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The skilled workforce and talent is the lifeblood of the organizations today. As the competition around the markets is becoming fierce, the companies are understanding the importance of hiring the right type of talent for their businesses. According to the founder and the frontier of the Talent Function Group any company can produce a product or have a patent to save the process through which that product is produced, however, the differentiating factor is the quality of the product which comes along with the talent that is possessed by the organizations(Pucket(, 2015).

The top three challenges faced by the organizations today are the engagement, retention and management of the culture, building of the global leadership pipeline and the need to revamp and improve the employee learning. The best way for the organizations to tap the 100% potential of the staff and their talent in any organization is through the performance management strategy. The performance management strategy can be defined as the process of developing and monitoring the desired traits and then rating those traits to reward the employees for their performance and their achievements (Business, 2007).

Evaluation and the rating of the performance of the organization is essential and it makes everything clear for the employees on an individual level. The performance management process highlights where the workforce of an organization is currently standing and it also highlights where they need to be and what is the gap. All the weaknesses are identified and then the employees work to improve the areas where they are weak at. Today companies have made it one of the most important company policy to issue performance reviews and then also provide the feedback to the employees so that they could perform better on their jobs. It is also equally important for the employers to commend them on their strengths as much important it is to highlight the weaknesses and the shortcomings of the employees(Business, 2007).

The performance management is a long process or a strategy that comprises of different processes which are combined for creating an effective workforce in the company in order to achieve the goals of the organization. There are a number of aspects of performance management and companies tend to design their strategy in the light of their business nature however, in majority of the cases, the performance management could be broken down into simple steps that are all interconnected with one another. Although these steps are open to debate however, in most of the cases, companies can rely on these steps and that would impact on the success and failure of their organization’s performance management efforts(HRO, 2017). These three factors are briefly defined as follows(HRO, 2017):

The first step for a good performance management process is planning and this is likely to be the most important factor for the performance management strategy for the businesses. Proper planning should be used during performance management otherwise gap hazarding the planning of the performance management strategy would end up in failure for the organization. This applies to the inner workings and the business operations along with the performance management strategy of the businesses. A good plan for the performance management strategy could be achieved by identifying the exact goals and the short term objectives of the organization and then developing the realistic ways to achieve those goals in the long term. Time should be taken out to create real goals and all the ways of achieving the goals need to be realistic otherwise the organization would fail.
The second step is the monitoring of the performance management strategy. Clear surveying needs to be performed for the individuals, departments and the entire company. Monitoring the progress of the employees is equally important to provide the employees with constant feedback and reviews on their current performance be it in the form of incentives, rewards, praises or constructive criticism. If an organization wants to ensure that it succeeds in its performance management efforts, then the managers of the company need to closely monitor the progress of the company towards the achievement of the performance management strategy and provide constant feedback.
Finally, the last step for developing a successful performance management strategy is to reward the employees according to the level of their performance. All the employees deserve rewards and the truth is some of the things will significantly impact on the success of the performance management strategy and the success of the entire company. No performance management strategy would be successful in any business despite the provision of the rewards be it in the form of actual monetary rewards such as bonuses or public recognition.

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Therefore, so far we have highlighted the need, importance and the role played by the performance management strategy in any business. Some of the most important advantages of a successful performance management strategy include the recognition of the value performers and the employee achievements, strengthening of the relationships, defining structure and motivation and establishing the employee goals for the future strategic direction of the company. In this white paper, we highlight and convince our audience about the importance of performance management strategy to assist in the field of strategic planning and deployment and focus on a specific business such as Booz-Allen Company.......................

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