2.0 LITERATURE REVIEW
Over the last two decades, Performance Information, its implementation and presentation to the end users which directly refers to the subject of performance measurement (PM) has gained increasing interest and recognition in the general management literature, leading Neely (1999), when referring to the many contributions on the subject, to talk about the Performance Measurement Revolution. He demonstrated that between 1994 and 1996 a mere 3615 articles on performance measurement were published. During that period, there has been a sustained attention for PM within the financial industry.
This section intends to make an expository on the PM literature by …show more content…
It encourages self management of individual performance
7. It requires a management style which is open and honest and encourages two way communications between superiors and subordinates
8. It requires continuous feedback
9. It measures and assesses all performance againstjointly agreed goals
10. It should apply to all staff
11. It is not primarily concerned with linking performance to financial reward.
These again point towards the development of the individual to become high performers who will help achieve the strategic aims of the organisation. Employees are therefore the most important economic factor in achieving corporate aims of the organisation (Armstrong, 2006). But the development of employees or performance management in general is not a one off occurrence. The important message is that effective performance management is a continuous cycle and not a single event. Most performance management cycles are similar in that they link together strategy and planning with employee monitoring as well as reinforcing performance standards (Marchington & Wilkinson 2007). The Deming cycle links the various elements of the performance management process into a continuous process. The different elements can be analysed as follows:
1. Plan is agreeing the objectives and competence requirements for the organisation. This will also identify the behavioural requirements, objectives and performance plans Agreements for meeting, personal development enhanced knowledge and