A Step by Step Guide to Employee Performance Management
For an organization or business to achieve organizational success, there ought to be measures and metrics put in place to measure performance. The process through which a company measures and manages the employees to achieve set organizational goals is known as employee performance management. The only way this company will achieve its goals is to treat its employees as valuable assets. Effective and transparent performance management allows a company to improve employee goodwill alongside company culture.
No doubt there is a lot of money and time spend in hiring and training a new workforce. Through effective performance management systems, the employees can decide on whether or not they need to stay with this company for several years. It is imperative that companies learn to treat their employees as partners and ambassadors, failure to which employee turnout may be worrying. By treating employees right, they will be more willing to work extra hard to achieve their set goals and targets so they can have their performance recognized and appreciated.
There are several measures and steps involved in ensuring effective and successful performance management in an organization. They include the planning, constant monitoring, regular development, review and rating and finally rewarding. When it comes to planning, an organization decides on the specific tasks that employees must accomplish within set deadlines. It is also in the planning phase that a company decides on the salaries or compensation of the employees. Step two of effective performance management entails having the system move to regular monitoring.
This phase is more about ensuring the employees are well trained and monitored on a regular basis to see how competent they are in what they have been trained on. Of importance to note here is that monitoring and development will merge here because the employee’s skills are developed and fine-tuned by the day for perfection.
Last but not least we have the rating and review phase after monitoring and development has been accomplished. This is where an organization allows the employee to know more about its rating system as they rate their performance as per their productivity. Review and rating are done on a periodic basis based on an organization’s performance management system. And when all is said and done, the employee is rewarded for their hard work based on their performance as per the measures put in place. These may include merit pay increase, bonuses, gift cards, etc. In the end, the company seeks to create a highly motivated workforce.