To be effective & yield results for your business, performance management must be a year-round process with no end. A talented and skilled workforce is the key to the success of every organization. As the war for talent grows on, companies are quickly learning the importance of having the right people. Performance appraisal is just one piece of the talent management puzzle. In order to build an empowered and skilled workforce, companies need to do more than audit employee achievements. An organization should work towards a management cycle where judgment isn’t the sole focus, ongoing support and improvement should be just as important.
Most organizations see a dramatic increase in employee and business performance when they effectively set individual employee goals and closely tie them to the company’s overall strategy. Every employee needs a clear understanding of the expectations for their work. They also need context, which includes an understanding of where they fit into the company and how they contribute to the overall success of the organization. Goal Setting is the first step in Performance management which is one of the most important steps that aligns the entire workforce with higher arching business goals sets clear priorities and direction, which ensures individuals can feel ownership in the business through individual objectives.
“Coaching is releasing an employee’s potential to maximize their own performance. It is helping them to learn rather than teaching them.” Improved employee performance and engagement is a result of consistent feedback and coaching. It’s common to hire for potential and not experience, so providing the proper training and development programs that address performance and skill gaps is necessary.
Basically, development planning refers to the strategic measurable goals that an employee plans to meet within a certain amount of time. Usually, the development plan includes time-based benchmarks. It generally also includes the criteria that will be used to evaluate whether or not the goals were actually met. Employees need
regular, quality feedback on their performance and specific details on how they can improve. Once skill gaps are identified, employees have a clear insight into the skills they need to develop if they wish to progress in their career. Be sure that your workforce knows the purpose of performance management is to aid in their development and give them control over their career progression.
“People work for money but go the extra mile for recognition, praise, and rewards.” Recognition helps employees receive a balance of positive to negative feedback. A little-unexpected appreciation can go a long way. It satisfies our fundamental need for praise, reinforces the right behaviors and culture, and leverages social engagement. Rewards and recognition can improve employee retention and engagement, which creates ambassadors of your organization and its culture.