Working Paper
Performance Management and "Running the Business"
In this paper, we define performance management as a set of processes needed to guide performance. Performance management includes the processes needed to define and plan performance, to develop the capabilities to perform as planned, to review performance, and to reward performance. These processes need to be applied to all levels of performer: individual, team and business. Prevailing formal practice has tended to focus on individual performance management by using a set of administrative people management systems that are perceived by many to be separate from and distract attention from the actual managing of performance needed to run the business. Today's competitive environment has made the shortcomings of these prevailing practices salient. This paper enumerates the characteristics of the new approaches to performance management that are arising in response to these problems and that tie directly to running the business.
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