Performance management is a set of tools and processes used by companies to evaluate and monitor the performance of their organization, teams, and employees.
It can help you answer the question “Is the work we are doing going to help us achieve our goals?”. It can also be used to identify areas of a company that need improvement.
It’s an ongoing process that includes setting expectations, objectives and goals, having feedback rounds, and reviewing the results.
This can happen on an organizational level, all the way down to the individual employee level.