Today Philosophy and practice of teamwork continues to appear in different forms in tandem with changing organizational context. Participative management, co- determination, workers cooperation in management, quality circles, small group activity and so on and so forth are intended to infuse teamwork and team spirit in organization. Growing necessity to introduce flexibility, delegation, consensus, two way communication, collaborative effort and practices such as downsizing, flat stryctures, matrix structures, employee stock ownership plans, empowerment, just in time inventory, continuos improvement and more importantly constantly changing work patterns have escalated role of teams in organization life more than ever in the past. Strategy of team based performance management comprises two interventions. The objective of nurturing team based performance management is to create, build, nurture and strengthen teamwork in organization to attain performance excellence. This intervention is deployed through the initiation of ten 10 drivers. Second intervention has used the idea of capitalizing on teamwork for institutionalization of performance management in organization. Here also 10 drivers has instrumental role in stimulation of teamwork and succefull institutionalization of interventions.