Employee performance management is important to keep track of the talented and skilled workforce. Talent is important part of the organization and it is important to manage them effectively. It forms important part of the organization and it has great value (Orler 2015). Employee performance management is necessary for building global leadership. It is important for improvement of employee learning, engagement and retention. It helps for taking care of talent management and building the talent as empowered and skilled workforce. It is necessary for employees to have a clear analysis and understanding of work expectations. It is important for management and coaching through understanding of goals. It is necessary to engage in development and planning effectively through it.
It is necessary to increase employee engagement and this impacts both the company and the employees.
The important factors have been listed below
Management is important for organizations and it affects how the choice of managers is aligned with the employees.
It is necessary to have strong leadership capacities and this forms an important factor for employee engagement.
Training and coaching helps to effectively sync with the expectations and accountability.
Organizational culture forms an important part of employee engagement. This includes several dimensions like employee recruitment, management based on strengths, developing trust and transparency, performance management and accountability.
Employee engagement forms an important part of the organization. The companies which have higher level of employee engagement observe an increase in operating income and their earnings. It is linked to the business outcomes and it positively challenges the organization.
Intrinsic rewards are the non cash rewards and do not have any physical existence. These include employee recognition, personal growth, authority, respect etc. While extrinsic rewards exist physically and they are cash based rewards like office pay, bonuses, salary and offer flexibility. Usually extrinsic rewards serve as important source of motivation for the employees. The intrinsic rewards help to provide emotional attachment to some levels for the goals and objectives of the company. But the extrinsic rewards help to provide them with positive proof for the appreciation the company has for their efforts.
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