Performance Management

Performance management is a process that is comprehensive and involves setting expectations that are clear, assessing and monitoring employees' performance, providing feedback and offering development opportunities which will, in turn, help employees improve their performance and achieve their goals.

Performance Management is a component of human resource management that is vital and plays a critical role in organizational success.

We give you below some key components of performance management:

Development and Coaching: Identifying areas in which employees may need development or improvement is important. Once you identify these you should provide them with the necessary training, support and resources to help them enhance their skills and grow. 

Provide Documentation: Records of employee feedback and performance as well as any discussions that are relevant should be recorded. Keeping these records is important to ensure you make informed decisions when it comes to any potential disciplinary action, promotions or pay raises. 

Goal Setting: Clear and specific goals should be set as well as expectations of each employee. The goals that are set should align with the organization's strategic objectives. 

Performance Appraisals: Formal performance appraisals should be conducted at regular intervals such as annually or semi-annually. Evaluations provide a structured opportunity for managers and employees to discuss past performance as well as plan for future development and set new goals. 

Continuous Improvement: The performance management system should be regularly reviewed and improved. This should be done to ensure that it remains effective 

Measurement and Monitoring: Employee performance should be measured and monitored regularly against expectations and goals. This can be conducted through different methods which include project milestones, key performance indicators (KPIs) and regular check-ins.

Rewards and Recognition: Recognizing, acknowledging and rewarding employees when it comes to their performance and contributions to the organization. This can be done in different ways: 

• Public recognition
• Raises and bonuses
• Additional responsibilities 

Feedback: Providing constructive feedback to employees in regard to their performance is crucial. Feedback can be formal and can be given at times such as during performance reviews and also informal in the form of ongoing conversations. 

Performance management that is effective can have several benefits for not just the organization but the employees. When used effectively it can improve job satisfaction, employee motivation and engagement. This can also enable the organization to align team and individual performance with the strategic goals in place. This can lead to increased competitiveness and productivity.