HR Management and its functions have undergone a robust change from the past few years as its functions are rapidly evolving and changing day by day .One such function is to improve the overall performance of the employees by the alignment of HR strategies with the corporate objectives. By maximizing the productivity of the employees, HR plays a vital role in the improvement of overall performance of the firm. In today’s time where the competition is at its peak and every firm wants to shine and outperform in the global arena, Performance Management is the new and emerging function of HR which is highly complex and deals with all those activities that are associated with improving the performance of the employees like training and development ,planning and implementation of learning goals, continuously reviewing the performance of the employees with regular feedback and providing them the opportunities for improvement by conducting training and development sessions and continuously motivating them by rewarding and performance appraisals for demonstrating high level of excellence and efficiency .Performance management provides employees with the necessary platform where they can help in transferring their skills and knowledge to the actual job function and achieve high standards of work.
Some of the key functions of Performance Management are:
- Selecting the right candidate with the requisite skill set that are required to perform a job efficiently
- Conducting training and development programs on a continuous basis and creating a learning environment with in the firm
- Continuously reviewing the employee’s performance and giving them appropriate feedback for improvement
- Assessing the training needs of the employees by training need analysis and taking the corrective measures
- Conducting training programs and providing employees with the career developmental opportunities
- Communicating the employees about the HR policies of the firm and giving them direction as to how they can align their activities in the direction of achieving corporate strategies.
- Developing performance standards and benchmarks for employee performances and performing job performance analysis on regular basis with appropriate feedback.
Performance Management –A vital tool
Thus performance management is a proactive and recent approach which is meant for the alignment of employees day to day activities with the organizational mission and also to facilitate orderly determination of an employee’ worth to the organization and to fairly measure the employees performance, setting the standards and implementing the planned programs for achieving the desired results and goals. Performance management also helps in improving the employees’ relations and establishing a learning culture with in the firm and an environment of trust and harmony where everyone demonstrates their talents, skills and work together for achieving common goals. Performance management is strategically crucial for the firm and is meant for managing the firm’s talents in an effective manner It is based on the collaborative approach where individuals and the teams jointly take up the responsibilities and work towards the accomplishment of achieving the desired level of competencies to fulfill the firm’s expectations by continuously improving through commitment and responsibility. Performance management has become a vital tool in today’s time for inculcating the organizational values and ethics within the employees and seeking their commitment and support in the process of goal achievement.