Steps Involved in Successful and Effective Employee Performance Management
For an organization or business to achieve organizational success, there ought to be measures and metrics put in place to measure performance. As such, performance management is a process that can be defined as measures put in place to track employee performance to be able to ultimately account for organizational success. As such, any serious company should learn to treat its workforce as valuable and indispensable assets that will help it achieve its success. Effective and transparent performance management allows a company to improve employee goodwill alongside company culture.
No doubt there is a lot of money and time spend in hiring and training a new workforce. Even so, when measures are put in place, the employees will be in a better position to decide whether to stick to the company or look for greener pastures. It is imperative that companies learn to treat their employees as partners and ambassadors, failure to which employee turnout may be worrying. Treating employees as business partners provides an opportunity for growth and a motivated workforce willing to put in the extra effort.
There are various steps and measures contained on effective performance management to guide and evaluate employees. They include the planning, constant monitoring, regular development, review and rating and finally rewarding. Planning starts with the decision on setting specific tasks that all employees ought to accomplish within the given period. It is also in the planning phase that a company decides on the salaries or compensation of the employees. Once the right candidate for the job is hired, the performance management system goes onto the next phase which is monitoring.
Monitoring phase is about training and supervision to see how an employee is implementing their skills and what they have been trained on. Note that development and monitoring dovetail in here because employees are not only monitored but also get their skills fine-tuned with daily tips and tidbits.
Last but not least we have the rating and review phase after monitoring and development has been accomplished. This is where an organization allows the employee to know more about its rating system as they rate their performance as per their productivity. Of equal importance to keep in mind here is that the review and rating process will be done periodically based on a company’s performance management system. Ultimately, the employee will get a reward for their productivity based on their performance as per the metrics and measures put in place. Some companies will offer monetary compensation while others will do with incentive-based rewards. When all is said and done, an organization seeks to have a motivated workforce that will help it achieve its goals and bottom line.