Performance management cycle helps the employee to align their goals with organizational goals. The four stages in performance management cycle are planning, monitoring, reviewing and rewarding
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2. PERFORMANCE MANAGEMENT
CYCLEWhat is performance management
cycle
Performance Management Cycle
stages
What is Planning Stage
What is Monitoring Stage
What is Reviewing Stage
What is Rewarding Stage
Why is performance management
cycle
important in business
3. What is Performance Management
Cycle
The performance management cycle is a
model that allows management and
employees to achieve organizational goals
through a process of employee development
The properly planned performance
management cycle helps the employee to
align their goals with organizational goals
4. Performance Management Cycle
Stages
a) Planning- It includes strategic planning and
goal setting.
b) Monitoring- to check in on the progress of
the work
c) Reviewing - evaluate the final result of the
yearly work done by the employee
d) Rewarding- The traditional rewards include
bonus, increase in compensation, vacation
time, assigning important projects,
acknowledgment, a positive review and
promotion
Performance
management
cycle
Planning
Monitoring
Reviewing
Rewarding
5. What is Planning Stage
This is the first phase in performance
management cycle
During this phase managers develop an
overall strategic plan for their business
In the planning stage employee goals are set
for the performance period
Each of the employee’s goals should
contribute to achieving organizational goals
6. What is Monitoring Stage
The performance of the employee is monitored
on quarterly basis
During this stage work related assistance is
provided to employee
This step is also used to understand the
ground reality of goal achievement
In this step employees goals are aligned to
organizational goals
7. What is Reviewing Stage
The employees work is reviewed by the
management
In this stage employees actual performance in
the financial year is evaluated by the
management
The management and employee together
review if the goals were achieved
It concludes with a meeting where employee
and manager discuss performance issues
8. What is Rewarding Stage
Rewarding is the final stage of performance
management cycle
When an employee receives the reward it
improves his or her performance
Management works hard to reward employees
fairly
The reward is based on the merit and
performance of an employee
9. Why is Performance
Management Cycle important in
business?
By adopting performance management cycle
the organization can maximize the output of
their employees.
The organization can be more competitive by
following the performance management cycle
model
Employees skills are developed and used in
meaningful ways
It helps in employee retention by increasing
job satisfaction
10. Performance Management Cycle
Performance Management System
Performance Management Tools &
Software
Balanced Scorecard
Bell Curve Appraisal
Performance Appraisal
360 Degree Performance Appraisal
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Performance Management
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