Performance management stages
Performance management is an important aspect of a company.
It is a process that companies use to accomplish goals and effectiveness
within the work place. Within this process, everyone in the company
is involved including managers and employees.
There are five different stages within employee performance management.
The five stages are planning, monitoring, developing, rating, and
rewarding. All five stages are essential within a company. This
helps give everyone an opportunity to help others within the company.
This process allows planning goals and work. Monitoring is to make
sure that each employee is doing his or her job right. Developing
is usually setting goals to achieve them. This can also help an
employee get advanced within the company. Rating would of course
be giving performance reviews and feedback of the jobs the employees
are doing. Often, during performance management, feedback is given
on a monthly basis to help the employee learn and grow instead of
on an annual basis. Rewarding is going to be giving some type of
reward for accomplish work and goals. If rewards are not given when
goals are achieved, employees may feel that they did not perform
their job well.
The main purpose of performance management is to help the
company achieve goals while getting employees involved. This also
helps the employees learn new skills and feel good that they are
helping the company to achieve its goals. The employees are rewarded
with bonuses, etc. if the goals are achieved, which also allows
for employee greatness.