Performance Management Flashcards
What is performance management
A holistic approach that involves strategising and aligning of resources to provide an organisation with maximised performance through continuous reflection, monitoring and improvement
Strategises and aligns resource
Maximises value that firms make
Maintains and improves employee, team and project performance
Approached holistic
Continuous reflection, monitoring and improvement
Characteristics of performance management
Continuous
Flexible
Forward thinking
Participatory
Control and influence
Win win
Key benefits of performance management
Creates shared experiences, knowledge and vision
Increased corporate effectiveness
Develops capabilities
What information relating to performance do boards want to see
Financial data
KPI updates aligned to objectives
Operational data
What are the roles of boards
Monitoring
Advising
Assessing resource and investments
Strategising
Influencing (meetings, resource management, leverage, growth)
How do boards manage performance
KPIs
Audits, 360 reviews, company reports
Shareholder and stakeholder management
Analyses (benchmarking, finance, quality, safety)
Difference between performance management and appraisal
Management
Proactive
Forward looking
Flexible
Ongoing
Appraisal
Reactive
Backward looking
Rigid
Fixed and systematic
Main attributes of performance management
Decision making
Communication
Feedback
Flexible
Team quality monitoring and enhancement
What makes up project performance
Cost
Time
Scope
Quality
Different types of performance
Task performance
Contextual performance
Adaptive performance
Key areas for employee performance management
Planning work
Setting expectations
Continual monitoring
Developing capacity to performance
Systematic review of performance
Rewarding good performance
What should performance objectives be
SMART
Specific
Measurable
Achievable
Relevant
Time bound
