Lets look what are the 5 essentials of Good performance management system.

Your HR staff and supervisors may use a performance management system to provide evaluations that are equitable, considerate, stress-free, and adaptable for everyone involved. This method ensures that both managers and workers are on the same page when it comes to setting and achieving KRAs, and it reveals precisely which areas of performance may be improved. Here are five components your organization’s performance management system should contain if you’re considering implementing one:

• Adjustable parameters for conducting employee evaluations in accordance with established company standards.
• Modules for assessing employee performance consist of predefined objectives, key performance indicators, skill sets, competences, and feedback.
• Performance evaluations as seen through the eyes of the employee.
• An employee’s performance is assessed using data from several sources to get a more complete picture.
• Analytical reports on employee performance that provide light on the situation based on hard facts.

In our HR Knowledge Base, you can learn more about what makes a performance management system complete.