Performance Management Framework
By: A Staff Writer
Updated on: Jul 19, 2024
What: Formalizes how employee performance is set, tracked, reviewed, and rewarded. Moves beyond an annual review to ongoing feedback.
Who: Evolved over time. Modern systems strive to be less bureaucratic than the traditional appraisal process.
Why: Ensures employees understand expectations and get support to succeed. Helps entrepreneurs differentiate high performers.
When: Year-round, not just as an annual event. If employees are often surprised by feedback, you need this.
How:
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- Set clear goals (SMART) tied to business objectives.
- Regular check-ins are more impactful than a single big review.