PERFORMANCE MANAGEMENT SYSTEM

 

Performance management is a process by which managers and employees work together to plan, monitor and review an employee’s work objectives and overall contribution to the organization. More than just an annual performance review, performance management is the continuous process of setting objectives, assessing progress and providing on-going coaching and feedback to ensure that employees are meeting their objectives and career goals

 

Through this process, a shared workforce understanding about what is to be achieved at an organization level is determined. It is about aligning the organizational objectives with the employees' agreed measures, skills, competency requirements, the delivery of results and development plans . The emphasis is on improvement, learning and development in order to achieve the overall business strategy and to create a high performance workforce

 

At CESC Infrastructure Limited, we have adopted the BBSC (Business Balance Score Card) approach for the performance appraisals. 

 

It's a strategic planning and management system used extensively in business and by organizations worldwide. Benefits of the system includes increasing focus on results, aligning business activities with organization strategy and improving performance and communications.

The balanced score card proposes that the organization should be viewed from four perspectives, with metrics developed, data collected and analyzed for each of them. These four perspectives are:

a) Financial

b) Customer

c) Internal Business Processes

d) Innovation/HR 

 

Performance Management at CESC Infrastructure Limited is a four  step process :-

 

1) Annual Objective Setting

2) Mid-Year Review

3) Annual Performance Review and Development Plan

4) Performance Rewards and Career Progression Initiatives

 

Employees are assets of an organization. They need to be groomed for the future of the organization. So, in days to come there is no dearth of Talent to steer the business through the challenges. And Performance Management System is a perfect tool to address this issue.

 

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