Performance management is basically a practice where the management takes an appraisal to all the junior staff so that to know their monthly or even weekly performance. This practice, however, does not only target the junior staff but also the performance of the entire organization, by doing so the management will be in a position of knowing or predicting the goals of the organization. Performance management has been of more benefit to both the employees and the organization, by keeping track of employees' performance will help them develop even in their own businesses, the organization benefits by knowing its day to day progress and it is easier for the management to rectify the weak sections and continue growing.
Performance management enables employees to work hard and perform effectively since the competition is always at a high rate, every employee wants to get on top and be the best of all, and for them to achieve that one ought to be active and efficient at their work which is of advantage to the organization. A successful organization starts with hard-working employees, they are the ones to determine whether or not the organization is going somewhere, and with this practice, it is possible to predict the organization's future.
Performance management is essential since it helps in building the relationship between the manager and the employees, as we know in some organizations the employees feel neglected thus working under too much pressure this makes them feel demoralized and inferior and with timeless performance is experienced, mostly this happens in organizations where they don't keep track of their employees the management should at any time be flexible and easy to deal with, pressuring your employees is the gateway to poor performance and risking of the organization. For more info. visit: https://www.performyard.com.
The key to a successful future will determine on how the management will handle its employees, by motivating them, listening to them, taking your time talking to them will enable you to know how they feel, give the employees a chance to contribute about anything that concerns the organization, and this one will only be manageable by having annual performance management. Additionally, it is advisable to maintain the practice and amending the weak parts in the organization performance, let your employees have a communication with the manager more often so that they may feel appreciated, and by so doing you will all work under less pressure. Get more on this link: https://en.wikipedia.org/wiki/Software.