The method or system by which a company monitors and enhances employee performance is known as performance management. Performance management can be used to monitor organizational, departmental, or team performance, and individual performance, though the term is more widely used to refer to individual performance.
The word performance relates to the act of performing anything. That is accomplishing anything can be any recital, presentation, routine work, a job doing, equipment handling, a reenactment of something, carrying on a concert, showing off a show, functioning a task, implementing a plan, executing an enactment, concerting upon a work, operating machinery or power plant or any industry apparatus, running a show, working on any assignment; etc.
In other words, management is meant to be organization, running, administering, supervising, managing, controlling, directing, rectifying, event planning and execution, reviewing, etc.
The terminology performance management correlates organizational perspective(s) of getting work(s) and job(s) done timely, effectively, and efficiently, instead of time out, effectively, or deficiently.
The managers are the ones who are responsible and authoritative for a team/teams to get work assigned completed on time for the smooth running of affairs regularly.
A good performance manager creates ease for the employees and tries to give a conducive environment for their team(s) to work effectually and effectively.
However, performance management pertains to creating within employees a sense of ownership and aligning the vision of the employees with the vision of the Organization. This is not necessary, but if the alignment is made successfully, it may enhance the performance.
Paying employees for their performance is one of the primary key factors to improving and managing the performance of individuals and resultantly organizational performance.
One of the major research projects currently conducted in South Asia (the University of Karachi Pakistan in collaboration with City University New York USA; Technical University Berlin, Germany; 3Q Institute London, United Kingdom) is encompassing: scientific equipment measurement of emotional intelligence (EQ), spiritual intelligence (SQ) and Accountability(though questionnaires) as predictor variables [independent variable which is not dependent upon any criteria/another variable – the item/thing/attitude/etc. changing values OR prone to vary] of Employee Performance as criterion variable[dependent variable which is dependent upon any other situation or criteria].
The research has resulted in that ES, SQ, and Accountability have a significant positive correlation with and impact on, employee performance. Therefore, it uncovered the fact(s) that EQ, SQ, and Accountability are the domains in which organizations should invest to improve performance.
EQ is one of the vital attributes as per the World Economic Forum (WEF) vision for the decade that the prosperous employers would be looking into the new job entrants for hiring purposes. This research is being carried on as of October 2021 in Pakistan. It is planned for extension-replication in the USA and Germany in 2022 to see the analysis of the comparative results for performance improvement and management purposes at the employees’ level, and thereafter organizational performance enhancement and management purposes level.