Performance management is a thorough method of monitoring workers' job performance through a continual process of feedback. Performance is monitored in accordance with clearly stated job responsibilities, prioritized tasks, and discussed expectations. The key expected outcome is maximization of an employee's performance and achievement of the strategic objectives of the firm.
The major goals of performance management are to guarantee employee effectiveness, encourage recognition, provide clear guidance, and support the development of training plans and programs. The balanced scorecard is a popular and successful tool in measuring performance.
A short trip to healthy eating where we have a balanced diet made up of all the nutrients being the most ideal way of eating to maintain good health.
Likewise, the balanced scorecard provides balance in performance management by looking at strategic measures in addition to traditional financial measures in an attempt to get a more balanced view of performance.
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