With over three decades of experience in the corporate world, particularly in HR, I have come to realize that the growth of an organization is dependent on very few areas, and one of them is performance management. Let me share with you some of my insights on this matter.
Many organizations struggle to create an excellent working environment but not a lot of them realize that for employees to deliver and perform according to the company’s needs, there must be efficient performance management measures set in place.
Performance management helps company managers monitor and assess the work of their employees. At the same time, it assists in developing appropriate frameworks for long-term workforce success. As we all know, a huge chunk of a company’s accomplishment depends on the empowerment and engagement of its employees to its goals. Therefore, without effective performance management set in place, it is almost impossible for an organization to achieve growth and success.
Here are some practices that I believe can supercharge your company’s performance management.
Communicate performance objectives
Let’s start with the basics. Employees need to fully understand the goals and purpose of the organization, for this will be the foundation of their service. When organizational purposes are effectively communicated and regularly instilled in your employees, they tend to have clearer direction. And when teams have a good understanding of what their roles are and what they are expected of, they develop a deeper sense of responsibility as part of the company. As a result, they feel more connected and more motivated to deliver more meaningful outputs.
Use the OKR method
The Objectives and Key Results (OKR) method is not entirely new, but I believe it is one of the most effective ways to monitor the company’s performance and identify areas that need improvement. This goal-oriented management tool, which can be done manually or through software, can help your company set specific goals, assess, and track the results.
Goal-tracking is an essential part of this method because it helps the company visualize the progress and organizational success in detail. Through the OKR method, it is easier to monitor the overall performance of teams and departments according to the schedules and goals set by the company.
Provide regular feedback
Never underestimate the power of feedback. Regular feedback is essential in creating a working environment that values quality performance. A constructive and timely criticism, for instance, can help motivate a team even more, while uplifting their morale and affirming their contribution to the company. Feedback does not only promote performance improvement, but also strengthens the relationship between employees and managers, as well as increasing employee retention rates.
Set progress meetings
Progress meetings are important for employees to know what is going on within the organization. Set a time to meet with your team and discuss the progress of your operations and the objectives that are yet to be met. This could be done weekly, monthly or on a quarterly basis depending on the needs of your company.
If you believe operations are going smoothly and goals are achieved within the targets, meetings could be held less frequently. However, failure to achieve targeted goals means something needs to be immediately addressed; hence, an emergency meeting with the whole team is necessary. Make sure crucial issues are discussed and ways on how the team will move forward are planned out.
Acknowledge efforts
Another thing I have learned through the years is that appreciating the efforts of your employees goes a long way. In fact, I look at it as one of the key secrets to a company’s long-term success.
Take note that appreciation does not only mean rewards and incentives. While material gifts and cash incentives, for instance, matter to employees, it is also important to make them feel valued and that they are much more than being simply an asset to the company. Treat your employees as part of the family and this will inspire them to be more motivated, goal-oriented, and loyal to the organization. A simple act of gratitude also provides a great deal of motivation to the whole team to give their best performance or even go beyond the extra mile.
There is really nothing new about these practices, but I strongly believe that they are key to effective performance management. This is especially true when they are done consistently and properly. Businesses, big or small, should be able to realize the importance of these steps because when they do, it is easier to advance and achieve growth in this fast-paced and highly competitive business world.
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