Mba performance-management-ppt
- 1. Submitted To: Submitted By: Analysis of Performance Management Process in an Organisation
- 2. What is Performance Management? Performance management is the process of continuous feedback and communication between managers and their employees to ensure the achievement of the strategic objectives of the organization. Performance management (PM) includes activities that ensure that goals are consistently being met in an effective and efficient manner. Performance management focuses on the performance of an organization, a department, employee, or even the processes to build a product or service or any other areas in an organization.
- 3. Performance Management Process or Cycle The performance management process or cycle is a series of five key steps. These steps are imperative, regardless of how often you reviewemployeeperformance
- 4. The Performance Management Cycle 1. Planning This stage entails setting employees’ goals and communicating these goals with them. While these goals should be disclosed in the job description to attract quality candidates, they should be communicated once again when the candidate becomes a new hire. Depending on the performance management process in your organization, you may want to assign a percentage to each of these goals to be able to evaluate their achievement. 2. Monitoring In this phase, managers are required to monitor the employees performance on the goal.This is where continuous performance management comes into the picture.With the right performance management software, you can track your teams performance in real-time and modify and correct course whenever required.
- 5. The Performance Management Cycle… 3. Developing This phase includes using the data obtained during the monitoring phase to improve the performance of employees. It may require suggesting refresher courses, providing an assignment that helps them improve their knowledge and performance on the job, or altering the course of employee development to enhance performance or sustain excellence. 4. Rating Each employees performance must be rated periodically and then at the time of the performance appraisal. Ratings are essential to identify the state of employee performance and implement changes accordingly. Both peers and managers can provide these ratings for 360-degree feedback. 5. Rewarding Recognizing and rewarding good performance is essential to the performance management process, as well as an important part of employee engagement.You can do this with a simple thank you, social recognition, or a full-scale employee rewards program that regularly recognizes and rewards excellent performance in the organization.
- 6. Why Performance Management Cycle is Important In an Organisation ????? By adapting this cycle the organisation can maximize the output of their employees. The Organisation can be more competitive by following this cycle. Employees skills are developed and used in meaningful ways. It helps in employee retention by increasing job satisfaction.
- 7. Benefits of Performance Management Cycle When you have clear standards and defined roles; then it makes it easier for trainers to conduct training and focus on non-performing areas. Open Communication The hiring becomes simpler and easier because the employees and candidates know what the management expects from them; and the HR department could accurately select the right fit for the role Training and Development It makes the company develop and revise the goals; so that it responds quickly to the market trends, and keeps up with the changing environment. Placement of Individuals Clear roles, responsibilities, and required expectations put the employees on the right track from the start Equitable Remuneration When employees see that the company is investing in their growth and productivity, it amplifies their performance and retention rateStructured Career Planning The consistent coaching, feedback, and engagement between employees and managers improve the skill, expertise, and coaching of managers Well-skilled employees of today create better leaders for tomorrow.Skilled employees, clear goals and objectives, and engagement increase the productivity of the organization
- 8. Conclusion Effective management of individual and team performance is a crucial and central requirement to ensure stakeholder requirements, organizational strategy and business goals are attained. This requires accurate data regarding performance levels of business units, teams and individuals, and therefore the need for a standardized and formal performance management system.
- 9. Thank you