PERFORMANCE MANAGEMENT: IT’S ESSENCE IN THE CONTEMPORARY MANAGEMENT CONTEXT

Abstract

Strong performance management rests on the simple principle that “what gets measured gets done.” In an ideal system, a business creates a force of metrics and targets flowing from its top-level strategic objectives down to the daily activities of its frontline employees. Thus, the management is saddled with the responsibility to continually monitor those metrics and regularly engage with their teams to discuss progress in meeting the targets. Hence, good performance is rewarded; underperformance triggers action to address the problem. Organizations that get performance management right become formidable competitive machines; therefore, it is recommended that in the contemporary management context, performance management should not be underplayed as it remains strategic to overall wellness of business institutions today.