Step five of the performance management process, identifying improvements needed, involves: Multiple Choice identifying what the company is trying to accomplish (its goals or objectives). providing employees with training, necessary resources and tools, and ongoing feedback between the employee and manager. the manager and employee meeting to discuss and compare targeted goals and supporting behaviour with actual results. both the employee and manager identifying what the employee can do to capitalize on performance strengths and address gaps. consequences for achieving (or failing to achieve) performance outcomes, for example, pay increases, bonuses, or action plans