3. Performance Management

Performance is one business concept that is never checked off the to-do list, meaning that there is no finish line when it comes to performance; once an organization has reached its strategic goal for performance, another is put in place. And with good reason, as this leads to sustained growth and development, as opposed to an organization’s expiration. Therefore, measuring performance is an important managerial practice because its results may yield important insights into the fulfillment of strategic objectives and goals or lack thereof. Furthermore, a timely performance evaluation can be the difference between the design and execution of an effective strategic plan, strategic decision making, and the failure to achieve desired outcomes. A prominent issue with performance management is organizational leadership’s unwillingness to disengage from individual performance evaluations as an indisputable direct correlation with organizational performance.