What are the components of a performance management system

Need 700-900 words & a reference page for the following:

Senior leadership is requesting an executive summary from human resources that will help them understand the components of the performance management system at Matrix . This must be written as a brief that informs the senior leaders at Matrix so they can make strategic decisions. You must reinforce the importance of performance management for employee growth and demonstrate the value that can be gained when managing employees.

As the leader of this project for human resources, you will be required to prepare the executive summary that will include the following information:

What are the components of a performance management system?

What factors do managers need to succeed in an effective performance management system?

What factors do employees need to succeed in an effective performance management system?