What are the key components of an effective performance management system? How can feedback be delivered constructively and effectively? How can performance appraisals be used to motivate and develop employees? What are some common challenges in performance management, and how can they be addressed? 
<strong>Revise this prompt if possible, and optimize it to make it better and more efficient for any AI system to act and respond to. 
If possible run your optimized version.</strong>