Where can your business’ performance management improve?

How important is business performance management in a workplace?

According to a recent survey conducted by Deloitte Touche Tohmatsu Ltd., 71 percent of more than 3,000 businesses and HR leaders said they had either already updated, or were in the process of reviewing their performance management practices. Most indicated the biggest change would be simplifying work methods for employees.
The most apparent changes these leaders said they would make include: providing ongoing professional development, building their strengths, and setting agile, team-centric goals that shift with business priorities.
These changes are beginning to highlight a shift between an old and new leadership style. Before, managers would often schedule annual or quarterly meetings to discuss employee progress, happiness, any issues etc. Now, these leaders are instead trying to support their employees through managing day-to-day needs.
Research from the HR council has found that performance management includes:

• Aligning an organization in a strategic direction while maintaining a great company culture.
• Creating a goal-oriented culture based on the needs of employees and those of the business itself.
• Including both constructive feedback and critiques to increase positivity and change less than stellar work habits.
• Measuring success of new initiatives that have been established and changing them as they go.
• Providing training and development opportunities.

Another poll, conducted by Gallup has found that only 12 percent of employees strongly believe their managers help set work priorities, and only 13 percent believe they set performance goals.
A shift to better performance management relies on the steps management teams take to make a change. Keep the following four tips in mind for a better performance management experience and lasting results:

• Be open to change: It can be hard to change a work process, especially if it has been accepted for so long. Work with employees to determine what actually needs to be changed and what seems to already be beneficial.
• Begin with a goal in mind: Forming a performance plan with a goal in mind is key. This allows employees to map out what exact steps will enable them to reach the goal, as well as troubleshoot any issues that may appear along the way.
• Keep track of what works and what doesn’t: Similar to maintaining a goal, keeping track of new changes is a great way to determine if they are beneficial or not. Often, businesses will implement a change, but they will not track how the change affects it as a whole. This undermines the process and wastes both employee resources and money.
• Start with the hiring process: Use predictive analytics or a set of criteria during the onboarding process to ensure the best employee is hired for the position. This strengthens performance management, as employees are selected based on the right criteria from the beginning.

Improve the performance management structure in your business by training employees with MasteryTCN’s easy to use e-learning solutions, such as providing feedback, or others found here.
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