Performance Management System (PMS) is one of the most talked about methodology in today’s world. Now a days many organizations are actively ingraining Performance Management System in their work culture in order to become more efficient in their work processes.
What is Performance Management System?
Performance Management System is an ongoing process of a transparent two-way communication between the employer and the employee. Its aim is to achieve the overall organizational goals in a definite period of time for which it is implemented.
Key objectives –
- Eliminate subjectivity and measure employee’s performance objectively.
- Provide continuous feedback to the employee for improvement
- Facilitate smooth and unbiased objective based appraisals
- Promote star performers based on competence and performance
- Identify the training and development needs of the employees
- Determine the effectiveness of various programs
Team Faber has helped organizations in successfully implementing Performance Management System in their facilities as well as at other workplaces. We firmly believe that objectively analyzing data and performances of various employees along with feedback is one of the prime motivators to thrust upon the numbers and help companies achieve their goals and targets.
Faber Infinite Consulting has been providing its services to its clients all over the world for more than 6 years now. We are known for achieving the targets and goals and have helped the companies in sustaining those growth numbers and development. We are currently supporting around a dozen clients across 8 countries in three different regions in implementing and garnering the most optimum results with Performance Management System. Being involved in these projects, we have successfully touched and trained more than 10,000 people.
Key Benefits of Performance Management System
Among the various benefits of Performance Management System, the key benefits are listed below –
- Objective based Performance Management System removes subjectivity from the work culture, thus reducing the chances of favoritism
- Transparent system eliminates doubts from employees’ mind about the calculation methodology
- Extremely useful & easy to manage
- It facilitates the leadership in building high-performance teams
- High inter-department synergies
- Enhanced employee belongingness
- It promotes unbiased rewards and recognition methodology
- Re-organization & uniform work loading as derived from utilization
Differentiators of Performance Management System offering by Faber Infinite
Team Faber is a very avid and strong supporter of Performance Management System and suggests various companies to integrate this in their work culture in order to have a better and more efficient performance analysis of employees. Some of the key differentiators are mentioned below –
- Performance Management System provides 12 improvement and review opportunities to the management per year against the traditional system which provides just 1 annual review
- Performance of an entire organization can be gauged in one dashboard; be it company performance, departmental/ team performance or individual performances
- PMS provides a holistic approach. A hierarchy driven weightage of company performance along with departmental and individual performances.
- It provides timely feedbacks and encourages ‘Team win’ over ‘Individual gains’ and helps the employees in evaluating themselves rather than depending on the management of the evaluations
Team Faber has always focused its efforts on improving the work culture of the modern industries and guide them to achieve continuous and sustainable development. Achieving excellence is what has always driven our work methodology. With Performance Management Systems, we believe the working labor of an organization can be made more productive and efficient, Moreover, with improvised evaluation, we encourage more and more participation of employees as well as motivate them to achieve what we have always believed in – excellence!
Written & Compiled By Faber Kishlay & Faber Mayuri