What is the difference between performance management and performance appraisal? What is the relationship between the performance management and performance appraisal?

What will be an ideal response?

Answer: Performance management (PM) is a goal-oriented process directed toward ensuring that organizational processes are in place to maximize the productivity of employees, teams, and ultimately, the organization. It is a major player in accomplishing organizational strategy in that it involves measuring and improving the value of the workforce. PM includes incentive goals and the corresponding incentive values so that the relationship can be clearly understood and communicated. Performance appraisal (PA) is a formal system of review and evaluation of individual or team task performance. PA is especially critical to the success of performance management. Although performance appraisal is but one component of performance management, it is vital, in that it directly reflects the organization's strategic plan. Although evaluation of team performance is critical when teams exist in an organization, the focus of PA in most firms remains on the individual employee. Regardless of the emphasis, an effective appraisal system evaluates accomplishments and initiates plans for development, goals, and objectives.

Business

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Preston wants to be his own boss and is considering starting a business. He has to decide which form of business organization to adopt and will most likely consider all of the following except:

a.) publicity and public relations. b.) tax issues. c.) the various types of liability to which owners are subject.

Business

Field warehousing can be an important source of:

A) short-term financing with low risk to the lender B) cash management for those who factor receivables C) investing for those who follow the "relaxed cash strategy" D) additional storage space for cash-strapped firms

Business