Performance management in organizations has moved on from the annual reviews. Instead it is a constant aspect, with regular feedback demanded by younger professionals. Companies are still searching the key to a perfect talent management loop, yet some best practices have already been signaled out by experts. Firstly, the performance review process needs to be flexible and not rigid to stick to old world norms. It also needs to be a quick process. Performance review needs to be ongoing throughout the year. The manager – employee relationship also needs to move away from the hierarchical setup to a more democratic structure. The senior pro must take up the position of a coach rather than a boss. Good performance management depends a lot on positivity. The strengths must be leveraged rather than regret about weaknesses. Areas where strengths exist can be further fortified through training programmes. Performance review must be linked with other talent development programmes and must in fact encourage those as well. Leaders must be identified at an early stage so that they may be groomed to take up senior positions

source:https://www.trainingjournal.com/articles/feature/getting-performance-management-right