This paper provides a systematic literature review in the field of performance management. The main objective of the paper is to depict the development path of the performance management process, as well as a comparative analysis of the traditional and modern approach to the process. Given that making a profit is the main goal of every company, it must be emphasized that it should not be allowed for financial goals to jeopardize other aspects of good business. Today's environment requires companies to use a modern way of performance management, using a dynamic approach in the decision-making process based on the company's strategy, with all employees involved and with the focus on continuous improvement. For the performance management process to act as an integrative concept, it is necessary to plan and measure the performance of business processes, employee performance, but also overall organisational performance. Only by considering all these aspects, it can be expected for the company to produce the anticipated effects in terms of required performance improvement.

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