What is performance management?
Performance management is a strategic approach to sustaining a high-performance culture through individual development plans, feedback, performance reviews, and additional roles and responsibilities.
What are the stages of performance management?
There are 4 stages in performance management:
Stage 1: The planning stage where team leaders create SMART goals for their teams
Stage 2: The monitoring stage where the progress made per the goals is tracked through feedback.
Stage 3: The reviewing stage where teams’ overall performance is checked to understand what worked and what did not.
Stage 4: The final stage is where the employees are rated on their performance, and suitable rewards are given to keep them motivated.