- 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.
November 18, 2014 Sherman Morrison
I’ve written in previous articles about how important it is that employees feel like they are valued members of tight-knit team. This can be accomplished through such practices as participatory decision-making that not only solicits input from employees, but actively engages them in taking that input from the divergent thinking phase into the convergent decision-point […]… read more
November 13, 2014 Sherman Morrison
If you’re considering making significant changes to your company’s PM system, it’s very useful to hear from someone who’s gone through the process, which is why I’m capping off my series of articles about performance management with a case study of a company that’s done it. Autodesk first made a name for itself with AutoCAD, […]… read more
November 12, 2014 Ashley Sutphin
As mentioned in a previous TM360 post, employers with a remote team or even just a few remote employees have more tools at their disposal than ever before that allow them to collaborate and work together just as effectively as if they were all in the same office together, even if they’re separated by continents. […]… read more
October 23, 2014 Ashley Sutphin
We recently covered some of the most common performance appraisal mistakes made by managers and companies in general, so what do you do if you see some things you’re doing wrong on the list? Correct it. A good system for performance appraisals can improve your workforce’s productivity, morale, engagement and be a pivotal part of […]… read more
October 23, 2014 Ashley Sutphin
We’ve discussed women in the workforce quite a bit recently, and oftentimes our talent management posts align more closely with the headlines than we even initially realize. One example of this came earlier this month as the Microsoft CEO, Satya Nadella, made some comments about females in his organization caused a stir, to say the […]… read more