Performance Management Meaning | What is Performance Management? | UBS
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Performance Management

Performance Management is a systematic & strategic mechanism to ensure the performance of employees.

Performance management and performance appraisal are often used interchangeably.

The process helps companies to produce high-quality products as well as services, which results in improved customer satisfaction.

Additionally, it helps companies to acquire their goals and objectives without much effort.

Performance management also builds an effective working environment for employees, thereby helping them to put their best foot forward in the long run.

Here are the processes involved in a performance management process: 

  • Creating job descriptions
  • Examining competency sets & choosing individuals via a comprehensive selection process 
  • Discussing needs and achievement-based performance criteria, results, and actions 
  • Offering a competitive orientation and training 
  • Providing feedback in a timely manner 
  • Having performance development meetings/discussions 
  • Rewarding and recognizing employees based on their contributions and improvement 
  • Offering promotional or upskilling opportunities for employees 

The performance management process ends when an employee leaves the company.

Also, See: Performance Management Cycle

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