- 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.
September 21, 2014 Sherman Morrison
Short answer: Plenty! Few things in life produce more moans and groans in the workplace than the mind-numbing, fear-inducing ritual of annual performance reviews. In recent years, there have been calls for companies to free themselves from this burdensome practice. See our video on performance management vs performance appraisal. If you don’t believe that the […]… read more
September 12, 2014 Don Weobong
Orbitz, National Instruments, Scottrade, Yahoo!, Chevron—what do all of these diverse companies have in common? A dedication to fostering a work-life balance for their employees. These are some of the companies recognized by Glassdoor.com for being in the top 25 corporations in terms of creating a work-life balance. Work-life balance is something we hear a […]… read more
September 12, 2014 Don Weobong
When an employee leaves a company, the exit interview, if it’s conducted at all, is probably hasty and is seen as more of a formality or technicality than an important part of the overall talent management strategy. If that’s the case, it’s time to rethink that view of the exit interview, and use it to […]… read more