- "Business performance management (BPM), also known as corporate performance management (CPM) enterprise performance management (EPM), organizational performance management, or simply performance management are a set of management and analytic processes that ensure activities and outputs meet an organization's goals in an effective and efficient manner."
The process of setting and achieving organizational goals and objectives, and evaluating employee performance.
Definition of performance management: The process of managing and measuring individual and organizational goals, providing regular feedback to improve performance, and identifying opportunities for development.
Planning and goal-setting: The process of setting SMART (Specific, Measurable, Attainable, Relevant, and Time-bound) goals and creating a plan of action to achieve them.
Performance measurement and evaluation: The process of gathering and analyzing data to determine progress and evaluate performance against set standards.
Performance feedback and coaching: The process of providing employees with constructive feedback and guidance to help them improve their performance and reach their professional goals.
Establishing a performance culture: Developing a culture of high-performance where employees are encouraged to contribute to organizational success through dedication, teamwork, and innovation.
Employee development and training: Continuous learning and development to improve employee skills, knowledge, and performance.
Performance appraisal: The process of evaluating an employee's performance over a specific period against predefined criteria.
Compensation and reward: Recognizing and rewarding employees who have achieved their goals, met or exceeded expectations, and contributed to organizational success.
Performance improvement plans: A structured approach to identifying and addressing performance gaps and implementing corrective actions to improve employee performance.
Legal and ethical considerations: Ensuring that performance management practices are aligned with organizational policies, relevant legislation, and ethical standards.
Goal Setting and Planning: This method involves setting and defining specific performance goals for individuals and teams, and then developing a plan to achieve those goals.
Key Performance Indicators (KPI): KPIs are measurable metrics that are used to evaluate the success of individual employees or whole teams.
Continuous Feedback and Coaching: This method involves ongoing feedback and coaching throughout the course of a project or over the course of time.
Self-Evaluation: This is a method where employees are given the opportunity to evaluate themselves and their own performance.
Performance Appraisal: This is a formal process of evaluating the performance of an individual or team, typically conducted annually.
360-Degree Feedback: This is a process where feedback about an employee's performance is collected from colleagues, managers, subordinates, and clients.
Performance Improvement Plans: These plans identify specific performance areas that require improvement, set realistic goals, and develop a plan of action for improving performance.
Performance-based Incentive Programs: These programs incentivize employees to achieve specific performance goals or milestones.
Competency-Based Management: This is a method of managing performance by identifying and developing specific competencies that are required for success in a particular job or role.
Performance Metrics: This involves using various metrics and data points to analyze and measure performance, including things like sales numbers, revenue growth, customer satisfaction ratings, or employee turnover rates.
Balanced Scorecard: This is a method of measuring and managing performance that involves tracking and analyzing performance across four key areas: financial, customer, internal processes, and learning and growth.
Strategic Alignment: This method focuses on aligning individual and team performance with the overall strategic objectives of the organization.
Behavioural-Based Management: This method involves evaluating an employee's behaviour and attitude towards work, rather than just their technical skills or output.
Performance Benchmarking: This involves comparing an organization's performance against industry standards or best practices in order to identify areas for improvement.
Talent Management: This involves developing and implementing strategies to attract, retain, and develop top performers, and ensuring that they are adequately rewarded for their contributions.
- "Also known as corporate performance management (CPM), enterprise performance management (EPM), organizational performance management, or simply performance management."
- "Business performance management is contained within approaches to business process management."
- "Performance management can focus on the performance of a whole organization, a department, an employee, or the processes in place to manage particular tasks."
- "Performance management standards are generally organized and disseminated by senior leadership at an organization and by task owners."
- "Tasks and outcomes of a job, providing timely feedback and coaching, comparing employees' actual performance and behaviors with desired performance and behaviors, instituting rewards, etc."
- "Specialists in many fields are concerned with organizational performance including strategic planners, operations, finance, legal, and organizational development."