Dear Sandeep,
This is in addition to what Jacob has said.
This seven step process is fine and it should work well as well. However, there lies catch in the step No 1 itself. The biggest challenge is how to set the SMART goals. while HR understands these concepts of PMS, it is not necessarily about other functional managers. They continue to commit mistake even after training also.
"Ability to SMART Goals" is in itself a competency. When this competency is not developed, it kills the very spirit of PMS. I have conducted training on PMS several times. I almost reserve 2-3 hours on the concept of KPI/KRA and how to design the KRA. Yet when I give them exercise on how to develop the KRA, they start faltering. This is true about senior managers who were 45+
The second challenge is Ops managers start thinking that this PMS or KRA is "HR Business" or "HR Activity". They start treating it as secondary activity to their job. No, it is not just HR's job but organisation's as a whole. This change in attitude is very important.
To overcome the above challenges, it is important to conduct training on "How to Design KRA", "Difference between KPI and KRA" and so on. This training should be part of induction training itself.
If you say that your article is based on "research" then how come this part escaped from your attention that I could not comprehend. This very forum has proof of what I say. Please check the following links to find out how mistakes are made in designing the KRAs. After going through main post, scroll down to read my comments as well:
https://www.citehr.com/305911-kras-h...-training.html
https://www.citehr.com/286426-kra-sh...ml#post1294358
To bring the clarity on the concept of KPI and KRA, I have uploaded my video on Youtube. You may click the following link to refer it:
https://www.youtube.com/watch?v=NMEjMQzYVSs
All the best!
Dinesh V Divekar