Saturday, 14 May 2022
5 Components of Performance Management System Increase Your Efficiency by 20%
Performance management system is the process of increasing the efficiency of the organization in return gives you the achievement of the targets, attainment of the goals of the organizations. It is also called the all-in-one management system. The performance management system is for the betterment of the employees of your organization for their recognition, and productivity. The performance management system is an approach to measure the performance of the employees by giving them target, goals, and objectives with the available source such as work force, material etc. This system helps you to track your employee’s performance and tells you about if they need extra support to do any work in the organization or capable of handling the higher-level training or they deserve a rise in their designation. This system helps you maintain a higher level of standard for your organization in the market.
Five Components of Performance Management System are as Follows:
- Planning: Panning is a process in which a proper plan is executed to assign a work to the employees at different level of an organization. Getting your employee involved in the planning process makes them understand the goal of the organization. So that the performance elements can be attained, measured, verified, achieved.
- Monitoring: This process is very important and last long until the end. The projects, assignments, and targets should be monitored continually this include an ongoing feedback and two-way communication with the employees at every level about the progress and attainment of goals.
- Developing: This component is to increase the efficiency of the employee by giving trainings, giving higher level projects which need new skills, giving higher responsibility and help employee to keep up with the change in there work place.
- Rating: It is a procedure of performance appraisal program. The employee did their work in the whole period of appraisal program. It varies with the personal actions of the employees such as, granting with-in grade pay increase.
- Rewarding: It is praising and recognizing the employee by giving them rewards such as bonus, gifts or Time off. Sometime just praise or recognition can also motivate an employee.