What is involved in performance management?

Performance management encompasses the processes and practices used by an organization to monitor and evaluate employee performance, with the aim of improving efficiency and productivity. It involves setting clear expectations, providing feedback, and facilitating the professional development of employees. By monitoring employee progress and providing constructive steps for improvement, management can ensure that individuals are aligned with the company's goals and objectives. This approach not only fosters personal growth but also enhances overall organizational performance.

The other options focus on different aspects of business management that do not pertain directly to performance management. Tracking financial growth pertains to financial management, creating marketing strategies relates to marketing departments, and enhancing customer service responses is primarily concerned with customer relationship management rather than employee performance monitoring.