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Performance management is the process of developing strategic, ongoing communication between managers and employees, focusing on improving performance from both parties to better serve the needs of the organization. This may take the form of an annual performance review, regularly scheduled feedback sessions, or periodic reviews of company goals, among other approaches.
Contrary to some perceptions, performance management is not about simply rating the work your individual employees have been doing. While individual performance reviews are also important, especially in terms of employee development, effective performance management systems are instead focused on overall development planning. Maintaining a forward-looking approach with an eye toward goal-setting and constructive feedback is essential to reaching objectives and building a more productive work environment for all team members.
That might entail planning sessions where management lays out performance standards, goals, and objectives for the future. Those sessions should be followed by regular follow-ups including performance-based assessments of the team’s progress toward those goals. Finally, there should be a performance appraisal session where managers and employees assess how well the organization has met its stated goals and what can be improved in the future. Investing in quality performance management software that tracks your progress and provides real-time insights can be hugely helpful for this process.