Performance management is a key component to the running of any successful enterprise. It facilitates a reduction in staff turnover as well as improving productivity and efficiency throughout the organization.
Performance management should focus on aligning the workforce and improving employee development and performance leading to better business results. This is largely achieved by evaluating individual performance in order to optimize productivity across the organization, thus filling your workplace with happy employees who would recommend your organization as a place of work. This will help you to recruit excellent new talent to drive your business forward.
With so many long term gains to be had from operating an effective performance management strategy, it is prudent for companies to ensure that they are offering employees a successful approach that helps employees understand the importance of their impact to the business thus motivating them to contribute to the business goals and objectives.
Evaluate Your Current Performance Review System
Many businesses currently operate within the parameters of an antiquated review system which consists of an annual meeting where line managers outline employee shortfalls. This in itself allows scope for underperformance to go on for too long and the long timescales of the traditional system do not provide ample opportunities for employees to improve.
Rather than contributing to a team of motivated and productive contributors, this can in adversely result in disengaged employees who are disconnected from the company’s goals.
Implement a Web Based Performance Software
Web based performance management software programs provide an agile approach to scalable performance management, with consistent application of process and goals across the organization. It gives managers an opportunity to address poor performance immediately instead of waiting until the end of the year, thus increasing productivity. In addition, a web-based performance system gives employees a safe space providing feedback and asking for assistance.
The continuous nature of web based systems also means that not only can employees track their progress on a daily basis, but when it does come round to formal reviews, the entire process is streamlined and important discussion topics have already been earmarked on the system.
Identify and Praise Outstanding Talent
‘Nothing else can quite substitute for a few well-chosen, well timed, sincere words of praise. They’re absolutely free and worth a fortune.’ Sam Walton, Founder of Wal-Mart
Positive reinforcement is an excellent tool for recognizing and encouraging top performance. Studies have found that 79% of employees who quit their job cited lack of appreciation as the key reason for leaving, so it stands to reason that managers who praise their staff often will have a lower turnover rate.
It is hugely important to recognize the unsung heroes in your establishment. The reliable, consistent and trustworthy members of your team will benefit from the recognition for their efforts. Make extra sure to praise the staff who carry out even the most repetitive of work and are the lowest paid. Communicate that you notice, appreciate, and recognize their hard working efforts.