Components of Performance Management System
Typically, a Performance Management System includes the following components:
- Performance planning: setting goals and objectives, and defining the standards of performance that employees are expected to meet.
- Performance monitoring: tracking and measuring employee performance against the set goals and objectives.
- Performance feedback: providing employees with regular feedback on their performance, highlighting strengths and areas for improvement.
- Performance evaluation: assessing employee performance and providing an overall rating or score.
- Performance improvement: developing plans to support employees in improving their performance, providing training, coaching, or mentoring as needed.
A well-implemented PMS can help organizations to improve productivity, increase employee engagement, identify and develop top performers, and retain talented employees.
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