What is Performance Management? It is a shared understanding between yourself and your staff on how they are going to contribute to your companies goals.
An effective performance management process focuses on aligning your workforce, building competencies, improving employee performance & development, and driving better business results.
Performance management success can only be achieved if you have the following six key elements in place;
Planning and expectation setting, including employee goal setting / objective setting,
Monitoring,
Staff development and improvement plans,
Periodic rating,
Rewards and compensation,
Performance Diagnosis and coaching.
The overall goal of #performancemanagement is to ensure that the organisation and all of its subsystems (processes, departments, teams, employees, etc.) are working together in an optimum fashion to achieve the results desired, some of which could be;
Improved organisational performance,
employee retention and loyalty,
improved productivity,
overcoming the barriers to communication,
clear accountability, and
cost advantages.
Save time and reduce conflicts, ensure efficiency and consistency in performance.
If you think that your company's annual performance appraisal or review means you're doing performance management, think again!
What are some ways that managers can immediately improve their performance appraisals? You could;
Use the appraisal document as a discussion starter,
Provide regular employee feedback,
Make the Discussion two-way,
Use employee self-appraisals to set the stage.
There are four functions of management that span across all industries. They include: planning, organising, leading, and controlling. You should think about the four functions as a process within your organisation, where each step builds on the others.
Organisations that get performance management right become formidable competitive machines 🎯📈
As Henry Ford said,
“Coming together is a beginning; keeping together is progress; working together is success.”
Cheers,
Mark
mark@mark-lumley.com
#businesstransformation #milestones #accountability #plantoachieve #success #business #planning #coaching #businessplanning #communication #businessgrowth
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