What is performance management How does the performance mana

What is performance management? How does the performance management approach relate to performance appraisal? How do managers formulate human resources strategies for their companies?

Solution

Performance management is defined as providing conducive environment to employees in order to perform best of their abilities.

Performance management is a useful tool due to below reasons:

Performance appraisal becomes a tool for performance management by benchmarking and quantifying employee performance. Using performance appraisal tool managers are able to provide feedback, reward and quantify employee performance.

Below are some of the ways managers formulate human resource strategies for their companies: