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The study found that the challenges facing performance contracting range from lack of appropriate leadership, finance, employee resistance and organizational culture.

Create a performance and development agreement plan in collaboration with each of your employees. In the plan: List the tasks and areas of responsibilities relevant to the position. Describe what what performing well in the job might look like and include measurable targets if possible.

A Performance Agreement is a document that outlines the expectations of both parties in a work relationship. It is a way to ensure that both parties have agreed to the same terms and conditions, and is used to outline performance expectations, roles and responsibilities, timelines, and other pertinent information.

Disadvantages of performance-based contracts Furthermore, they can increase the uncertainty and volatility of the income and expenses, as the contractor might face delays, penalties, or disputes over the payment, and the buyer might face higher or lower costs than expected depending on the performance.