Performance Management is a process and cyclical in nature, consisting of four critical phases, namely monitoring, coaching, supporting and recognizing employee performance.
(I) Monitoring – the performance management policy may be reviewed every two (2) years to assess its effectiveness. Equity and parity of treatment could be demonstrated by regular reports, detailing rewards, where relevant information is made available. Transparency and fairness should be monitored and action taken where issues emerge.
(II) Coaching – work is interesting and challenging when employees are informed about organizational goals. Recognition should be given for good performance as well as opportunities for professional development. By employing effective coaching skills, managers could apply skills like informing, listening, observing and giving constructive feedback.
(III) Supporting – the company should focus on developing employees to meet their full potential. It should record the development needs of each employee. The aims and objectives of the company shall be aligned to the development needs of each employee, thereby achieving both employee and organizational goals.
(IV) Recognition – the company should acknowledge and reward any employee for good performance. This should be done in the form of appreciation, institution of an award system, promotion as well as opportunities for professional development.