What is Performance Management?
Performance is managed within a business to a greater or a larger extent no matter how big or small said business may be. This makes sure that managers are on their feet when it comes to setting goals and measuring whether a particular employee is working according to these goals and larger objectives or not. Manager can make sure these employees perform to the best of their abilities by conducting annual reviews or even by following their activities in increments over a longer period of time. Certain software’s that track data may even help with the aforementioned activity. However, what is best is aligning this performance management with your specific business strategy as that is what yields the best results when it comes to business management. Performance Management Process
The performance management cycle is split up into four main parts. Planning, being the first, involves equal participation from both the manager’s and the employee’s side. This is the stage where the manager sets out what an employee must work upon according to the goals of the company and how the aforementioned employee will be judged for his work. The second stage is that of monitoring and, unlike the past models which were based on yearly appraisals, this is more of a continuous process which notes what an employee is doing and whether it is working towards the larger goals of the organization. The third stage is the reviewing stage where whether an employee has worked for or against the goals of the organization is assessed. An employee’s special skills and how those are an asset to the organization are also taken into account. How an employee has performed in relation to the last year is also assessed and any room for future improvement is analyzed. The last stage is rewarding whereby an employee is rewarded for any work he/she has done or any way with which they have gone above or beyond their capacity to deliver work for the organization they are working for. These rewards are mostly non-monetary. Performance Management Best Practices To Align Performance Management with Business Strategy
An important way with which one can strategically align performance management with business strategy is through the setting of broad goals that reflect it. If you are the manager that decides how to communicate these goals to your employees you could perform this step yourself. Otherwise, you could consult a higher up such as a CEO to step in and take charge. Every department in the company employs certain ways with which they work towards the overall business goal. For example, the sales department might need to meet certain targets that they have set for themselves when it comes to the volume of sales they are aiming to achieve. However, the targets that you set for your employees should be achievable. If the target is not achievable it runs the risk of disappointing employees which could lead to low employee morale. Managing Performance through Training and Development Make sure that you monitor your employees from time to time and review their performance. If you see that they are lacking in a particular skill you may as well send them for training which would have a positive impact on the development of the company. Instead of a yearly report what you can do is check up on them on a monthly basis which would be great when it comes to mapping out how far the company has come towards their annual goals. Get the Higher Ups Involved Often the case with big companies is that employees and managers both are not too satisfied with the performance management and appraisal process. Any and every development needs to come from the higher ups. Only when the CEO of the particular company gets on board with the appraisal system can the rest of the company follow suit. Employees fare better when they witness how they are contributing to the company, its goals and the atmosphere. If they see themselves contributing to the overall picture in some way or another it really boosts their morale. This morale can then go a long way into aligning management with strategy. Must Read: Aligning Performance management with Business Strategy Thus, aligning performance management with business strategy is of the utmost importance. It shows employees that they are valued members of the company and makes sure managers connect these employees to the higher ups in the name of this performance management. Once this connection is maintained, further goals and ambitions can be worked towards. This improves the company’s atmosphere, but, even more importantly, informs it of issues well before time and allows it to develop at a much smoother rate. Align your company’s strategy with its performance management today! You will not be disappointed.
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