- Talent Management
The Key to Achievement: Performance Management
What do successful organizations frequently have in common?
In addition to a robust talent management strategy, they also have a firm and comprehensive performance management system in place.
In its simplest form, performance management means you’re not just measuring, but also rewarding the performance of employees, in the context of a set of predetermined goals and metrics.
When a performance management system is effective, the value to an organization is tremendous and includes employees that are more productive and engaged, as well as boosted morale overall.
Creating a strategy to manage the performance of employees is the best way you can improve the performance of your workforce, from the bottom to the top.
The Components of Performance Management
While every strategy for managing and measuring the performance of employees is going to vary based on the industry, some of the primary components you frequently see across the board include:
Many organizations also opt to utilize performance management as part of their compensation management strategy—utilizing the monitoring of progress and achievement as a way to determine a pay-for-performance system.
Keys to Creating Goals for Performance Management
While a good or even great performance management system can increase a company’s profitability, improve engagement and lead to more talent retention, a poorly-run management system can have the opposite impact.
Some of the top performance measuring and appraisal systems are based on the science of human psychology, and share common characteristics, including:
The Intersection of Training and Development with Performance Management
There’s an increasing amount of intersection between the efforts of companies in terms of training and development and their performance management strategy.
Learning management systems are being used as a valuable part of the process to identify potential gaps and weaknesses, and then once it’s possible to immediately identifying these issues, it becomes easier to resolve them.
With the modern and extensive capabilities of today’s learning management systems, it provides just another layer in the ability to more precisely track and monitor employees—an indispensable tool in a successful performance management strategy or system.
April 4, 2016 Ashley Sutphin
We’ve talked about Zappos and their unique approach to talent management and corporate culture in the past, and lately, they’ve been making headlines for another aspect of their employment structure: the implementation of a holacracy.… read more
December 16, 2015 Ashley Sutphin
Foot Locker, a well-known retailer of athletic gear and footwear, has announced it will move toward using predictive analysis to hire employees, particularly as they face limited growth in sales and a high turnover rate.… read more
December 7, 2015 Ashley Sutphin
One of the many elements of creating a great talent management strategy is looking at how the best are doing things. According to Entrepreneur.com, McKinsey & Company is one of those leaders, as they made the list of the Top 10 Companies to Work for in 2015.… read more
November 11, 2015 Ashley Sutphin
When we talk about talent management trends and leaders we often look to large mega-corporations, but the U.S. is home to amazing small and medium-sized businesses as well.… read more
November 6, 2015 Don Weobong
Research highlighted by the Wall Street Journal shows something surprising: not only can performance reviews cause a bit of anxiety for employees, but this stress can actually be harmful. The Findings The Wall Street Journal is bringing to attention the findings of a paper in Strategy + Business written by a team of researchers from […]… read more