- 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.
January 17, 2015 Sherman Morrison
In my last article, I asked the question, Are You Ready for Generation Z? I think many would have to answer that question with a firm no. After all, it seems many organizations are still trying to figure out how to manage their Gen Y workers, the so-called millennials. Well, while some of you are […]… read more
December 31, 2014 Ashley Sutphin
The New Year is officially upon us and maybe you feel it’s time to get rid of an employee – or a few employees – who aren’t performing or who are toxic for your corporate culture. It’s never easy to fire anyone, but it comes with the territory as a leader. Of course you never […]… read more
December 23, 2014 Ashley Sutphin
Undoubtedly JetBlue is an innovator amongst airlines. While larger competitors like Delta and Southwest seem to constantly face tumultuous situations and customer dissatisfaction, JetBlue has emerged as the underdog that still knows what it is to provide superior service to customers.… read more
December 23, 2014 Ashley Sutphin
Employee morale and engagement may wane throughout the year, but perhaps one time of year employees seem to be most uninspired is right after the New Year. Employees have enjoyed the excitement surrounding the holidays, and as they head into a new year the winter slump tends to take over. So how do you start […]… read more
November 26, 2014 Sherman Morrison
In this continuation of exploring the performance appraisal process, I’m drilling down into the how and who that need to be taken into account. When it comes to the how of performance appraisal, there are six major categories of methods commonly used. Which one or ones you go with will depend on the specific, unique […]… read more