What is PERFORMANCE MANAGEMENT?

We are in the process of designing and developing the next evolution of the global UDG INSPIRE Leadership Development programme and have found the following definitions of PERFORMANCE MANAGEMENT :

• Performance management is a process by which managers and employees work together to plan, monitor and review an employee’s work objectives and overall contribution to the organization. More than just an annual performance review, performance management is the continuous process of setting objectives, assessing progress and providing on-going coaching and feedback to ensure that employees are meeting their objectives and career goals.  (HRcouncil.ca)
• Performance management is strategic as well as operational, as its aim is to ensure that employees contribute positively to business objectives. Ideally, performance should be managed holistically, throughout the range of HR activities and processes. (CIPD)
• Managing the performance of employees is a continuous process. It involves making sure that employee performances contributes to both team goals and those of the business as a whole. The aim is to continuously improve the performance of individuals and that of the organisation.  (ACAS)

?Performance management is the system of maintaining or improving the job performance of employees through the use of performance planning processes, along with coaching, mentoring and providing continuous feedback.  (SHRM)

I am interested to know how you define Performance Management in your business?