What is performance management?

In the Human Resources world, the meaning of performance management is actually the process of creating a good working environment for the employees, so that they can perform to the best of their abilities. 

Performance management provides a certain framework of planned goals and standards required to the organization to ensure that they make profits and success.

The aim of having a performance management system within a company is for every member in the organization to be able to have an idea of how they perform in their work and what is to be achieved.