Nandini,
My advice? Don't do it.
Performance management is a bureaucratic process based on controlling employees through commands and policies. It is meant to appear to improve performance, but all it does is prevent management from achieving huge performance gains by causing their employees to become fully engaged.
The very best performing workforce loves to come to work and has very high levels of competence, confidence, trust, morale, autonomy, commitment, motivation, peace of mind, ownership, and pride. Such a workforce is hundreds of percent more productive than if poorly engaged. But current worldwide studies indicate 70% of employees are either not engaged or actively disengaged (meaning working against the company) so there aren't many best performing workforces.
If you want the very best, there are specific actions management can take to create such a workforce and specific reasons why those actions are effective while other actions such as PMS consistently cause poor performance. The required actions are simple to learn and simple to execute. I am willing to advise management if desired.
Best regards, Ben Simonton
Leadership is a science and so is engagement