Performance management is basically a system of different processes that combine to create an effective workforce within your company that can effectively reach your business goals. There are many different aspects of performance management, but in most cases it can be broken down into a few simple steps.
If you’re adopting a performance management process for the first time or want to modify your current one to maximize its effectiveness, there are three key aspects that are the most important in your performance management system. Obviously these are up for debate, but in most cases of performance management you can plan on these to have the most impact on the success or failure of your performance management efforts.
Planning – The first step in any good performance management process is likely also the most important. Haphazardly stumbling towards goals will usually only end in disaster, so it’s important that proper planning is used during performance management. This applies not only to the performance management system itself, but also to the inner workings of the business. Speaking strictly about performance management, good planning begins by analyzing the exact goals you want your company to attain and to develop realistic ways to achieve them. It’s vital that your goals be realistic, otherwise your performance management plan will fail. It’s also important to take the time to create a real plan that can achieve your goals.
Monitoring – If any performance management system is to succeed it needs to involve a very rigorous monitoring process. Closely surveying your overall company, each department, and individuals is vital for performance management and for you to reach your goals. Monitoring during performance management involves not just monitoring the progress of each department and employee but also providing them with constant feedback whether it is in the form of praise and reward or in constructive criticism. If you want your performance management efforts to succeed you’ll have to monitor each step towards your goal very closely to ensure everything is going according to plan. If areas seem to be lacking, you’ll need to be able to take steps to improve them such as providing training.
Rewards – While some experts place this lower in importance than other aspects of performance management, the truth is that your employees deserve rewards and that few things will influence not only the success of your performance management efforts but also the success of your entire company quite like appropriate rewards. Whether it is simple public recognition or actual monetary rewards, no performance management process will be complete or effective without good use of rewards. They can improve morale and employee satisfaction, boost productivity, and help you move closer to your goals. If you want your performance management to be successful, take the time to utilize rewards.
Unicorn HRO provides performance management tools that can help you formulate plans, monitor progress closely, and even track and manage rewards. Having software that allows you to effectively implement performance management is important and almost as vital as the actual steps that you take in your performance management efforts.
