What is Performance Management?
Performance management is a constant process of two-way communication between managers and their employees throughout the year. This includes addressing any concerns of the employees, clarifying organizational goals, laying down objectives, conducting performance evaluations, providing feedback, and reviewing results.
Why is Performance Management important?
- It helps both employees and employers prepare quarterly, half-yearly, and annual performance review
- It helps streamline the annual appraisal process
- It allows employees and managers to be on the same page and collectively work toward a common organizational goal
- It helps managers understand any issues their employees are facing at work
- It helps employees clarify doubts and understand the deliverables and key result areas (KRAs) better
- This process helps employees to become more open to receiving constructive feedback
- It facilitates constant communication between managers and employees
- This helps employees feel valued at their job
The Performance Management Cycle
The performance management process or cycle has five key steps:
Planning
The planning stage is all about setting employees’ goals and communicating these goals with them. Managers must share a clear set of expectations with their employees for them to know how to perform better at their job and do it successfully.
Monitoring
In this phase, managers are required to constantly monitor the employees’ performance on the goal. Most companies use performance management software applications to track employee growth and productivity.
Developing
This phase includes using the data obtained during the monitoring phase to improve the performance of employees. This could include setting up seminars for employees to interact with experienced professionals, enrolling employees in eLearning courses, providing opportunities for employees to learn new skills through job rotation, asking employees to participate in simulation tests, and more.
Rating
This stage could include managers rating their employees on the basis of various factors such as performance, punctuality, communication skills, retention skills, learning abilities, and more to provide 360-degree feedback.
Rewarding
Acknowledging and rewarding an employee’s good performance is essential to the performance management process, as well as an important part of employee engagement and growth. Employers can do this by giving them monetary rewards, appraisal, social recognition, and more.
What is the Partnering for Performance course all about?
Managers often view performance management as being primarily the end-of-year performance review. In truth, performance management is an ongoing, year-round function. The annual review is merely the culmination of the performance conversations that have taken place throughout the year. In this course, managers learn how to:
- Collaboratively develop performance goals
- Provide feedback and coaching toward those goals
- Review performance results
Course Outcomes:
- Use a three-phase process to effectively manage performance
- Assess employee strengths and development opportunities
- Apply the SMART goal-setting formula
- Help employees prepare for the goal-setting discussions
- Apply follow-up techniques to ensure commitments, goals, and standards are being met
- Apply a structured approach to conducting the performance review
- Use language that focuses on development vs. criticism
- Establish a safe climate for collaborative performance discussions
- Apply collaborative techniques to create a two-way dialogue
- Handle difficult performance discussions
Conclusion
Often companies prefer to only have an annual performance review in the interest of time but the only way to ensure the success of performance management is to treat it like an ongoing, continuous, and evolving process. If you’re a manager looking for best practices for performance management to ensure employee growth and overall organizational growth, then Partnering for Performance is the most suitable course for you.
Contact P2L to enroll today!