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PERFORMANCE MANAGEMENT 1 Performance Management Jennifer Lewis BUS325 Professor Sandy Hughes 11/29/2020
PERFORMANCE MANAGEMENT 2 Performance Management Introduction Performance Management is a strategic tool used to create and maintain top-notch employee performance, leading to an effective working team. For there to be a win-win situation between the employees and the company, the company needs to deploy practical approaches that keep track of the overall performance to focus on the main goal and do away with possible obstacles ( Krishnaveni &Arthi, 2015) . A sharp eye on employee progress towards the company’s goal and periodic feedback are essential facets to consider in performance management. However, there are five standard variables of a performance management system, namely; Planning, Monitoring, Development and improvement, Rating, and finally rewarding. Variables of an expatriate performance management system 1. Planning This is where the groundwork for achieving a specific goal is laid down. This is considered the most critical step since it entails goal setting. A successful performance management system must have a clear goal accompanied by specific timeframes that have to be adhered to. The timeframes can be assigned to particular milestones of the whole project enabling employees to set mini-goals under the main one ( Krishnaveni &Arthi, 2015) . However, a plan must have the following elements; aim, objectives, procedures and policies,
PERFORMANCE MANAGEMENT 3 methods, and budget. The aim helps in directing and guiding the activities of the employees step by step. The objective is just like the goal. It species what employees’ efforts are geared to. The procedures and policies help ensure that the employees do not slip or get out of the projected track. The methods are just like work plans since they define the order and how a specific task

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