What is the role and benefit to the organization of a performance management plan?

The role of a performance management plan is multifaceted. Firstly, it helps set clear expectations for each individual employee so they can understand what tasks need to be completed within a given timeframe as well as the expected level of quality associated with those duties. Additionally, this type of system provides organizations with insight into how efficiently team members are working together by allowing supervisors or managers to compare individual contributions against each other. This can help identify areas where resources may be required or adjustments should be made in order to improve teamwork.

Moreover, having a performance management plan in place allows employers access real-time data on their workforce which can prove invaluable when making strategic decisions regarding hiring or firing practices as well as identifying training needs amongst existing personnel. Furthermore this type planning also important tool establishing fair compensation systems linking pay raises promotions certain criteria ensuring everyone rewarded fairly terms effort put into respective roles !