Performance management is a corporate management tool that helps managers monitor and evaluate employees' work. Performance management's goal is to create an environment where people can perform to the best of their abilities and produce the highest-quality work most efficiently and effectively. It is the process of ensuring that a set of activities and outputs meets an organization's goals in an effective and efficient manner. Performance management can focus on the performance of an organization, a department, an employee, or the processes in place to manage particular tasks. Performance management has three basic phases or stages for employee development: coaching, corrective action, and termination. A typical performance management cycle is divided into four stages: planning, monitoring, developing, rating & rewarding. Performance management processes or tools include performance appraisals, key performance indicators (KPIs) and management dashboards.

Shikha Bharti

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