Performance Management is Management
The Seven Important Elements of Performance Management
Performance management is far more than performance appraisal. In fact, this is probably the last and least important part of the process. As we see it, “performance management” is “management.” It describes the ongoing process between employees and managers which takes place every single day. The seven key elements we discuss in our research are:
- Goal setting – establishing measurable goals which align employees with their managers
- Goal alignment – establishing measurable goals which align with corporate goals
- Self assessment – employees assessing their own performance and sharing this with their managers
- Manager assessment – managers honestly assessing employees and giving them feedback
- 360 assessment – obtaining feedback from others and reviewing it
- Development planning – establishing development plans in the form of training, assignments, coaching, to prepare employees for future assignments
- Competency management – establishing known, unique competencies and assessing employees against these competencies.
This area of talent management is very complex, but the thing to remember is that the process is far more important and complex than the simple process of completing a performance review. For more information, please read our High Impact Performance Management research.