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. Examples of performance management processes or tools include performance appraisals, key performance indicators (KPIs) and management dashboards. Essentially, performance management is what organisations do to become more successful and stay ahead of their competitors. Performance management offers three basic phases or stages for employee development: coaching, corrective action, and termination. Good performance management helps to motivate staff, check that employees are making a valuable contribution to the business, track and guide career development, spot poor performance and enable managers to support staff to improve.

Saranya R Kurup

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