Abstract

Managing employees’ performance is a continuous process. It involves making sure that the performance of employees contributes to the goals of their teams and the business as a whole. The aim is to continuously improve the performance of individuals and that of the organisation. The undisputable transition from production-based to knowledge-based economy has resulted in to the rapid rise of knowledge-based organizations across nations. Knowledge workers have become primary creators of wealth and jobs. It is common that organisation in present scenario needs a community of high performing individuals and teams to go beyond what is simply required to achieve extraordinary results. Any system in an organisation change as it has at its base objective of organisational improvement. And the same goes with performance management system.  The arrival of the Internet and rapid accessibility of information triggered the current change at the peak speed. Exponential growth in mobile devices and remote working has further strengthened this social shift. Some companies are already achieving better results by re-focusing performance management on strengths.  For that the organisation needs to cultivate a culture of commitment to a workplace that is trusting, inclusive, creative, and respectful which is always been a result of good performance managing machinery.

This paper focuses on the changing system of managing performance in present day organisation and also focuses on the future changing scenario.                                         

Key words: Performance Management system, performance reviews, feedback, Assessments, approaches, rewards.