To meet the demand of skilled employees and overcome the competitive pressures, organizations today are trying their best to achieve an effective performance management operation. Performance management is a process of setting objectives and identifying goals of the members of the organization. It is a way to provide regular feedback to the employees, appraise and then evaluate them. This article discusses the concept, goals and also explores several other aspects of performance management.

In the contemporary business environment, organizations are in a constant state of competition. As the intensity of competition increases annually, so does the need for the organizations to continuously improve their performance. Though traditional sources of competitive success, like natural resources, technology and economies of scale are adding value to the organization, their significance is decreasing, as these sources are easy to imitate. An eminent researcher, in the very context suggested that the real challenge lies in finding specific, empirically supported ways to motivate employees for improved performance. Performance management is one such way of improving performance at work.

`Performance management' aims at improving the performance of the employees with the help of a broad set of activities. It aims as well as helps in motivating and improving the performance of individuals as well as that of organizations. Though, the ultimate goal of performance management is to update the managers with the required training and skills for the employees of their organization.

HRM Review Magazine, Performance Management, Business Environment, Performance Management Systems, Employee Performance Management, EPM, Corporate Performance, Performance Appraisal, Organizational Goals, Strategic Plans, Business Management, Network Management, Program Management.