Table of Contents
What is Performance Management? 1
Why is it necessary? 2
The Company needs to know how they are doing. 2
Scorecards 2
Dashboards 3
Financial Consolidation 3
Why is this decision taken? 3
Reporting 3
Analysis 4
What should they be doing? 4
Planning, budgeting, and forecasting 4
Impact of Performance Management on a Company/Organization 5
Conclusion:- 5
Sources: - 5
Affect of Performance Management on a Company
Performance management is the process of assessing progress toward achieving predetermined goals. Performance management is building on that process, adding the relevant communication and action on the progress achieved against these predetermined goals i.e. How to manage and balance the work activities and the motivation of the employees to work with the goals and objectives of both the employee and the organization for smooth running and effective performance
What is Performance Management?
In organizational development (OD), performance can be thought of as Actual Results vs. Desired Results. Any discrepancy, where Actual is less than Desired, could constitute performance improvement. Performance management and improvement can be thought of as a cycle:
1. Performance planning where goals and objectives are established
2. Performance coaching where a manager ...