Question & Answer: Identify three aspects of managing and using performance data so that it is useful…..

The three aspects of managing and using performance data are:

1. Planning – In any good performance management process, the first step is proper planning during performance management. Good planning begins by analyzing the exact goals you want your company to attain and to develop realistic ways to achieve them. It’s vital that your goals be realistic, otherwise your performance management plan will fail. The goals should be divided and percolated bottom down, so that when they converge, meets the company’s objectives. E.g.: You have a team of 5 people, you distribute different aspect of the project to the different employees, depending upon their strength.

1. Monitoring – If any performance management system is to succeed it should be monitored properly. Closely surveying your overall company, each department, and individuals is vital for performance management and for you to reach organizational goals. Monitoring during performance management involves not just monitoring the progress of each department and employee but also providing them with constant feedback. You’ll have to monitor each step towards your goal very closely to ensure everything is going according to plan. For e.g.: You prepare a Gantt chart to track the project progress and keep following up with every project members.

1. Rewards – For the performance management process to be fruitful, rewarding the performance of the employees is of utmost importance. This keeps the employees motivated for further target and a carrot and stick approach is not even required to meet the target goal. The reward can be simple public recognition or actual monetary rewards, no performance management process will be complete or effective without good use of rewards. They improve morale and employee satisfaction, boost productivity, and help you move closer to your goals. E.g.: On successful completion of the project, you applause your team members in front of the higher management or provide them rewards of some kind as a memorandum.