XYZ Tech Solutions, a mid$-$sized IT services company, has been growing rapidly over the past few years. The company prides itself on delivering innovative solutions to its clients. However, with growth came challenges, particularly in managing the performance of its diverse workforce. The Human Resources $($HR$)$ department, led by Mr$.$ Sharma, recognized that the existing performance management system was outdated and ineffective in motivating employees or aligning their goals with the company$$s objectives.

You are one of the members of the HR strategy team assigned the responsibility of devising an upgraded and advanced performance management system to address these issues.

Questions:

Identify the key areas where the modifications can be made based on your assumptions to benefit individuals and organizations.$(4$ marks$)$

What challenges might the company encounter during implementing the new performance management system?$(4$ marks$)$

What are the crucial aspects to remember while devising and upgrading the performance management system at the workplace?$(4$ marks$)$