Explanation:

Performance Management is continuous and systematic approaches ensure to achieve organizational business goals by streamlining the employee performance and efforts to match the set goals efficiently.   Performance Management builds a communication system between Manager and an employee that occurs throughout the year, in support of accomplishing the strategic objectives of the organization.
Performance management is an important aspect in HRM. It is used to create a work environment where people are motivated to provide their best performance and does the quality work.

In the existing business scenario, the role of Performance Management in HRM is very huge and important.  The Performance Management compiles all the functions such as Goal Setting, regular performance review in accordance with the set goals, set instant communication amongst the team member for coaching,  provide performance feedback and its report for creating better employee training and development programs and finally connect performance with reward and recognition