Performance Management: Taking a Step forward in Managing Employee Performance and Driving Business Results

Abstract

Organizations at present have become very competitive due to the fact that there is no monopoly in
the present market scenario. There are many similar organizations belonging to a particular sector
and some are doing well while others are not. What makes some organizations more successful than
the others are the employees working in those organizations. The organizations at present have
moved from a traditional performance appraisal system to a more formal performance management
system which takes into consideration the human element of the organization and involves them in the
entire process right from goal setting, fixation of Key Result Area (KRA), payment of performance
linked incentives to the final performance review. The present empirical study is based on certain
qualitative aspects of the performance management system of a leading banking organization.