This paper presents an overview on the change in the dynamics of the Performance Management process in the current business ecosystem which is majorly by technology in the post pandemic era. Be it work from home or Hybrid work options at the work place, every factor of Performance Management structure is critically analysed in this study and inter-dependencies of these factors in today’s virtual business ecosystem is highlighted too. A total of 7 critical elements of performance management were identified basis the critical literature review and through discussion and brainstorming sessions with managers and employee representatives and structured using pair-wise comparison. Structural and reachability matrices were formed and yielded a level of influence of each factor through Interpretive Structural Modelling (ISM) approach. MICMAC analysis was conducted to determine the dependency and driving power of these elements. The present study can be differentiated from the past studies on identified Performance Management as factors like Biasness of Manager and Relatable Past Performance which do play a critical role in evaluation but has not been extensively categorised in the framework earlier. This will help the managers, researchers and organizational specialists to encompass overall factors in assessing the performance of their teams without any biasness.