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In many cases when measuring organizational performance, companies tend to focus solely on the financial perspective, setting objectives such as “Achieve profit growth” (measuring it through $ Gross profit margin, $ Net cash flow, or similar indicators) or “Maintain financial discipline” (measuring it through % Budget variance, # Berry ratio, or others).
Can you imagine your organization as a Ferrari or a McLaren? Your management team as the pit crew and your sales force as the race team? A Formula 1 racing team model can be used as a metaphor for business, as they have many elements in common.
Performance management, at least at the employee level, has received serious criticism from multinationals such as Microsoft, General Electric, Adobe, Goldman Sachs Group and Google, in the past 5 years. The traditional ranking system and KPI measurement used in the appraisal process provided little added value for the organization, for managers or for the individual. Practice has proved that a measurement system is merely a promise of improvement.
There is a rumor going on about a Fourth Industrial Revolution.
Is there any difference between performance monitoring and performance management? If yes, what would be some of the main things someone should look at, in order to find this difference?
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