Meaning of the word "performance management" in English

What does "performance management" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

performance management

US /pərˈfɔːr.məns ˈmæn.ədʒ.mənt/
UK /pəˈfɔː.məns ˈmæn.ɪdʒ.mənt/
"performance management" picture

Noun

the process of ensuring that employees are working effectively to achieve the organization's goals, typically involving setting objectives, monitoring progress, and providing feedback and development opportunities

Example:
Our company implemented a new performance management system to improve employee productivity.
Effective performance management is crucial for organizational success.