Employee Performance Management Cycle

Performance management cycle is about managing things from the beginning which involves planning, monitoring, performing.

BASICS:

Payroll- Talking about payroll, it focuses on the pay band, which includes how much salary an employee would receive for the amount of work he has done.

This also includes the process of evaluation wherein the salary of an employee would be given according to the position he or she hails from the company

Time and Attendance – Time and attendance play an important role as they suggest how much quality time does an employee spend in his work time, this will calculate the time period where he was not available for the work. With this, the work of HR becomes easy as to track the reasons as to why an employee could not be on time or the reason for his absenteeism.

GROW:

Performance Management- Performance management is about managing the performance of your employees, through feedbacks, regular meetings. This would ensure that there is a good relationship between the employee and the employer.

Benefits administration- This would talk about the benefits an employee should avail, which would consist of both variables as well as permanent benefits.

Applicant tracking- This would help in tracking the day to day activities of an employee. These factors would help in the overall growth of the organization.

OPTIMIZE:

Onboarding- Onboarding comes into picture during recruitment, so performance management system would help in recognizing the number of employees the organization currently has and if there is any requirement for new employees.

Compensation Management- PMS system helps in managing the compensation plans of the employees according to their performance.

Learning Management-  Helps in including techniques and tools that are required in order to enhance the job performance of the employees.

In today's world with cut-throat competition, it becomes very important to be careful of government interventions, discrepancies with final accounts, etc. because it takes no time for someone else to take that position in the market. The problem of mismanagement hence poses a lot of threat to an organization. Small mistakes can turn out to become huge and make the task herculean to complete. Technology brings in ease of operation and helps in streamlining the process.

Also Read- Why Startups need to have a Payroll Management System from Day 1