Performance Management Cycle

Performance Management Cycle By

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PERFORMANCE MANAGEMENT CYCLE What is performance management cycle  Performance Management Cycle stages  What is Planning Stage  What is Monitoring Stage  What is Reviewing Stage  What is Rewarding Stage  Why is performance management cycle important in business 

What is Performance Management Cycle ď ś

The performance management cycle is a model that allows management and employees to achieve organizational goals through a process of employee development

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The properly planned performance management cycle helps the employee to align their goals with organizational goals

Performance Management Cycle Stages a)

Planning- It includes strategic planning and goal setting.

b)

Monitoring- to check in on the progress of the work

c)

Reviewing - evaluate the final result of the yearly work done by the employee

d)

Rewarding- The traditional rewards include bonus, increase in compensation, vacation time, assigning important projects, acknowledgment, a positive review and promotion

What is Planning Stage 

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This is the first phase in performance management cycle During this phase managers develop an overall strategic plan for their business In the planning stage employee goals are set for the performance period Each of the employee’s goals should contribute to achieving organizational goals

What is Monitoring Stage 

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The performance of the employee is monitored on quarterly basis During this stage work related assistance is provided to employee This step is also used to understand the ground reality of goal achievement In this step employees goals are aligned to organizational goals

What is Reviewing Stage 

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The employees work is reviewed by the management In this stage employees actual performance in the financial year is evaluated by the management The management and employee together review if the goals were achieved It concludes with a meeting where employee and manager discuss performance issues

What is Rewarding Stage 

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Rewarding is the final stage of performance management cycle When an employee receives the reward it improves his or her performance Management works hard to reward employees fairly The reward is based on the merit and performance of an employee

Why is Performance Management Cycle important in business? 

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By adopting performance management cycle the organization can maximize the output of their employees.

The organization can be more competitive by following the performance management cycle model Employees skills are developed and used in meaningful ways It helps in employee retention by increasing job satisfaction

Get more information on Performance Management       

Performance Management Cycle Performance Management System Performance Management Tools & Software Balanced Scorecard Bell Curve Appraisal Performance Appraisal 360 Degree Performance Appraisal

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