Performance Management Systems and Strategies

COMPONENTS OF STRATEGIC PERFORMANCE MANAGEMENT PROCESS

Strategic performance management is the configuration of mission, vision, objectives, and strategy of an organization which cascades to quantifiable critical success factors (CSF) and the key performance indicators (KPI) of an organization. For its quantitative attributes, it can help the organization to quickly tract the performance gaps, and, accordingly, initiate the corrective action. The process consists of various sub-processes, which inter alia encompasses performance planning, budgeting, performance target assignment, measurement, and compensation decisions. When these sub-processes are integrated, it leads to performance-driven employees’ behaviours that contributes organizational ...