When staff find it hard to define performance management in a workplace, the result is an organisational culture that fails to create an engaged workforce. It's impossible for staff to align themselves with your business’s core strategies, goals and objectives without effective feedback and communication strategies in place.
Investing time and resources into making performance management the responsibility of employees and managers can yield some very worthwhile increases in company value, operating income and shareholder returns.
Think outside the box to drive performance
Performance management in most organisations typically takes the form of an annual performance review where employees and management meet to discuss workplace achievements and performance. They may meet in person, or exchange documents, to give and receive feedback and to set goals and expectations. The employee then returns to work feeling either chastened or encouraged. But does anything really change?
Good HR management will intuitively know the areas within a company where performance needs addressing. Thinking outside the annual performance review can drive higher performance by engaging and supporting employee development in the form of mentoring, volunteer work, coaching sessions and access to appropriate resources such as books, journals, podcasts and webinars. Investing in employee development not only allows an ongoing dialogue of meaningful feedback to be established within the workplace, it also increases the retention of skilled and experienced staff.
Train managers and supervisors to become coaches and leaders
Effective performance management also involves training and developing managers and supervisors into effective leaders. Managers should receive training on the art and science of giving performance feedback both formally and informally. Managers with good leadership and supervision skills are essential to retaining and developing high performing employees.
It’s important to not just pay lip service to the definition of performance management. It should be an ongoing process of communication between employees and management, creating a sense of ownership and accountability for company goals. It allows managers and supervisors to determine what motivates employees to work smarter and evaluate obstacles that impede efficiency.
At its most basic level performance management is resource management. The most valuable resources a company has are high performing employees. A well implemented performance management program allows you to identify, capitalise on and develop more of these highly valuable resources.
If you need help to better define performance management in your workplace, talk to the team at Harrison Human Resources. Consultants are available today to help you make the most of your valuable company assets.