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Definition Of Yield Management
One of the major challenges of management is dealing with a poor performer. Documented employee performance evaluations are important to this process, not only from a legal standpoint, but also to assure that the manager and employee are focused on the same issues and understand the goals for improvement.
The primary intent of a performance management plan for improving poor performance should always be to guide the employee toward satisfactory performance. Separating an employee, hiring a replacement, and training a new employee are expensive, time consuming processes. Should that course of action be necessary, the performance management plan should conclusively demonstrate that performance goals were clear.
Once the poorly performing employee has been informed that performance lags expectations, a performance management tool consisting of goals for improvement can be developed and put into action. This can be a part of normal employee performance evaluations or a special interim evaluation.