Four Significant Stages of Performance Management

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Four Significant Stages of Performance Management

Performance Management

It’s a dire need of every businessman to show improvement in business. This can be achieved by following crucial stages of performance management including planning, monitoring, reviewing and rewarding. All these steps are crucial for every business. Whether your business is small, medium or large, if you are following these simple steps, then you can see a great impact on your business.

Look at the Broader Explanation of These Stages

Planning

The foremost step in performance management is Planning. This phase begins at the starting of the year. At this time, Managers have to put extra efforts in making short and long term goals for the organization. Setting goal for the whole year is the part of planning. Goals are generally set as S.M.A.R.T where s stands for specific, M for measurable, A for achievable, R for Relevant and T for time bound. For more information regarding this, you can hire Performance management assignment help

Monitoring: Performance management will not show its impact if you are monitoring it twice or thrice in a year. Monitoring should be done on a continuous basis. Regular performance reviews are must at set time period. It’s a systematic way of understanding whether the set goals is achieving or not.

Reviewing

This is the third step in performance management. It's done on annual basis. It is done when an organisation has to see the final results of performance. Whatever the goals set up at the beginning of a year is achieved or not, is reviewed in this stage. In this phase, a meeting is done with supervisors where they discuss advancement opportunities, goal completion, performance issues etc.

Rewarding

Rewards mean giving incentives to your valuable employees. Reward as well as recognition is necessary for the employees who are showing good performance report. If you are the one who is honouring employee’s ability and hard work, then you are on the right path of performance management. It can be done in any way like increase salary, bonus, public acknowledgement etc.

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