Final answer:
Performance management is used for compensation adjustments, performance enhancement, training needs identification, and career planning, but not for E. judging the competition. Tools like the 360-degree feedback appraisal provide comprehensive feedback for employee development.
Step-by-step explanation:
Performance management is a multifaceted tool used for various functions in the workplace, including compensation adjustments, career planning and development, assessing and enhancing performance, and identifying training needs. Each of these helps an organization to support and develop its workforce.
However, performance management does not typically serve the purpose of judging the competition, which falls outside the internal focus of performance appraisals.
Performance appraisal processes are becoming increasingly complex, aiming not just to evaluate, but also to motivate and improve employee performance.
With tools such as the 360-degree feedback appraisal, organizations gather comprehensive feedback from various sources, including supervisors, coworkers, and sometimes even customers, to give a well-rounded view of an employee's performance.
This tool can help to highlight areas where an employee might need further training or development.
Furthermore, performance appraisals often include discussions about compensation, performance rewards like pay increases or other benefits, and career development opportunities.
They are also used to document performance issues that could lead to termination if not rectified. The objective is to align the employee's growth and development with the goals of the organization.