- 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.
October 4, 2014 Sherman Morrison
This website and its blog articles are full of all kinds of ideas for how your company can make the most of its talent. But what about YOU? In addition to managing the talent at your company, don’t forget to manage yourself and your own personal brand. Personal branding is a hot topic these days, […]… read more
October 3, 2014 Sherman Morrison
Research shows that employees, and especially new hires, want a lot of support to be the best that they can be for your company. If that support is not provided, workers are apt to become disengaged, which unfortunately covers 70% of the American workforce (source). One way to counter disengagement and provide employees with the […]… read more
October 3, 2014 Sherman Morrison
Employee disengagement is a serious issue facing workplaces today, with 70% of employees feeling disengaged from their work (source). That lowers productivity, and businesses are losing as much as $550 billion a year because of it. That percentage of employees who are disengaged hasn’t budged much in recent years – in 2011 it was 71% […]… read more
October 2, 2014 Ashley Sutphin
Here’s another one of those buzz words in the workplace – transparency. It’s not just the work environment where we’re hearing it thrown around – we also hear it frequently from our elected officials, from the media, and from just about anyone in a position of power. There’s a reason it’s a good word to […]… read more
September 30, 2014 Sherman Morrison
Big Data and analytics have arrived to HR, and companies that embrace them dramatically outperform the 86% that still focus on reactive and operational reporting (Bersin by Deloitte). Achieving and sustaining competitive advantage requires graduating from HR metrics to strategic workforce analytics and planning. These trends are both exciting and overwhelming to many talent management […]… read more