Strategic planning is the process of establishing an organisation’s strategic goals and objectives. It involves analysing the external environment, identifying opportunities and hazards, and defining the organisation’s vision, corporate objectives, mission, and values. Strategic planning provides a road map for the organisation’s future and guides all performance management activities.
Performance measurement is accumulating and analysing data to evaluate an organisation’s performance regarding its strategic goals and objectives. It involves defining key performance indicators (KPIs), establishing objectives, and tracking progress. Performance measurement provides the necessary information so a company can make the right decisions and take action.
Performance management establishes expectations, provides feedback, and trains employees to enhance their output. It involves establishing objectives, conducting evaluations, and providing constructive feedback and opportunities for training and development. Performance management ensures that employees’ performance is optimised and aligned with the organisation’s strategic goals and objectives.
Performance reporting is the procedure of informing stakeholders of performance outcomes. Preparing relevant reports, dashboards, and scorecards that show company objectives, provides stakeholders with a full overview of the company’s efforts and results.
Performance development involves identifying areas for development and implementing corrective action to optimise performance. It encompasses analysing performance data, evaluating employee performance, determining the underlying causes of performance disparities, and implementing improvement initiatives.
