You must have heard about Performance Management System or PMS services but are you actually aware of what it is? Well, in simple terms, it is a procedure that helps in the organizational performance in its entirety by wonderfully managing the performances both of the individuals and the teams to ensure the victory of a company’s goals and ambitions overall. An effective PMS can play an imperative function to manage an organization’s performance in the following ways,
- Ensure that every employee has a good understanding about the significance of his/her contribution to the goals and objectives of the company
- Ensure that every employee has a better understanding pertaining to what the company expects from them and ascertaining equally whether the employee has the needed support and skills to cater such expectations
- Ensure appropriate link or aligning of goals and facilitating good communication all through the company
Facilitate a harmonious and cordial bond amid the line manager and an individual employee resting on empowerment and trust
PMS services can have a good impact both on the employee loyalty and the job satisfaction in the following ways namely,
- Consistently offer transparent and open job feedback to every employee
- Establish a clear link amid compensation and performance
- Offer sufficient opportunities related to learning and development by representing every employee in different leadership development programs
- Evaluate performance and distribute rewards and incentives on an equated and fair basis
- Establish clear performance goals via facilitating a joint dialogue and an open communication
- Recognize and reward good performance in a company
- Offer utmost platforms for career growth
Evaluation and Developmental Objectives of PMS
Company wide needs, regular assessments of every individual performance and clearly defined goals can prove really helpful to define the corporate competencies along with the key skill gaps that may serve as a beneficial input to design the training as well as development goals for the employees. An effective and sound PMS can serve 2 key objectives, namely evaluation objectives and developmental objectives.
1. Evaluation Objectives:-
- It will evaluate an employee’s readiness to take up higher responsibilities
- It will offer every employee with a feedback on the present competencies and the requirement for improvement
- It will link the performance with a good scope of career development, rewards, incentives and promotions
2. Developmental Objectives :
- This objective will be fulfilled via defining the training needs of an employee resting on the outcome of the reviews along with the diagnosis of the organizational and individual competencies. Counseling and coaching will work wonders to win the employees confidence and improve their performance along with strengthening the bond amid the subordinate and the superior.
An organization leaves no stone un-turned for managing the performance when it comes to every employee, process, team and of course the organization itself. PMS is a similar process irrespective of where this is applied. It serves as a crucial device for realizing the goals of an organization by implementing effective and competitive HRM strategies.