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Benefits of Performance Management System (Benefits of PMS at Individual…
Benefits of Performance Management System
Objectives of PMS
Evaluation objectives
Fulfilled by defining the training requirements of the employees based on the results of the reviews and diagnosis of the individual and organizational competencies
Developmental objectives
Fulfilled by evaluating readiness of employees for taking up higher responsibilities, providing feedbacks to the employees based on their current assessment and the need for improvement
Benefits of PMS at Individual Level
Motivation to perform is increased
Self-esteem is increased
Managers gain insight about subordinates
Definitions of job and criteria are clarified
Self-insight and development are enhanced
Administrative actions are more fair and appropriate
Employee misconduct is minimized
Better and more timely differentiation between good and poor performers
Supervisor's views of performance are communicated more clearly
Employee engagement is enhanced
Benefits of PMS at Organizational Level
Organizational goals are made clear
Better protection from lawsuits
Monetary gain (cost effective)
Motivation, commitment and intentions to stay in organization are enhanced
Organizational productivity is increased
Individual performance
Manager establishes a clear performance improvement plan in specific, measurable, attainable, realistic and time-constrained terms
Employee knows what is expected of oneself
Organizational performance
Refers to integrating individual, teams and corporate objectives