Other Effects and Need for Performance Management

In these past four years the recession has been partly to blame for the economic downturn and lack of efficient performance. Job security has become the priority and with the speculation of 2012 recession roaming around we have to plan the best way forward and position the business with strict measures that will not affect the organisation. Unfortunately these policies and strategies make people redundant and increases individuals who are not in work.http://www.cimaglobal.com/Documents/Thought_leadership_docs/Research%20Funding/R268%20Economic%20recession%20final%20V2.pdf

Because performance management is (or should be) so all-pervasive, it needs structures to support it. These should provide a framework to help people operate, and to help them to help others to operate. But it should not be a rigid system; there needs to be a reasonable degree of flexibility over how individuals operate.

Performance management is a process, not an event. It operates as a continuous cycle.

Corporate strategic goals provide the starting point for business and departmental goals as part of the performance management approach, followed by agreement on performance and development priorities. This leads to the drawing up of plans between individuals and managers, with continuous performance monitoring and feedback regularly supported by formal reviews.