Shots of Knowledge: Today in Management Science:The Essence of Performance Management

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  • 4 years ago
  • Posted: April 9, 2015 at 11:11 pm

Performance management is effectively a system of creative processes meant to build a conducive environment where the work-force can efficiently achieve the business goals of the firm. This aspect of any firm’s or company’s strategy always comes in the back of business pressures on maintaining its survivability in terms of competition and leveraging limited resources. It is what sets companies apart, and it does not only involve just maintaining the status quo requirements, but rather it’s a blend of sound principles and inspirational solutions. Usually, there are many aspects to performance management, which sometimes can be overwhelming to a company’s strategic intent and by extension its workers. However, there are three pillars vital to a good performance management program, namely planning, monitoring, and rewarding, respectively.

Planning is the life-blood of any effective strategy. The combining of element/theory and praxis is what makes the difference between good strategy and effective implementation. Within this process is an aspect of applying creative thinking to deriving innovative planned solutions. It is a rule of thumb that great managers plan their work. This means that they set certain expectations with the workers that should be achieved within a stipulated time period. Furthermore, another fundamental principle in the planning process is always let the employees be involved in the planning process, because it breeds the best results.

Of course, after planning necessitates the need to check whether the plan is coming to fruition as envisioned and this where monitoring comes to boot. It is a general trait that effective managers see to it that plans and ensuing projects are monitored continuously, measuring the performance thereof consistently and subsequently giving the feedback to the working groups; it ensures that progress is assured, that the plan develops the capacity to perform.

Rewarding translates to recognizing employees for their work. Not only does it create positive feelings towards the business, but rather motivates them to elevate themselves further and respond engagingly and superbly towards achieving company goals.

 

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Stefan Wolf
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