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Highlights of the topic Performance review
In the business world performance review can have two meanings. The first can be the performance review of the functioning of enterprise itself. And the second performance review is of the employees that work for the organization. When performance review of business is done then it is seen that whether goals are achieved or not. When performance review of employees is done then it seen that whether employees have performed as per the expectation levels or not.
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Business performance review
Business performance review is done by the management and crucial areas are analyzed like-
- How much profits are earned by the business in current year.
- Whether the strategies have been implemented in the correct manner or not.
- Whether the market share has increased or not.
- The impact that the business is able to create on the customers in the current year.
- How closer the organization has come in achieving its set goals etc.
All these and some other things help in framing an overall performance review of the business which tells the top management that whether business is moving in right direction or not.
Employees’ performance review
For doing employees’ performance review the company sees-
- How efficiently they have worked for boosting the business of enterprise.
- Recognizing the most efficient employees in the entire organization and rewarding them.
- Seeing to the aspect that whether team is making efforts as per the directed strategies.
- Looking for those areas where the employees are making mistakes in interpretation and implementation etc.
After analyzing all the aspect performance review of employees is done and based on that various facilities like promotion, compensation, removal, transfer, additional benefits etc are decided.
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