Course Name : Human Resource Management

Topic : Synopsis About Performance Management

Submitted To :

Major General Alauddin MA Wadud

Faculty Of Business Studies
Bangladesh University Of Professionals

submitted By :

Arnab Saha
ID : 2023011088
Department : BBA ( General)
Faculty Of Business Studies
Bangladesh University Of Professionals
 Performance Management

The Article From which source I read :

https://www.toolbox.com/hr/performance-management/articles/what-is-performa
nce-management/

synopsis :

Performance management is a communication process by which managers and

employees work together to plan, monitor and review an employee's work objectives
and overall contribution to the organization. Performance management is a continuous
process of planning, coaching and reviewing employee performance. Managing the
Performance of the employee is the most important function of HR (Human
Resource).

Why is performance management important?

Performance Management provides consistency and brings structure to your HR team.

This way, tracking your employees' growth, or need for support if performance is
lacking, is simplified and identified much faster.

1. Performance management supplements the annual performance review. This

prepares both employees and managers about what to expect during the annual
appraisal.

2. To employees, continuous performance management indicates that managers

value them. Employees believe that their managers are interested in their work and
care about their goals and any issues they may face in the course of their job.

Examples of performance management processes or tools include performance

appraisals, key performance indicators (KPIs) and management dashboards.
Essentially, performance management is what organisations do to become more
successful and stay ahead of their competitors.
The Performance Management Cycle

The performance management process or cycle is a series of five key steps.

1. Planning : This stage entails setting employees’ goals and communicating these
goals with them. While these goals should be disclosed in the job description to attract
quality candidates, they should be communicated once again when the candidate
becomes a new hire.

2. Monitoring : In this phase, managers are required to monitor the employees

performance on the goal.

3. Developing : This phase includes using the data obtained during the monitoring
phase to improve the performance of employees.

4. Rating : Each employee's performance must be rated periodically and then at the
time of the performance appraisal. Ratings are essential to identify the state of
employee performance and implement changes accordingly.

5. Rewarding : Recognizing and rewarding good performance is essential to the

performance management process, as well as an important part of employee
engagement.