A Totally Rad Total Rewards Glossary

Glossary of Employee Recognition, Total Rewards and Company Culture Terms

Performance Management

Performance Management is a systematic approach that helps organisations measure and improve employee performance. It involves setting performance goals, providing feedback and coaching and assessing progress towards achieving those goals.

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What is the impact of performance management?

By setting clear expectations and providing feedback on performance, organisations can identify and reward top performers whilst helping those who may not perform as highly. Additionally, it helps employees understand how their work contributes to the overall success of the company, which can increase their sense of purpose and motivation.

How can performance management drive employee engagement and motivation?

Performance management can drive employee engagement and motivation by providing regular feedback and coaching. This helps employees understand what is expected of them and how they can improve their performance. Additionally, it can help employees feel valued and recognised for their contributions, which can lead to increased job satisfaction and loyalty.

What are some best practices for performance management?

Here are some best practices for incorporating Performance management in your organisation:

Set clear goals and expectations: Employees need to understand what they are working towards and what is expected of them in order to perform at their best.
Provide regular feedback and coaching: Regular check-ins and feedback sessions provide the frequent feedback employees need to continually improve and feel valued.
Recognise and reward top performers: Recognising and rewarding top performers shows appreciation to them and can motivate other employees to improve.
Use data to inform decisions: Performance data can help you identify areas where employees are excelling and areas where they need to improve. Use this data to inform your recognition programme and make data-driven decisions.