Performance Management: A New Perspective
The secret is out. Many organizations used to think of performance management as a backward-looking assessment program owned by HR. No longer. Performance management is being reinvented for a new, forward-looking purpose: to serve as an efficient, focused business process that improves employee engagement and drives business results. Redesigned performance management processes may or may not include year-end ratings, but across the board, they tend to focus less on evaluation and more on agile goal setting, regular feedback, coaching, and development. They shift the focus away from forced-distribution rankings and much more toward helping managers coach people to succeed. By changing this one HR “ingredient,” it is possible to affect many others.
These days, outdated performances are coming too much under scrutiny. They are being condemned for being inefficient, massively time consuming and also adding no real value to the people. No one likes such performance appraisal programs — right from management, to employees and even the HR. So, why not, simply do away with this kind of a performance review which doesn’t add value to anyone or helps grow the organization in general.
1. Aligning SMART objectives with company goals
Anyone working in the corporate sector will be aware of the acronym SMART — specific, measurable, achievable, relevant and time-bound. This is an important aspect of understanding the overall performance of an organization. A more effective way of coming up with SMART objectives and ideas are to share organizational goals with employees and have them set their own goals that are relative to this.
2. In-the-moment feedback
Along with regular meetings, new performance management trends also about that managers and co-workers give feedback in a more timely way. It has been proved that this process is far more effective and efficient than the once-in-a-year review or feedback. The renowned electronics company GE, got on board with this approach and now use a feedback app where managers and colleagues can record feedback online at any time.
3. Regular Check-in Meeting
Most top companies like Deloitte, Adobe, Microsoft are all drifting away from the standard one-year review and coming up with more innovative ideas of employee performance management. They have done away with the traditional bell-curve method of performance management and has ended up introducing real-time feedback practices. These real-time feedback are provided by employees and the management level employees.
4. Decoupling Reward
Most performance management experts opine in providing running pay reviews and performance reviews. Having pay directly tied to performance has been shown to have a detrimental impact on both employee motivation and performance. As well as performance, pay reviews should be taking into account other factors including market rate, increases in responsibility, and skills and knowledge.
In the present times, it has been found out that employee motivation is of sheer importance that has been influencing how the HR functions. Performance management is something is very important and needs to be taken into account by human resources and senior management in order to ensure that productivity rises considerably in an organization.
Author Bio: A digital media strategist and a content marketer, Sampurna is passionate about writing and blogging. Working as a full-time professional writer for more than five years now, she has been lending her expertise to the online world by penning articles and blog posts on jobs and careers, HR tips and the recruitment industry. She also enjoys reading and travelling.