Performance Management - make it continuous, make it holistic
by Synergita Talent Synergita - Performance Management SoftwareCompanies are definitely rethinking
performance management – They realized the annual appraisal reckoning is
helpful for compensation and bonus computations. But their biggest question is
does it engage, motivate and develop employees, which have become the new norm
of performance management.
Legacy companies with the traditional
hierarchical structure as well as modern, hi-tech companies with flat structure
both are alike in moving away from the “once a year report card” format of
employee appraisal. It is not a fad or mad rush! It arises out of changing
employee demography and priorities.
Employees want to be coached at work, they
want to have career discussion more frequently, they want to know what is
expected of them and don’t want to wait for a year to know whether they have
done it right or not. It’s no wonder 62% of employees feel blindsided by the sit-down
annual reviews.
What comprises the continuous performance management process?
We can safely say It starts from onboarding
with capturing employees’ skills, work history and career aspirations. What
better ways to kick start a holistic process than ascribing employees to
transparent goals? In the multi-tasking, resource sharing and matrix reporting milieu,
goals are ever-changing, dynamic and achievements need to be updated instantly
to track the progress. By setting quarterly goals instead of annual you can get
30% -35% higher results.
Working for different goals under different
managers in a different geography, employees and managers prefer continuous
conversation and check-ins. These continuous feedback loops help them share the
progress, obstacles and corrective measures needed and ensure the team is always
on track. It also increases the synergy between managers and employees;
employees trust their managers more and managers understand employees’
capability.
Employee continuous feedback can be doubled up and
used as an organization-wide social wall to share your instant appreciation and
gratitude to your beloved colleagues. What the universal success of social
media implies? The endorsement and recognition matter most to us. Organizations
can do well if they take a leaf out of social media and create an opportunity
where their achievement and efforts get publicly endorsed and recognized.
Praise their effort & amplify it through the digital wall. Instant virtual
awards and recognition improve employee motivation and engagement.
Besides the informal touch point through
continuous feedback, you can have monthly and quarterly performance reviews to
get the people into the groove. A quarterly self-rating and managers’ feedback
helps to change your employees’ course of action and behavior for better. And
no more year-end surprises to endure. A whopping 85% of employees need frequent
feedback from employees to boost their confidence. Managers can identify
high-potential employees (HiPo) from their performance, potential and
criticality scores.
The crucial aspect here is making formal
and informal touch points such as continuous feedback and quarterly performance
reviews as part of managers and employees’ work life. Once it becomes a muscle
memory there is no looking back for your organization.
Futureproof your talent management
The future is heading towards continuous
employee performance management. Technology makes your transition from “conduct
& forget” annual appraisals to “continuous performance management” smooth
and insightful. There is no end to the business intelligence you can gather
from the repository of performance-related data and conversation. Some of the benefits include:
- Instant & impactful feedback keeps employees focused on the goals, course correct their actions proactively and keeps the organization agile and productive
- Appreciation and recognition motivates & engages employees; thus boosting employee retention
- Skill gaps are identified and plugged through reskilling programs which enable you to achieve employee development and business growth
- A huge cache of performance data to analyze and make the right talent management decisions
- Last but not least digitalization eliminates paper trails, reduce HR overheads and time lapses.
While investing in HR technology, it is
wise to look for tools that have
- A powerful all-in-one visual dashboard that enables point-and-click operations
- In-depth performance management capabilities such as matrix goals management, 360-degree feedback, core values rating, employee engagement survey and features driving employee engagement.
- Categorized continuous feedback structure such as appreciation, mentoring, performance conversation on goals providing greater context and opportunities for clear follow-up conversations.
- Reference to continuous conversations on goals while conducting performance appraisals.
Build a culture of trust and development in your organization with HR technology. Make your performance management continuous, holistic and productive.
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Created on Mar 11th 2019 05:48. Viewed 521 times.