Question

What is a milestone? Describe (100 to 120 words) how milestones can be linked to performance management.(Please answer in Australian Accounting Environment and please type up your answer)

Answer 1

While appraising Performances, certain milestones are set for appraisal processes.  

MIlestones are the standards or benchmarks set by Mgt for performane survelliance of organisation/ team.

Milestones work as accurate, quantified performance records/ parameters.

They help in removing ambiguity out of assessment process and makes appraisal models fair and meaningful.

Milestones are usually Crystal clear goals, solicit third party feedback. Employees performances are compared with the set milestones and the variances are found out and worked on.

The employees should be appropriately awarded when reache the benchmarks to boost up employee morale and also increase team effectiveness by creating examples.