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In this ever changing environment where companies are competing with each other to gain market space, to come up with innovation and increase their productivity, it becomes imperative that organizations adopt practices that help them to attract and retain competitive talent in the work place. It requires the organization to take the right set of people, create an ecosystem where talent can blossom/develop and at the same time weed out people who do not seem to fit into the roles assigned to them. Most of the organizations today have a performance measurement mechanism which helps them to categorize people, identify their competency gaps/strengths and decide compensation structure based on performance.
Performance management systems (PMS) have also evolved over the years. It has changed form in terms of the way it is administered and delivered as well as to the way in which PMS has been approached. It has evolved from a manual system or the normal annual form filling exercise to a more sophisticated system where even large information can be gathered using automated platforms. PMS has also emerged as part of a broader frame work where the organization’s vision, values and objectives are closely connected with each other. It has redefined its form into something more elaborate like a balance scorecard where the processes, financials, learning and development plans of the people are integrated into one. The beginning of the cold war era also saw the two major superpowers coming up with massive leaps in technology, production and making investments on a large scale in research and developmental functions. Both of these superpowers carried out a number of experiments on human beings to map the complications of human brain functioning and to find out what motivated people do to reach for greater heights in their professional as well as personal lives. Big companies with global footprint evermore felt the need to develop such systems as may stimulate people to excel in their roles. The result of these scientific studies and experiments laid the platform for the development of strength finding mechanisms where emphasis was laid on placing people in roles matching their inherent competencies.