Glossary
Performance Metrics
Meaning & Definition
Performance Metrics are measurable standards that can be employed to judge the performance of employees, teams, or the entire organization against set objectives or expectations. These metrics can be applied to measure aspects such as production, quality, efficiency, sales, attendance, customer satisfaction, or goal accomplishment in order to objectively assess performance.
Important Aspects of Performance Metrics
- Provides measurable standards for performance assessment.
- Enables tracking of progress toward objectives.
- Reveals areas of underperformance.
- Facilitates decision-making regarding training, incentives, and development.
- Increases accountability and productivity.
Applicable Rules & Policies
There is no direct statutory compliance related to Performance Metrics. However, organizations must ensure that the performance metrics are applied objectively and consistently and in line with the employment contract and internal HR policies.
