Performance Management: How to Increase Your Effectiveness
As an employer, performance management becomes an important step in your organization to keep your staff focused. A recent study showed that more than half of 50,000 employees employed at 22 global corporations stated that their organizations performance management systems were not effective. Here are some tips to help your organization balance the key components of performance management such as an effective platform, a leadership who is fully dedicated, and the willingness of all staff.
Developing a Key System
A goal-setting procedure is crucial, monitored by regular feedback and assessments. This will help to pinpoint employees’ developmental needs, inspires teamwork and communication, and also an incentive provided will encourage quality work.
Encourage Employees to Self-Assess
Employees should be given a performance assessment to complete on themselves. This is a valuable tool since employees will recognize their strengths and weaknesses by completing this assessment. Communication about the topic becomes easier for both the manager and the employee to openly discuss the differences they may pin point from the two perspectives.
Gather Feedback from Other Parties
Performance assessments become more valuable when other parties within the organization are included to give their perspective of the individual as well. This allows for a broader view of each individual. Others to include are:
• Customers and/or clients
• Department supervisors and senior managers
• Team members
Good Communication with Employees
When there is good communication with the employees and helping them understand how their performance influences the company’s overall vision. Allowing employees to see the “big picture”, they feel empowered and that their productivity matters. This will boost morale and loyalty the employee has for the organization.
Encouraging Growth with Opportunity
The performance assessment can be used as guide to assist with potential training and development required. It will be easy to identify areas that require improvement and assist each individual to enhance their skills and knowledge. Any deficiencies identified during an evaluation can be improved to get employees back on track.
Connect the Assessments to Compensation
By linking employee performance assessments to compensation, incentives and recognition you will be able to administer raises and bonuses. This becomes a very powerful motivator to the employee.
Administer Talent Discussions
Hold “talent discussions” after the employee evaluations have been completed and involve all parties. The objective is to find what workers are doing successfully in their job and where they may require attention and development.
The benefit to talent discussions:
• The employee – it gives supervisors and senior level management a better view of employees’ performance and skill set within the organization.
• The company – it helps leaders support their employees to continue their growth and embellish in their careers.