Articles
WHY PERFORMANCE MANAGEMENT IS IMPORTANT FOR NEW AGE FIRMS?
by Neha Sharma Digital marketing headThere’s a significant factor that businesses need to consider while contemplating growth and expansion. It’s of utmost necessity to ponder on internal issues, have end-to-end visibility, and create a firm internal structure of your company before you plan to expand or annex more market growth. Suppose, your marketing plans result in higher conversion rates and orders per month shoot up! But, does your internal team have the capacity to handle that? Is your firm sustainable enough to handle the extra orders? If you don’t know the answer, this is for you.
Tech explosion, big data has enabled firms to have much better look into their internal affairs while planning growth. Forget about growth, for smooth progress of your company, your employees need to stay motivated and feel that they are part of something ‘great’. How to do all of that if you don’t know the internal parameters of your business functioning? Millions of dollars are lost every year globally due to faulty team management, lack of employee intent, and high employee turnover rates. This is more pronounced in cities of developing economies that have still not embraced the digital world totally. Faulty overview of the team results in continual productivity loss and the firm becomes a sinking ship! For instance in a city like Kolkata, this is quite common. That’s why business consultancy services in Kolkata involved with growth strategization for their clients have performance management at the top of their do-able list. Here are some reasons why performance is so important for a business to function smoothly and grow:
Rewards and Benefits
One of the biggest motivational factors for your ‘A-Star’ employees are bonuses or appraisals. But, that means, you should have a proper system at the first place that would give you the performance visibility of each employee. Proper management systems would give employee ratings based on every task done in a certain period of time. The best performing employees could be promoted or given appraisals and the least performing ones can be coached to understand their problems and help them work better
Productivity Increase
A proper performance management system gives you accurate insights in the productivity of each employee and each department overall. By rewarding the best ones, training the poor ones, or letting go the ‘rotten eggs’, you can help build a more productive, united team that would always try to deliver their best. The system would assist you in monitoring your entire organizational performance and give you insights on what to do to create a more productive team.
Strategic Growth
Once you have a better team, you can dive into your growth plans. But, most importantly, you now know the strengths and weaknesses of your employees across the entire hierarchy levels. This makes you aware of which people to be assigned bigger roles to handle your firm’s growth and which employees to be shifted to tasks that they can perform better. You understand, as a business owner, where are the gaps that require immediate hiring. Your development plan centres on your team’s capability and with a proper performance management system, you can analyze your team and create a better internal structure for bigger business.
These are but few reasons why performance management is an absolutely essential tool to increase your organizational productivity and drive your business towards better results. In developing economies, penetration of such streamlined systems is all the more necessary. That’s why in India, for example, business consultancy services in Kolkata are laying extra emphasis on internal organization management to exude the best out of a team. That’s the key to start and sustain growth.Sponsor Ads
About Neha Sharma 
Digital marketing head
50 connections, 0 recommendations, 158 honor points.Joined APSense since, May 11th, 2018, From kolkata, India.
Created on Mar 16th 2019 06:02. Viewed 118 times.
