After reading an article on Performance Management from the Globe and Mail, I summed up the following 5 points and applied it to my own work experience.
–5 Reasons Why Performance Management is Good–
1. It improves company relationships, leads to profitability and long term success
2. Although it is tedious for employers, it allows them to lead by example
3. Employees can self-evaluate
4.There are various methods that can improve work progress:
a) face to face discussions
b) SMART: Specific goal, a Measurable outcome, Achievable by the employee, Relevant to the business’s objectives, and Time-bound.
5. As a company, every unit will know what they need to focus on, how to achieve and measure it.
Applying this my past work experience, I find that our performance reviews did have a very similar effect. When we reviewed them face-to-face with our managers, we were able to discuss what was done well and areas of future improvement. I think that performance management is a very important tool in all businesses. Even though smaller businesses usually skip this process I think that conducting performance review even once a year sets a good foundation of company expectations and overall progress. This will help establish a clear objective within the company and bring the company together to work towards a common goal.