Any organization still seeking that one silver bullet that will revitalize its performance management (PM) system should forget about it, suggests analysis of a recent survey conducted by the Human Resource Institute (HRI) in conjunction with HR.com. That bullet doesn't exist. That is, there is no single PM practice that can transform an ineffective system into a good one.
Performance management systems are just that systems. They require the coordination of multiple key practices. The more of these practices that are in place, the more likely a performance management system is to be seen as effective. The HRI/HR.com survey indicates that there are nine key practices overall and that there's plenty of room for improvement in the performance management systems of many companies.