[Music] hi today smite is about the performance management cycle I will explain what this cycle is what its stages are and how to leverage it for the good of both employees and the business station what is the performance management cycle the performance management cycle is an annually recurring phenomenon in which employees are evaluated throughout the year all employees go through this cycle starting with goal-setting at the beginning of the year followed by the monitoring of their progress helping them develop and ending with the formal evaluation afterward the goal of this cycle is to develop and execute employee performance plans these plants help in focusing employee efforts on achieving organizational goals which in turn helps to online employee priorities with the goals of the organization the performance management cycle model that we propose is a four stage model one planning to monitoring three developing and four rating and rewarding let's now go through each of the stages one by one one planning the planning phases about setting performance expectations for the employee these are often planned ahead of time based on the company strategy and team goals usually these goals are also included in the job description in one form or another it is Breast practice to actively involve the employee in this planning process as research shows that this increases satisfaction with the performance cycle as well as perceived fairness usefulness and motivation to improve employee performance plans should also be flexible so they can be adjusted for changing objectives and requirements along the way to monitoring in the monitoring phase the goal set in the planning phase are actively tracked monitoring involves the continuous measuring of performance and providing feedback on progress towards the goal by monitoring continuously the manager or supervisor can correct in case of sub optimal performance rather than finding this out at the end of the year when it is too late to learn more about this check out our article about 5 tips to ace your employee performance management process that you can find in the video description three developing the professional development of the employee plays a key role in improving performance as a result of active monitoring areas of improvement can be identified this can be under performance that should be corrected our areas of superior performance in which the employee wants to excel even further this can be achieved in the form of training and development but also through challenging assignments and other opportunities for personal and professional growth for rating and rewarding rating performance is an inevitability to determine the added value of employees to the organization this is usually done during the employees biannual performance appraisal in case of continuous subpar performance the employee might not be in the right function or organisation and party should say goodbye in case of superior performance the employee should be recognized for their performance this can be through giving them praise erase time off recognition items a promotion or all of the above it is important to remember that performance management is not a fully top-down process rather it is a shared responsibility between the manager and the employees emphasizing the shared responsibility will make the whole process more effective the employee will be most motivated when he or she feels involved in the process and understand why their goals matter to their colleagues and the rest of the organization this makes monitoring progress on goals much easier as well it is the managers responsibility to create this buy-in and mutual commitment to the goals in the performance management cycle that's it for today's byte in which you've learned what the performance management cycle is what its stages are and how to leverage it for the good of both employees and the business remember to stay up-to-date with our learning bytes by subscribing to our youtube channel and if you like this video make sure you like and share it and I'll see you soon in our next learning byte [Music]