Performance management and Performance evaluation are two expressions that are frequently employed within the segment of employee efficiency appraisal; however, both procedures are at variance in terms of conception and implications. Performance assessment comprises the deployment of job principles and the estimate of the precedent presentation. It is comprehended that the valuation is performed according to predetermined job values. Alternatively performance management contemplates on running the performance efficiently and effectively in order for the performance to attain the projected echelon. This is what chiefly differentiates performance management from performance assessment.
Performance Management is defined to be the methodical procedure, where an organization indulges its employees in enhancing the efficiency of an organization in order to achieve its anticipated short-term and long-term task and objectives. Performance Management aims at forming a foundation for workforce decisions such as bonuses and promotions, and furthermore, smoothing the progress of communication amongst employees. The Employee Performance Management typically and initially embraces planning, monitoring, developing, rating and rewarding (opm.gov). Where planning is a given formula, namely executed among groups and entities, to direct their endeavor into reaching out for the projected goals. Monitoring is essential, for it continuously retorts with feedback and appraisals on employees and groups’ advancement on the road to their purposes. Developing is fundamental because it reveals the best within the employees, by boosting their potentials and capabilities, whether via exercise or effectual tasks. Rating plays a role in recapitulating the worker’s performance and unveiling the preeminent employee among all staff. It is important to note here that rating is only carried out on an individual rather than a group, since assembly performance might negatively influence a worker’s outline mark. Lastly, we stumble over rewarding, an extremely indispensable factor to Performance Management. Rewarding an employee conveys the recognition and acknowledgement of a person’s hard work and contributions to the company’s goals. A collaboration of those five central facets, can absolutely escort any organization into the most proficient Performance Management.
One of the performance appraisal methods can be Management by Objectives (MBO), where objectives within any organization are definite, in order for the administration and workers to jointly agree on goals and comprehend what has to be done in the business. Another identified technique is the 360-degree feedback, also termed as multi-source evaluation, is a feedback that emerges out of the entire employee’s surrounding. This approach also comprises self-assessment and seldom, response from outer resources like customers and stakeholders. It is referred to as 360 degrees because the worker is at the center, and all of the entities embracing him as if circle hub. I personally selected those two methods because I profoundly believe that mutual aid, association and collaboration are the most paramount and valuable attributes that can open tremendous doors and horizons for achievement and success.