Performance management is a corporate management tool that helps managers monitor and evaluate company processes and how they work.
Performance management programs use traditional tools such as goal setting and measurement. They also aim to define how efficient performance looks and develop processes that measure performance.
Managers can use performance management tools to adjust their workflow, recommend new courses of action, and make other decisions that will help employees reach their goals. In turn, this helps the company achieve its goals and perform optimally. For example, the manager of a sales department offers his staff the amount of revenue they have to reach in a given period. In the performance management system, along with the numbers, the manager will provide measurement guidance to help sellers succeed.
Why performance management matters:
Focusing on continuous responsibility it creates a more transparent work environment and focusing on regular meetings with process representatives it can improve overall communication. Because performance management sets concrete rules, everyone has a clearer understanding of expectations. When expectations are clear, the job is less stressful, and the goals of the company become the goals assumed at the individual level.
What we can do for you:
- Analysis of financial performance indicators
- Defining the set of performance indicators (financial and non-financial) relevant to the company
- Establishing their calculation and periodic reporting method
- ‘ What if’ scenarios
- Simulations – forecasts