What do we mean by ‘Performance Review’?
A Performance Review can also be referred to as performance evaluation, performance analysis, and performance appraisal, it is a formal way of evaluating employee’s performance in which managers analyze and identify strengths and weaknesses, provide feedback, and set targets for future performance. Earlier it was noticed that many organizations provided performance review to their employees annually; however, later, companies started to move towards a frequent performance review management system in which managers were asked to provide feedback quarterly, monthly, or even weekly.
If performance review system works well, it can help a large number of employees by just making them understand what they are doing well, how they can enhance and improve their work, how their work performance aligns with company goals. On the other hand, managers who make use of performance review effectively and efficiently can easily identify high performing employees, correct barriers or issues before they become challenging, communicate decisions made by seniors to subordinates, boost morale, and foster employee engagement.
What is ‘Strategy Implementation’?
Strategic Implementation plays a very important role in modern business: If an organization formulates a strategy to meet its goals, the implementation of plans is the next step for successful execution. It is believed that the ‘Implementation’ stage is the most important stage as all strategies are formulated and the next plan is to achieve them successfully. Strategy Implementation can be defined as the execution of the chosen strategy into the organizational system so as to accomplish strategic objectives and goals. Strategy Implementation also means a manner in which a company formulates, implement, and execute organizational structure, and culture to follow strategies that lead to better performance.
Few steps in implementing a strategy:
– Developing an organizational environment where strategies can be formulated
– Distribution of overflowing resources to accomplish strategy-essential activities
– Formulate strategy – boosting policies
– Employing the best strategies and programs to enhance human communication within the organization
– Associate reward structure to the accomplishment of results
Strategy implementation brings a threat to many seniors as well as subordinates in an organization. Through strategic implementation new groups whether formal or informal is formed whose attitudes, values, attitudes, concerns, and beliefs may not be matched or known. With the help of strategic implementation of the performance review a change in power, status role, the employees and managers can be seen and they may employ confrontation behaviour.
How performance review plays an important role in strategy implementation?
The performance review is the feedback which is provided by seniors to juniors, positive and timely performance review help employees to improve and enhance their work and increase their productivity. The performance review is viewed as a strategy because it plays a very important role within the organization as well as outside. It is a strategy which brings smooth functioning in the organization. Performance review should be mandatory so that regular employee performance evaluation is made, which can bring a change in their nature as well as productivity.