Performance Management Systems and Strategies

FEATURES OF PMS

Performance management is the day-to-day management of the performance of an individual or a workgroup, by both the immediate manager and the individual employees themselves. To achieve this, organizations make use of a structured framework with a set of conditions to manage the performance. As all these aspects are part of the system, i.e., sub-systems, performance management process qualifies to be a system. In a globally competitive economy, organizations need to gain competitive advantage by leveraging their non-substitutable resources, that is, the human resources. In view of this, the role of PMS assumes strategic importance. It must uphold its commitment to employee development and mutually agreed performance standards. ...