Performance Management in HRM

 

Performance Management in HRM

 



 

Introduction

 Performance management is a constant, continuous process of informing and making clear work duties, priorities, performance standards, and development plans in order to maximize performance and support organizational strategy goals.

 Modules have been developed by HR to help with managing employee performance. Human Resources suggests doing feedback sessions all year long in addition to establishing goals at the start of the evaluation period and reviewing performance at its conclusion.

 

 Cycle of the Performance Management



The performance management process or cycle is a series of five key steps.

 Planning

Setting and sharing goals with staff is what this step comprises. These objectives should be made clear in the job description in order to draw in qualified applicants, but they should also be reiterated to a newly hired candidate. To assess each of these goals' accomplishment, you could wish to give them a percentage, depending on how your company does performance management

 Monitoring

Managers must keep an eye on how well staff are performing in relation to the goal throughout this phase. This is the point at which ongoing performance management becomes relevant. With the appropriate performance management software, you can monitor your team's progress in real time and make any course corrections.

 Developing

Using the information gathered from the monitoring phase, this step involves enhancing staff performance. To maintain or increase performance, it can be necessary to provide refresher courses, give them a task that will help them become more knowledgeable and productive at work, or change the employee development plan.

 Rating

Periodically and at the time of the performance review, each employee's performance needs to be evaluated. To determine the level of employee performance and make adjustments as necessary, ratings are crucial. Peer and management evaluations are two possible sources for 360-degree feedback ratings.

 Rewarding

A small note of gratitude, some social recognition, or a comprehensive employee incentives program that consistently honors and celebrates outstanding work inside the company can all be used to achieve this.

 

Best Practices of Performance management process,

·         Evaluate what currently is and isn’t working

·         Choose the right approach

·         Meet & train managers

·         Help set SMART goals

·         Apply continuous performance management

·         Set up a formal system

 

 

Why is performance management important?

There are several benefits comes under Performance Management. Those are,

      ·         Future-proofing your workforce’s skills

·         Increased employee engagement

·         Higher employee retention

·         Culture of feedback and trust

·         Improved organizational performance



Conclusion

For any firm to succeed, performance management is essential. By emphasizing the creation of goals and expectations as well as a continual performance management process, you enable your staff members to grow and improve daily, which will ultimately position your business for success.

References

AIHR. (n.d.). Retrieved from AIHR: https://www.aihr.com/blog/what-is-performance-management/

HR HELP BOARD. (n.d.). Retrieved from HR HELP BOARD: https://www.hrhelpboard.com/performance-management.html

HR UNIVERSITY. (n.d.). Retrieved from HR UNIVERSITY: https://hr.university/shrm/performance-management/

Investopedia. (n.d.). Retrieved from Investopedia: https://www.investopedia.com/terms/p/performance-management.asp

Spiceworks. (n.d.). Retrieved from Spiceworks: https://www.spiceworks.com/hr/workforce-management/articles/what-is-performance-management/#_002

The university of Kensas. (n.d.). Retrieved from The university of Kensas: https://humanresources.ku.edu/performance-management#:~:text=What%20is%20Performance%20Management%3F,aligns%20with%20organizational%20strategic%20goals.

 

 

 

 

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