Many leaders believe employees are their greatest asset. If this is true, how do we invest in them to receive the greatest return for our time and money? Using a performance management program, leaders can focus on leveraging the talent of employees and developing future leaders, to gain a competitive advantage.
A strong Performance Management program can:
- Increase employee engagement
- Create clarity in career advancement opportunities
- Drive higher performance & increase sales
- Translate company objectives into employee actions
- Decrease employee turnover
So how do you create a Performance Management program?
- Begin with the End in Mind – Before starting a new performance management program, take a moment to think about what you are trying to accomplish. Are you looking to help develop your employees for the future? Create careers, instead of jobs? Hold people accountable? Make sure the leadership team is on the same page, in regards to the vision for the program.
- Define Everything – Once you have clearly identified your vision for the program, it is time to define all the aspects of employee performance. This includes clearly defining roles, responsibilities, competencies, education and certification requirements, career paths, etc. Understanding how each team member contributes to the overall success is an important step.
- Align Everything – A proper performance management program aligns the goals of the organization, with the goals of employees. This involves not only aligning financial objectives, but also learning and behavior goals for employees. Aligning the company’s goals, culture and policies, with performance management is a powerful step in the process.
- Understand the Feedback Process – A performance management program is only as good as the managers and leaders implementing it. True employee development happens when managers understand how to provide proper feedback for continual improvement. Training your managers how to conduct reviews and provide real time feedback is a critical step in the process.