The final component of the performance management process involves performance renewal and recontracting.

Question

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Performance renewal and recontracting is the final component of the performance management process. It involves reviewing the previous performance management cycle, setting new performance goals and expectations, and designing a plan for performance improvement and development in the future. This process ensures that employees are aware of their strengths and weaknesses and have a clear understanding of what is expected of them in order to improve their overall performance.

The Final Component of the Performance Management Process Involves Performance