Performance Management (PM) Cycle

In this entry I want to discuss about the Performance Management Cycle which a little bit different from the lecture. I just want to share this topic to increase the various sources of the information. So that we are not dependent on one sources only.

In the class that we learned, there are 5 stages of the PM cycle which consists: 

          1.      Planning

          2.      Monitoring

          3.      Developing

          4.      Rating/ reviewing

          5.      Rewarding

      But, from a source that I get, there also have 5 stages, which is:

           

  

        1.      Plan

        2.      Manage

        3.      Review

        4.      Reward

        5.      Renew

      Here, I want to discuss from the sources that I gather from the internet that might be useful for us to know it. In the 5 stages is depending on the type of organization, the management cycle may take place over a year's period or month by month. 

      

      Stage 1 - Planning

      The first stage of the performance management cycle is to plan. This will involve receiving together with employee and evaluating expectations for a set period of time. The first stage in the planning process will be to evaluate about employees current role and performance, this will gain an initial idea about areas of improvement and realistic targets.

    

      Stage 2 - Manage

      In stage 2, it is to implement the plan and managing the performance. This can be provide support to employee at all times and ensuring that the appropriate systems and also tools are available to maximize the performance expectations.

  

      Stage 3 - Review

      Before we going to stage 3, we need to make sure that the performance structure set out in stage one is being adhered. This might be useful for any barriers to performance that could have a direct affect on other areas of the organization. Speaking to the middle employee through a performance cycle, it is a good chance to have their objectives depending on external factors.

      Stage 4 – Reward

      If all of the objectives have been met, in stage 4 is to reward employees. The reasons and types of rewards are be discussed during stage one when objectives are outlined.

  

      Stage 5 - Renew

      The final stage of the performance management cycle is renewing. This can involve the analyzing previous objectives and looking at ways to improve and how to plan for the next cycle. Methods of rewards can vary from an annual bonus to share scheme options.