Hi Ganaga,
It is indeed wonderful to note that you Sr. Management is keen on reviewing employee performances to Improve it. Most of the people use such reviews only to find faults with employees and thus prevent their salary revisions.
There are many methods to do a Performance review, chief among them is 360 degree feedback & Review.
At Lighthouse Leadership, we work with companies & organizations that want to develop and implement sustained improvement in the workplace. The Customised SOLUTIONS we offer will challenge limiting beliefs, instill ethics into the decision-making process and dramatically improve the way people work together.
For More Info see the attached PDF, which also has our Contact details.