Subject $-$ HR$612$ Human Resource ManagementQuestion # $1$Case Study: Performance Management System at ABC IncABC Inc. is a mid$-$sized technology company specializing in software development and IT consulting. With a workforce of $1000$ employees, the company has experienced rapid growth over the past five years. Despite its success, ABC Inc has been facing challenges in managing employee performance effectively. The existing performance management system $($PMS$)$ is outdated, lacks transparency, and does not align with the company's strategic goals.To address these issues, ABC Inc decided to revamp its performance management system. The new PMS aims to be more dynamic, incorporating continuous feedback, goal alignment, and career development opportunities.The company also wants to leverage technology to make the processefficient and user$-$mendly.Performance Management System Redesign:$1$ Continuous Feedback Mechanism:The new PMS incorporates a continuous feedback mechanism, allowing managers and peers to provide real$-$time feedback. This feedback is documented and used in performance reviews$2.$ Goal Setting and Alignment:Employees set individual goals that align with departmental and organizational objectives. The SMART $($Specific$,$ Measurable, Achievable, Relevant, Time$-$bound$)$ criteria are used to ensure goals are clear and attainable$3.$ Regular Performance Reviews:Instead of annual reviews, the company now conducts quarterly performance reviews. These reviews focus on progress towards goals, areas of improvement, and career development$\mathrm{.}4.$ Emplovee Development Plans:Each employee has a personalized development plan outlining training, mentoring, and career progression opportunities. These plans are reviewed and updated during performance reviews$5.$ Technology Integration:A new performance management software is implemented to streamline the process. The software includes features for goal tracking, feedback collection, performance review scheduling, and analytics$\mathrm{.}6.$ Training and Communication:Comprehensive training sessions are conducted to familiarize employees and managers with the new PMS$.$ Continuous communication ensures that everyone understands the system's benefits and functionalities.Explain relevance of ABC Inc PMS re designing streategies