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Performance Management is the systematic process by which an agency involves its employees, as individuals and members of a group, in improving organizational effectiveness in the accomplishment of agency mission and goals.
Your organization must be committed to monitoring performance results on a continuous basis, once a strategy has been developed, planned and implemented, enabling you to determine if the strategy is being executed properly. This requires monitoring and learning about problems, barriers, and challenges.
This process integrates information about operations and strategy into a carefully designed structure of performance management review meetings. Performance management review meetings, based upon Balanced Scorecard performance data and the strategy map, which visualizes the strengths and weaknesses on the critical success factors, enable people to learn from feedback and make the necessary strategic adjustments, whenever performance is substandard or the competitive environment has changed.
Strategic learning and strategic dialogue are the basic components of these monthly or quarterly meetings, and have, as a main goal, defining the correct strategic initiatives to deliver the promised value to the different stakeholders. Besides the regular review meetings, you need to celebrate the successes, apply fishbowl management, and communicate results.