Performance Management is the combined view of:
An employee's individual achievements against the company's goals, initiatives, and career development objectives, compared to their job description. However, bearing in mind that many job descriptions are poorly written or conceived, the comparison is usually made against employer, manager or peer expectations.
The above is reflected in the individual's final performance appraisal and career development goals.
An employee's assessment on an expanded set of performance elements including individual achievement, versatility, productivity, alignment to the company goals and key performance indicators.
The above is reflected in the individual's ongoing performance management and one-to-one coaching.