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How Performance Management Benefits Your Business

Nov 16, 2022

Businesses the world over are placing a greater impetus on Performance Management in order to recognize potential and maximize productivity within their ranks.

The tech boom has helped digitize HR functions that, heretofore, took up a lot of a company’s time and resources. This digitization of HR functions allows HR teams more time, and resources, to pay particular attention to performance management.


What is Performance Management?


Performance management is the process of improving employee performance through regular planning, communication, feedback, setting and reviewing of individual and team goals, and developing and honing the skills of a company’s workforce.


What are the stages of Performance Management?


  • Planning: This is the part where individual and team goals are set
  • Monitoring: In this stage, employee performance is observed against the goals set
  • Developing: This is where the employees’ ability to perform is honed
  • Rating: In this stage, the employees’ performance is assessed to ascertain productivity
  • Rewarding: Good performance is rewarded as an incentive for continued improvement


How does your business benefit from performance management?


When managers and teams have a specific set of goals to achieve, they can work together towards meeting those goals. With regular monitoring, developing, and assessment, the employees are made aware of their successes and their failings — as individuals, and as a team — and can, therefore, take whatever steps necessary towards improving their performance.

When good performance is noticed, appreciated, and rewarded, it boosts the morale of the workforce, thereby acting as a catalyst towards increasing productivity, improving performance, and by extension, maximizing profitability.


HTrust partners with you and your teams to make this process simple, easy to manage and digitized so your business can benefit from it the most.

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