What is Performance Management?
Performance Management is the process of establishing a line of communication and creating a mutual understanding about what the businesses goals and objectives are in order to promote effective efficiency within the workforce. Performance Management’s main aim is to align the organisations objectives with those of the Employee’s along with their capabilities and skills. Overall Performance Management improves development, learning and the businesses strategies to create a highly productive workforce.
Why is Performance Management Important?
In this day and age Performance Management is becoming more and more important to businesses and is now a key component towards success. This is due to an ever increasing and ever changing market; being effective, efficient, accurate and innovative in the past have been factors of luxury but are now mandatory for businesses to survive in a competitive driven market.
Positive outcomes from using Performance Management
The positive outcomes from using a Performance Management system are endless, having a positive flow of effects throughout the businesses, along with having a direct impact. Some of these indirect and direct outcomes include:
- The improvement of communication throughout the workforce
- The advantage of having all employees understandings at a mutual level
- The reduction of stress within the workforce due to an open line of communication and understanding
- Increase in positive production as employees are willing to work harder in order to achieve business incentives
- The increase of employee development and learning which in turn benefits the overall goals of the business.
Written By: Emily Fleming ‚ ¨ Fresh HR Insights ‚ ¨ If you need help with implementing Performance Management within your Business call us today on 1300 332 322