Explain the steps in the performance management process discussed in the video titled, Model of the Performance Management Process.

Assignment DetailsPerformance management can be used to encourage effective and clear communication and documentation between managers and employees. In addition, Performance management systems allow for professional and personal development goals to be achieved by setting clear expectations. Performance management can be a critical tool in attracting, identifying, and retaining a talented workforce. If done right, performance management can give companies a competitive edge that will allow them to rise above the rest.The Vice President of Human Resources (HR) has just returned from a conference, and one the main topics that captured her attention was performance management, which has come a long way since her entry into the industry 25 years ago. She has tasked you, the Director of HR, with developing a report that explains the challenges associated with performance management and possible solutions to address workforce performance within the organization. This information will support her recommendations to implement a new performance management system within the organization.To help you in your research, she has given you access to some videos that will help to cover some of the main points of the topic: Unit 1 IP LinkedIn Learning Path.You will view the first 2 parts of the course that include all videos in the following:Introduction to Performance ManagementBuilding a Performance Management SystemUse the following template to help you complete this assignment: U1 Template.In your report, respond to the following:What is a performance management system?Examine at least 1 challenge that was identified in the example of John and Nina in the video titled, What exactly is a Performance Management System. How can this type of challenge affect the organization?Discuss the 3 impacts of not giving employees proper feedback.In one of the videos that you viewed, the lecturer spoke about managers using inappropriate performance management techniques. Discuss 2 of the effects that can occur.Identify and explain the 8 components of a performance management system.Explain the steps in the performance management process discussed in the video titled, Model of the Performance Management Process.Why is it important to set expectations? How can this be accomplished?Is the performance appraisal the most important part of the performance management system? Explain your response.Discuss 3 best practices that can be implemented in the disciplinary procedure.Explain at least 3 techniques that can be used to analyze your performance management system.Submitting your assignment in APA format means, at a minimum, you will need the following:Title page: Remember the running head. The title should be in all capitals.Length: 3 pages minimumAbstract: This is a summary of your paper, not an introduction. Begin writing in third person.Body: This begins on the page following the title page and abstract page and must be double-spaced (be careful not to triple- or quadruple-space between paragraphs). The typeface should be 12-pt. Times Roman or 12-pt. Courier in regular black type. Do not use color, bold type, or italics, except as required for APA-level headings and references. The deliverable length of the body of your paper for this assignment is 3 pages. In-body academic citations to support your decisions and analysis are required. A variety of academic sources is encouraged.Reference page: References that align with your in-body academic sources are listed on the final page of your paper. The references must be in APA format using appropriate spacing, hanging indent, italics, and uppercase and lowercase usage as appropriate for the type of resource used. Remember, the Reference page is not a bibliography but a further listing of the abbreviated in-body citations used in the paper. Every referenced item must have a corresponding in-body citation.