What is performance management cycle in SAP LOD-HCM - Human Capital Management onDemand?

SAP Term: performance management cycle

• Component: LOD-HCM

• Component Name: Human Capital Management onDemand

• Description: Period of time for which the performance planning takes place and over which it is evaluated.

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• Key Concepts: 
  The Performance Management Cycle is a process in SAP LOD-HCM Human Capital Management onDemand that helps organizations manage employee performance. It includes setting goals, tracking progress, providing feedback, and evaluating performance. The cycle is designed to ensure that employees are meeting their goals and that the organization is achieving its objectives. 
  
  How to use it: 
  The Performance Management Cycle begins with setting goals for each employee. These goals should be specific, measurable, achievable, relevant, and time-bound (SMART). Once the goals have been set, the employee should track their progress towards achieving them. The manager should provide regular feedback to the employee on their progress and offer guidance and support as needed. Finally, the manager should evaluate the employee’s performance at the end of the cycle and provide a summary of their achievements. 
  
  Tips & Tricks: 
  When setting goals for employees, it is important to ensure that they are realistic and achievable. It is also important to provide regular feedback throughout the cycle so that employees can adjust their approach if needed. Finally, it is important to ensure that the evaluation process is fair and objective. 
  
  Related Information: 
  For more information on the Performance Management Cycle in SAP LOD-HCM Human Capital Management onDemand, please refer to the official documentation here: https://help.sap.com/viewer/product/LOD_HCM_ON_DEMAND/Cloud/en-US