Teachers are an integral part of an education system. While content delivery and student behavior regulation are critical teacher responsibilities in primary and secondary education, higher education brings with itself a new plethora of roles and profiles for teachers. Not only are domains multi-faceted and challenging, teachers are required to multi-task as well. The scenario calls for a well-designed and administered performance management system (PMS) for teachers. The Academic Performance Indicator introduced in 2010 serves the purpose of teacher appraisal (though not holistic), but a PMS itself, is not in place. Data empirically gathered from teachers of 15 highly accredited colleges affiliated to a popular and highly ranked University in India, heads of those colleges and other enablers of higher education have been analyzed to identify the PM practices in colleges. Statistical tests like ANOVA, ANCOVA. Chi Square, Correlation and Multiple Regression has been carried out to validate the findings of this study. A large proportion of teachers seemed dissatisfied with the PMS in place and urged for a change. Factors like performance planning, coaching, reward systems and leadership development seemed to be strongly associated with satisfaction with PMS. The findings of this study can throw light on aspects to be considered in constructing a holistic PMS for college teachers.