Technology companies Google, Microsoft, Accenture, IBM, Cisco, Infosys, Tata Consultancy Services (TCS) and many more were moving away from Bell Curve model of employee appraisal in recent times. The performance management process is going through the period of transition worldwide. The focus in the performance management process at this point of time is 'Here and Now' with an eye on long term vision of the organization and not just the 'Year End' appraisal. Organizations are adopting newer ways of evaluating the performance of employees. The objectives of the study are: to study how the meaning of 'Performance' is understood by the participants; to analyze the importance of communication in Performance Management; and assess the participants' perceptions and opinions on the New Performance Management Model proposed by Deloitte. (2016). Exploratory and Descriptive research design and qualitative analysis were used for this study. The two insight stimulating cases; (i) the case of how participants understood the meaning of 'overall performance of the class' in a simulation and (ii) the participants' perception and opinion on the new model proposed by Deloitte on performance management were analyzed. The study revealed that students had varied understanding of 'Class performance'. Three students expressed that Delloite Model of performance Management was not new but a traditional one. The researcher presents 'Valued based performance Management Model' and suggests that if organization's value based vision is not integrated into the performance management process of an organization its performance cannot be sustained in the long term.