Final answer:
The goal of performance management is to ensure employees meet or exceed set standards, encompassing a broad range of activities beyond appraisals, including setting expectations, feedback, and development, often using tools such as 360-degree feedback.
Step-by-step explanation:
The goal of performance management is to ensure that all employees perform at least to set standards. Performance management aims to boost organizational and individual performance through aligning employee activities and outputs with the organization's strategic goals. A common misconception is that performance management is solely about performance appraisals, where it actually encompasses a much broader scope including setting performance expectations, providing ongoing feedback, and facilitating employee development. The performance appraisal process, which may involve 360-degree feedback, is a tool within the performance management system to regularly assess employee performance, recognize achievements, address areas in need of improvement, and foster professional growth. Through these mechanisms, performance management promotes a two-way communication channel between supervisors and employees, facilitating a supportive and productive working environment.