Nature of Performance Management and Its Main Components

Our main concern is to know nature of performance management and its main components, but before we discuss that you must know the meaning of performance management to enhance your understanding of performance management’s nature and also to have a clear vision of the aspects of performance management. ”Performance management is an approach used by organizations to try to achieve strategic goals consistently through better formal and informal motivation, monitoring, evaluating, and rewarding of performance” . In other words it is the use of performance-related data and information in management decision making and action. let us move to our main concern which is the nature of performance management and its main components. The nature of performance management, leaders and managers are used to thinking of ongoing performance management for example, setting goals, monitoring the employee's achievement of those goals, sharing feedback with employees, evaluating employee's performance, rewarding performance or firing the employee. Performance management applies to organizations, too, and includes recurring activities to establish organizational goals, monitor progress on the road to the goals, and create adjustments to achieve the mentioned goals more effectively and efficiently. Components of performance management, there are four main components. These components are listed below and also they are shown on below diagram for easy clarifications.

1. Determining performance expectation, For example performance expectation helps the staffs to understand how they should perform their duties and responsibilities.
2. Supporting performance
3. reviewing and appraising performance
4. managing performance standards

Performance Management is a term used to improve team performance. it will help in improving organizations performance, it can be apparent in very different forms depending on whether the aim is to further improve good performers, or deal with