Strategic Performance Management

Performance management is important because it plays a pivotal role in any organization’s human resource framework. There are clear benefits from managing individual and team performance to achieve organizational objectives. A well-designed performance management process stimulates managers to develop high-quality strategic plans, set ambitious targets, and track performance closely-all activities which help to achieve strategic objectives and consequently sustained value creation. Performance management strategy aims to provide the means through which better results can be obtained from the organization, teams and individuals by understanding and managing performance within an agreed framework of planned goals, standards and competence requirements. It involves the development of processes for establishing shared understanding about what is to be achieved, and an approach to managing and developing people in a way that increase the probability that it will be achieved in the short and longer term. Evaluating periodically the human resource inside the organization can increase the motivation and commitment of employees and enable individuals to develop their abilities, increase their job satisfaction and achieve their full potential to their own benefit and that of the organization as a whole.Performance management system is a critical tool for any organization in today's volatile, uncertain and competitive environment. Understanding performance management systems by individuals and managers can help them to identify critical issues and area of performance, and how to plan, review, implement and develop themselves. Organizations are constantly exploring and evolving their performance management systems that are in sync with their environment and culture to improve bottom line as this is what matter to make them competitive. This course explores the many facades of performance management. The course is designed to help students and HR professionals to understand the nuances of performance management system as it is a continuously evolving process, which consists of defining, planning, analyzing and developing performance. It focuses on commitment and support building as also recognizing and rewarding performance and contribution. The course discusses a number of approaches to measure and methods of reviewing and analyzing performance to facilitate improved among managers. An effective performance management system brings helps in clarifying our roles and performance expectations by focusing on performance development. It also helps in creating interpersonal and supervisory trust, better communication leading to improved individual and organizational performance organization. The course also talks about the recent development in performance management system, its link with reward and legal issues, changing focus of organization and shifting the focus to adopt a more holistic framework of performance management to ensure growth and development of employee and their performance. It also includes recent experiences of organizations which have incorporated performance management systems in their structure, thus providing real life examples of PM systems in India.INTENDED AUDIENCE : MBA/MBA(HR) , All master level students interested in Performance management and development .PREREQUISITES : Basics of physics,chemistry and mathematics.INDUSTRY SUPPORT : IT Companies, R & D Companies, Pharma Companies, Manufacturing and Services sector