Employee performance and development review in organizations help in attracting and retaining key employees. Different performance evaluation methods can be used to achieve the objectives of the review. Performance management can also contribute significantly to improving a company’s overall business performance. For most organizations, the purpose of performance management is to support decisions related to training and career development, compensation, transfers, promotions, and reductions-in-force or employment termination. Additionally, performance reviews set clear and specific performance expectations for each employee. Different types of performance management models provide periodic informal and formal feedback.
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EMPLOYEE PERFORMANCE EVALUATION THEORIES
Apart from the types of performance management models, this assignment also focuses on two theories of performance evaluation. They include the goal-setting theory and the expectancy theory. Goal-setting theory suggests that the individual goals established by an employee play an essential role in motivating him for superior performance. However, this theory may undermine the purpose of performance management. The expectancy theory focuses on the hypothesis that individuals adjust their behavior in the organization based on the anticipated satisfaction of valued goals set by them. The individuals modify their behavior in such a way which is most likely to lead them to attain these goals. Lastly, this theory in Employee performance enhances the use of most performance evaluation methods and development review in organizations.
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PERFORMANCE MANAGEMENT CYCLE IN ORGANIZATIONS
The performance management cycle utilizes a continuous four-step procedure of planning, monitoring, reviewing, and rewarding. Most performance evaluation methods work in cycles. Furthermore, the benefits of using this system in Employee performance include increased competitiveness, more structural flexibility, and higher employee motivation. Many types of performance management models run on a year-long timeline, ending with a performance review. However, various organizations conduct more frequent check-ins will improve employee performance. For most organizations, the purpose of performance management is to ‘create’ an employee who is more aligned with the goals of the organization, who understands both their objectives and the broader objectives of the organization and has a reliable roadmap that will help them achieve their objectives.
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