Daffodil International University

Faculties and Departments => Business & Entrepreneurship => Topic started by: Mrittika Shil on April 06, 2017, 01:12:42 PM

Title: PERFORMANCE MANAGEMENT
Post by: Mrittika Shil on April 06, 2017, 01:12:42 PM
An important component of developing employees is a comprehensive and well executed performance management system incorporating elements such as regular one-to-one meetings, through to performance appraisals and processes to manage underperformance.

Performance management is a well-established, all-encompassing term used to describe the practice that drives decisions about performance, remuneration, promotions, disciplinary procedures, terminations, transfers and development needs within an organisation.

Performance management is a much broader concept than performance appraisal or a disciplinary process. It aims to improve organisational, functional, team and individual performances. Effective performance management measures the progress being made towards the achievement of the organisation's business objectives. It does so by planning, establishing, monitoring, reviewing and evaluating organisational, functional, team and individual performance.

Holistically, performance management may incorporate job design, recruitment and selection, training and development, disciplinary procedures and counselling, career planning, compensation and benefits and performance appraisals.


WHY DO WE DO IT?

To maintain competitive advantage in today's dynamic economic environment, it is essential that organisations invest the time to accurately reflect upon, evaluate and measure their performance at all levels against specific criteria. This process not only ensures strategic objectives are achieved and stakeholder needs are being met, but will have a direct impact on an organisations bottom line and ability to grow in the future.

BENEFITS
A well-structured and implemented performance management system provides a number of benefits to the organisation, management and employees. These benefits include: