Performance management is the process of creating a work environment in which the employees are able to bring out their best side. It begins when an employee joins the company and ends when he leaves the company. It essentially provides a structured plan for developing, managing and improving employee performance. To track the growth and development of each employee accurate documentation is also maintained consistently.
Performance management has three basic stages for employee development- coaching, corrective action and termination. At the time of coaching, employees go through orientation, training. At this time, the expectations and standards are also framed for the employees. Frequent feedbacks are given to them so that they can improvise themselves and perform better.