Performance Management: An Ongoing Process
The practice of Performance Management is evolving to meet the needs of the modern workforce. Annual performance reviews have proven to be painful and ineffective to both the manager and the employee. However, Performance Management is still key to the growth and development of employees. In lieu of painful, yearly meetings, Performance Management is now transforming into a continuous feedback process.
Technology is driving the evolution of performance management. Through an HCM system, employees are able to set goals that align with the organization, and track them throughout the employee lifecycle. In addition, managers can view these goals, track the progress, and leave comments for the employee. This way, the employee receives consistent feedback and can work to improve in specific areas throughout the entire year.
By investing in Performance Management technology, you will see many changes in your organization such as:
- Higher Productivity- Since employees will be able to receive in-the-moment feedback regarding their latest projects, the employee can take that feedback and make immediate improvements to their performance. Employees will no longer have to wait an entire year to receive feedback regarding a project that was completed six months ago.
- Increased Employee Engagement- Managers will feel encouraged to act as more of a coach than a boss. In fact, organizations with excellent cultural support for coaching see a 13% increase in stronger business results and a 39% increase in stronger employee results. Ultimately, employee engagement will result in a higher retention rate, which will also cut overall costs.
- Goal Achievement- Managers and employees are able to sit down and set individual SMART goals on the first day. This encourages employees to set personal objectives that are aligned with the organization’s objectives. Setting goals drives an individual forward and gives them something to work toward. These goals will be consistently monitored throughout the system to ensure the employee is on the right track every step of the way.
All in all, by redefining Performance Management and designing it as an ongoing process, you will be able to save time, resources, and boost overall engagement throughout your organization. Employees will feel encouraged and motivated as managers coach and guide them through projects to reach their goals.