A performance management system is a formal, scientific way to manage performance of organizations or human resources in them. It primarily consists of six steps
Listing the pre-requisites: identify the job profiles, define them with clarity (including KPAs, KRAs and KPIs) and the skills required to do them.
Performance planning: The employee and employer must sit together to define goals for performance for may be an annual, and also fix intermediate goals.
Performance execution: Primarily the responsibility of the employee, since he should start work as per the goals set forth for him. However, the employer must act as a facilitator, give on-going feedback and also track employee performance at this stage.
Performance assessment: Measuring the employee performance as against pre-set targets. Who does the measurement is a function of the degree of appraisal used by the organization, whether 90, 180, 270, 360 or 520 degree appraisal.
Performance review: The formalized meeting between the employee and employer to check if the measurement of the former’s performance is fair. It must encourage honest and open communication between them, and must terminate in a developmental plan for the next assessment period.
Performance renewal and recontracting: The employer may wish to revisit the goals set for the previous term and revise them for the next period; or may want to suggest ways and means for improving his subordinate’s performance.
For performance management software tools have a look here at https://www.softwaresuggest.com/performance-management-system
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