Employee Performance management is a system to measure and rate employee performance against defined goals and objectives. Performance management system helps managers to define goals for each and every team member and helps them understand what is expected out of them.
Teams and organizations that clearly define goals at the beginning of the year are more likely to perform better than those who do not define the goals. Performance management system also helps managers to perform a fair appraisal at end of the year with an objective discussion rather than just an arbitrary one.
"Only What Gets Measured, Gets Managed"
Performance Management System is a must-have tool for any organization to sustain and grow in today's competitive business world.
Performance management helps provide clarity to everyone in the teams towards a common objective. If people know what is expected of them, their efforts are more focussed towards the common objectives.
If an organization is clear about its goals and objectives, it becomes easy to formulate better strategies towards attainment of those goals. It includes hiring the right talent and training existing team on right skills.
Regular performance measurement against assigned goals gives managers an opportunity to deliver continuous feedback to team members. This helps in identifying gaps and make course corrections early on.
A good manager should involve his or her team members in goal setting, target formulation and continuous feedback. Involved team members become become more engaged towards attainment of goals.
6 Reasons Why Setting Goals is Important
360° Feedback is a system of getting all-around feedback of an individual from peers, subordinates and superiors.
360° Feedback allows people to get feedback from peers, subordinates and superiors on pre-defined questions.
To get 360° Feedback, one must rate him/her self first. After self-rating, one can send requests to others for feedback.
After receiving feedback from others, one can compare his/her self-rating with average rating obtained from others.
360° Feedback is an anonymous process where identity of individuals is not revealed, only average rating is shared.
360° Feedback is built-in with Employee Performance Management System within Runtime HRMS