What is Performance Management System in HRM, Its Process, Functions, Purpose & Benefits?
What is Performance Management System in HRM: https://www.hrhelpboard.com/performan...
A Performance Management System (PMS) is a comprehensive process used by organizations to ensure that employees are working towards the achievement of organizational goals and objectives. Performance Management System is a process of setting expectations, assessing performance, providing feedback, and planning for employee development
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Further, the video content begins and also proceeds with a slide-by-slide explanation about what is Performance Management System?
Slide 1
Hello Everyone,
Welcome back to our Youtube Channel!
Today we will explore about the most useful topic in HRM: Performance Management System
Slide 2
Performance Management System An Introduction:
1. Performance management system derives concepts from management accounting, organizational theory, organizational behavior, and strategic management.
2. It enables organizations to improve performance by improving the performance of individual employees, team, department, and subsequently the entire organization by constantly working on planned goals and level of competencies required to maintain performance standards
Slide 3
Performance Management System: Meaning
Performance management system is a management tool facilitating the process of continuous improvement in performance by setting strategically aligned goals, assessing and reviewing progress, and developing knowledge, skills and abilities of employees for successful completion of the goals.
Slide 4
What is Performance Management System in HRM
1. Performance management system in HRM represents connection between organization’s strategic integration to its human resource processes linking goals and direction to its values, performance and competitiveness.
Slide 5
Performance Management System: Definition by Experts
1. As per Armstrong: Performance management is a systematic process for improving organizational performance by developing the performance of individuals and teams.
2. As per Ralph W Adler: The process by which senior managers of an organization influence employees throughout the organization to implement the organization’s strategy and when needed, the process informs the initiation of changes to the strategy.
Slide 6
Types of Performance Management System are:
1. Balanced Scorecard
2. Management by Objectives
3. 360-Degree Feedback
4. Forced Rating Method
5. Visual Assessment Method
Slide 7
Functions of Performance Management System
1. The function of performance management system is to maximize potential of employees so that they as individual, team and organization achieve their objectives.
2. Organizations use performance management system for role clarification, performance planning, performance development, and performance measurement.
Slide 8
Process of Performance Management System
There are four basic processes involved in PMS:
1. Planning
2. Action
3. Monitoring
4. Reviewing
Slide 9
Purpose of Performance Management System
The real purpose of performance management system is to:
1. Correct poor performance
2. Sustain good performance
3. Improve overall performance.
PMS is used for a variety of purpose which can be categorised as:
1. Strategic Purpose
2. Administrative Purpose
3. Developmental Purpose
4. Informational Purpose
5. Organizational Maintenance Purpose
Slide 10
Benefits of Performance Management System:
1. Increased motivation to perform
2. Enhanced self-esteem
3. Better insight of subordinates
4. Better clarity about job definition
5. Enhanced self-insight and development
Slide 11
Conclusion
1. In today’s globalized and hyper-competitive market, aligning individual goals with organizational strategic goals and continuous learning and improving performance is of paramount importance in order to remain innovative and ahead of competition.
2. A well implemented performance management system can help organizations achieve that goal.
Video timestamps
00.00 Intro
00:10 PMS Introduction
00:39 PMS Meaning
00:58 What is PMS in HRM
01:31 PMS Definition by Experts
02:03 Types of PMS
02:25 Functions of PMS
02:53 Process of PMS
03:12 Purpose of PMS
03:42 Benefits of PMS
04:05 Conclusion
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