ECONOMICS

Detailed explanation-1: -Performance management is defined as the process of continuous communication and feedback between a manager and employee towards the achievement of organizational objectives.

Detailed explanation-2: -Performance management is a corporate management tool that helps managers monitor and evaluate employees’ work. Performance management’s goal is to create an environment where people can perform to the best of their abilities and produce the highest-quality work most efficiently and effectively.

Detailed explanation-3: -Encourage Feedback Feedback is crucial to improving employee performance, and it has to go both ways. Managers should provide frequent constructive feedback to employees in the flow of work. At the same time, employees need to provide feedback regarding workflows, processes, or tasks that may be slowing them down.

Detailed explanation-4: -Performance management is an ongoing process between a manager and an employee which is used to maintain and improve the performance of a workforce, and supports accomplishment of the strategic objectives of the company. It helps companies become more successful and stay ahead of their competitors.

Detailed explanation-5: -The main objective of performance management is to enhance the: Achieving individual employee goals of employees along with organizational objectives. Also, enhance the skills and personal development of employees through the managers’ help. Additionally, encourage work that helps in fulfilling business goals.