First attempt should be on formulating the JD's with the consultation of respective Managers and parallely recheck the same with the management to know the expectations on the individual profile.
Secondly - Once the JD is over, and the same has been approved by the management, you can go-ahead with Identifying their KRA's (Key responsibility Areas)
Thirdly - Link those KRA's to KPI (Key performance index)
Fourth : Ensure that the respective KRA's are made aware to the respective employees.
Fifth : Then, based on the your current policy, you can plan out for the review of the same (Biannually / annually)
Since you are applying for the first time, its better to check out every quarterly at the starting, and then the same can be reviewed periodically.
Isha, ensure that without the proper job description, i suggest you not to go-ahead with the Performance Management. Since this is a very sensitive issue. there are lot of chances that if proper care has been not taken to review the process at the implementation stage - it would demotivate your employees very badly.