Performance management is a continuous process that involves setting clear expectations, monitoring progress, providing feedback, and evaluating employee performance to ensure alignment with organizational goals. It helps businesses enhance productivity, improve employee engagement, and identify areas for growth and development. Effective performance management includes goal setting, regular reviews, feedback mechanisms, and development plans that foster a culture of accountability and continuous improvement. By implementing a structured approach, organizations can boost motivation, recognize achievements, and address performance gaps proactively. It plays a crucial role in talent retention, succession planning, and overall business success, ensuring that employees contribute effectively to organizational objectives.