Performance appraisals are an opportunity for employers and employees to have a dialogue on past achievements and future development plans.
Using specific performance management tools such as the employee performance plan to include the necessary competencies and behaviors, performance criteria and the expected outcomes, can help avoid bias. Moreover, it leads to employee appraisals that are based on data and reflect on actual accomplishments and progress.
Reporting is an important stage in the performance management process, although managers can sometimes fall into the trap of considering it as the end of the performance cycle. However, just reporting performance data will not ensure the improvement of results. Improvement is only possible when decisions are made based on the insights provided by data.
It is often believed that a Balanced Scorecard approach is only viable for big corporations that have been in business for years; hence, not many start-up companies are willing to use this tool.
With more than 40 years spent working, every person in this world has at least once asked themselves what the purpose of all this is and what keeps them running.
Many individuals begin their careers in the field of Business/Performance Management. For others, such knowledge comes over time, as an added layer of specialization to their existing primary professional prowess.