Performance Management:
Performance management is a communication process by which managers and employees work together to plan, monitor and review an employee’s work objectives and overall contribution to the organization. A performance management process management uses to develop, reward, and retain company talent. The process is ongoing and fosters effective communication to increase employee proficiency. The process consists of several stages, such as: planning, coaching, monitoring, reviewing and evaluating employee performance.
Planning:
Employees and Management involves in the planning stage of Performance Management life cycle. Setting the goals for the employee and discuss the expected level of performance for the job. The expectations for any given employee will typically depend on the work they are doing or the department they are in. Discuss action plans and next steps needed to accomplish objectives and to demonstrate competencies. At the end of the planning stage both the employee and management must be in agreement in terms of what is expected.
Coaching:
Coaching is one of the most important managerial skills for improving performance results and for motivating and developing Employees. Coaching provides the opportunities for the Employee and the Management to discuss progress against objectives, review demonstration of competencies and determine if any objectives should be modified before the final review at the end of the performance management cycle. In this stage recognition plays an important role. Recognition reinforces and rewards successful past performance and encourages continued successful performance in future. Recognition must be sincere, specific and earned. It builds employees' confidence, acting as a powerful motivator.
Monitoring:
Successful monitoring delivers timely and relevant information that allows you to track progress towards outcomes and make adjustments to implementation arrangements as necessary. The goal of the monitoring is to improve the efficiency and effectiveness of the performance through constantly keeping track on the actual performance. It also helps keep performance on the right track.
Review and Evaluate:
Reviews are a part of planning process to assess progress of implementation at critical milestones or in response to specific issues. In this stage employee’s accomplishments and standards that have been agreed at the first stage are analyzed by the management and employee. They also consider what new the employee has studied and how his/her knowledge can be effectively used within the employee’s current position and in the future company's jobs. They come to terms about how well the employee performed during the last period and what he/she needs to consider for achieving the future work standards and goals. The manager conducts the evaluation of the employee’s performance, especially if decisions about the employee’s employment, compensation, or rewards must be made. Management has to recognize when an employee has achieved a critical goal and when he has made substantial progress toward achieving a complex or long term critical goal.
