Performance Management Cycle
Performance Management is the process of Performance Planning (goal setting), Performance Monitoring and Coaching, Measuring (evaluating) Individual Performance linked to organizational goals, giving him/ her feedback, rewarding the individual based on his/ her achievements against set performance goals & required competencies, and working out a plan for his/ her development.
The PMS Process Cycle can be explained as follows:
- Performance Planning:
Organizational Goals are selected & deployed to the respective divisions, departments & individuals, & individual targets for the year are set.
Organizational goals, divisional/ departmental as well as individual goals are reviewed against current performance, & course correction & coaching is done to enhance performance. Mid-term individual review & corrective action planning are also part of this step.
- Performance Measurement & Feedback:
Individual level performance, competencies & development requirements are reviewed and assessed. Feedback on the assessment is given to the individual. Company level moderation & finalization of performance evaluation is also done
- Performance Linked Reward & Development Plan:
Data generated from individual appraisal is used to decide on salary, career progression (promotions), competency development. This also includes feedback & development planning & up-gradation
Tags: Coaching, Goal Setting, HR Gyaan, HR Planning, Human Resource, Monitoring, Organizational Goals, Performance Management Cycle, Performance Management in HR, performance management system cycle, Performance Management Training, Performance Planning, PMS, PMS Process Cycle, Rewards & Development Plans