Performance management has been incorporated in every company’s managerial structure, but often the process is subjected to hurdles. Therefore a pragmatic framework consisting of ten facets has been discussed.
The Decagon Antidote
1) Set Goals Effectively
Setting up of effective goals requires a plethora of factors to be taken into account. The crucial factors require the goals to be Specific, Measurable, Achievable Relevant and Time bound. A handy acronym to condense these factors is SMART.
2) Begin with Performance Planning
The managerial team and employees need to collaborate, document and discuss the relevant goals, to chalk out an action plan towards the achievement of these goals.
3) Ensure an Ongoing Process
It’s vital to set the ball moving in terms of performance management by forming closed loops such as goal setting and performance planning. Performance planning is a closed loop by itself, which should be repeated timely with required changes.
4) Improve Productivity thorough Better Goal Management
Goal management primarily is about reviewing the set goals and marking its progress while constantly reforming based on change in factors.
Managers should pay attention to employee’s inputs and incorporate them in changing the goals if required.
5) Gather Information from a Number of Sources
Objectivity can be achieved by accumulating important data with respect to call records, sales reports or deadline reports and a 360° feedback process which involves the fusion of employee feedback and self assessment.
6) Document, Document, Document
Documentation should contain events, which have occurred in the process of performance management.
These documents can aid as a timelines and as a reference during event reoccurrences.
7) Adequately Prepare and Train Your Managers.
Skill sets such as, dealing with employee motivation and behavior, awareness, and tackling conflicts is essential. Sensitizing managers towards employee comfort zones and competencies is imperative.
8) The Review
Preparation prior to the commencement of the employee meeting is crucial, past documents can be referred to streamline the process. The manager should pilot the meeting with a perfect balance between open mindedness and seriousness. It’s important to note that irrespective of the proceedings of the meeting, it’s mandatory that the employee will have to sign the appraisal.
9) Link Performance Management with Rewards and Recognition.
Fairness is important when equating performance to a system of rewards and recognition.
Transparent and clear documents bundled with formal and informal events marking the recognition among employees are essential in creating job satisfaction.
10) Evaluate and Encourage Full Participation and Success
To promote complete participation, a routine environment needs to be employed.
A Feedback system should be incorporated to every day elements tailored with the visibility of goals. An automated system can be adopted to provide further alignment.
Effective performance management is not always an easy task, but progressing towards a long-term vision by making manageable changes, step-by-step, will bring about significant results.