Performance management is an essential process for companies to undertake regularly in order to ensure business-wide success. This involves evaluating the processes currently being used by all employees within your business, the output being generated by these processes and the benefit being reaped by the business at large. You should always then aim to grow from this point by setting achievable goals.
According to a recent Bersin/Deloitte study:
“Companies that set performance goals quarterly generate 31% greater returns from their performance process than those who do it annually, and those who do it monthly get even better results. This means employees get feedback on a continuous basis.”
Bersin/Deloitte’s study highlights the importance of regularly reviewing individual and company progress. They found that if managers do this with their employees consistently; they will build a better relationship, encourage employees to seek feedback and coaching, and achieve better results in their work overall.
An essential notion to keep in mind throughout the distractions and hustle of business management is to always provide feedback early. It is not helpful for employee growth or happiness if you only give them feedback after they have completed a task and it is unsatisfactory. Monitor them regularly and provide ongoing constructive feedback, to achieve the best results and encourage employees to grow and be happy about it. This feedback process also involves recognising employees who are doing a good job and motivate them to continue their hard work. A ‘Thanks’ goes a long way!
Managers should also recognise that personal feedback with a good balance of positive and constructive is much more effective than rating your employees on a bell curve. Employees who are shown numbers related to the under-performance will likely become disengaged, lose trust in management and pay little attention to any constructive feedback that is provided. To get the balance of positive and constructive feedback just right, we recommend that you provide feedback on a personal basis and on a regular basis too. By doing this, you will find that employees will feel more valued and will be more open to your desires and on board with achieving the company’s goals.
Although working with your employees in this manner may seem wasteful in terms of time usage, you will reap major benefits in the long term. We at Brainbox HR would like to help you implement a performance management system that works best for you. Contact us today and start getting the results you seek.