment have automated HR processes, minimized human intervention and made processes intuitive and brought transparency to the performance management process.

    ReplyDelete

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