Performance Management Primer (PowerPoint PPT)

DESCRIPTION

Performance Management (also known as Business Performance Management, and Strategic Performance Management, and Enterprise Performance Management, and Corporate Performance Management) is a Strategic Management approach for monitoring how a business is performing. It describes the methodologies, metrics, processes, systems, and software that are used for monitoring and managing the business performance of an enterprise.

Performance Management includes activities that ensure the organization’s strategic and operational goals are consistently being met in an effective and efficient manner.

It can focus on the performance of an organization, a department, employee, or even the processes to build a product or service, in addition to other areas. Many people mistakenly equate Performance Management with Performance Appraisal—these are different concepts

The Performance Management Primer delves into the iterative 5-phase approach to performance management, ensuring a structured and comprehensive process. This methodology includes the determination of organizational strategy and goals, performance planning, ongoing feedback, employee input, and performance evaluation. Each phase is meticulously designed to align employee activities with the strategic objectives of the organization, driving both individual and collective success.

The PPT highlights the benefits of performance management, categorized into financial gain, motivated workforce, and improved management. It demonstrates how optimizing incentive plans, reducing costs, and improving employee engagement can directly contribute to the organization's high-level goals. The focus on flexible, responsive management needs and compliance with legislative requirements ensures that the performance management system is robust and adaptable.

Implementation is another critical aspect covered, with seven cornerstones identified for successful deployment. These include getting key stakeholders on board, training employees and managers, and automating processes. The emphasis is on aligning the system with the culture and business needs of the organization, ensuring that performance management is not just a procedural exercise, but a strategic tool for achieving business excellence.

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Source: Best Practices in Performance Management, Strategic Management PowerPoint Slides: Performance Management Primer PowerPoint (PPT) Presentation, PPT Lab