The Role of Performance Management in the Company's Success

Business Planning place an important role in the Company's Success

Performance management is an integral part of the business managing and measuring its productivity. In its turn, business development planning is much more powerful if it is an integral part of managing the employees' performance. Moreover, managing the employees' performance should not be only a process of documenting and delivering feedback, but a powerful tool for helping employees develop and achieve their full potential. Only, in this case, employees can increase their value to their company and will be able to help the company's success.

Practice the employee’s self-assessment.

A practice of employee self-assessment can be used for the purpose to get your employee's perspective on their productivity. This is a way to help your employees feel more engaged and give them a voice in the business process. Getting the employee's perspective is an inestimable way to get more information about his/her performance.

Solicit the multiple feedbacks.

Collecting feedback from anybody (managers, peers, subordinates) who works with the employee and even from your customers will help you to avoid the manager’s bias and know your employee's performance broader and more objectively. It is especially helpful in the case of some conflict or tensions present between the manager and employee and when managers don't work directly with their subordinates. Feedback from multiple, credible sources makes it more objective.

Give employee goals a larger context.

Giving employee goals a bigger context helps your employees to understand why their work is important and how their work contributes to the company's success. This allows employees to feel that their work matters and increases employee performance.

Integrate development planning with managing employees' potential.

Development planning is much more powerful and effective when it is integrated with the performance management process. Use the performance appraisal meetings to discuss your employee's short and long term career aspirations, and to investigate opportunities for preparing the employee for advancement within your company.

Implement pay for performance.

Employees should know the rewards and compensation for their productivity. Integrating the management of employee performance with compensation management allows employees to know that compensations are fair.

Performance Management System ia a powerful tool that helps   employees to increase their value to their company. Eliminate repetitive tasks and focus on the most important things

The first step towards improving the company's existing performance processes is to understand what the main stages of the performance management cycle are and what basic elements necessary for effective managing of employees' efficiency.