Three Top Strategies for Effective Performance Management

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Three Top Strategies for Effective Performance Management - TalentVine Blog

 

Manage your employee performance and create a balanced scorecard for your business

Effective performance management comprises a major part of working in Talent Aquisition. However, establishing an efficient and cooperative workspace is not an easy task and requires constant effort which is rewarded in spades when done correctly. Effective performance management is creating a work environment that actually gets a team closer to their goals and keeps everyone aligned in the process!

People often confuse performance management with annual performance reviews but that’s a different kettle of fish. Plus, if you’re only checking in with your team once a year then they are likely going to be missing the mark and risk being disengaged. However, performance management is more than just performance appraisals.

It includes competencies such as:

  • Job Knowledge
  • Leadership
  • Interpersonal relationships
  • Attitude and teamwork

Effective Performance Management is an umbrella term for:

  • Setting expectations for performance at work, meeting set targets and planning how they will meet these expectations.
  • Regularly monitoring employee performance and checking in through regular conversations or reviews.

Effective performance management is what leads to organisational growth and success whilst ensuring that an organisation is working at its best.

So, how can you strategically manage your employee performance?

1. Follow the 3D’s- Define, Deliver and Discuss.

To communicate and canvass company goals and performance objectives.

Your employees cannot perform efficiently if they are unaware of your organisation’s goals. Misalignment with organisation’s value proposition and economic logic can lead to losses and staff turnover. Therefore, it is highly important to outline and communicate your organisation’s objectives and strategies. Additionally, meetings and regular follow-up sessions will aid in checking the progress of employees. This doesn’t have to be formal. Grab a coffee, go for a walk and check in regularly as opposed to archaic formal processes that take place at such long intervals that half the issues that have arisen have already been forgotten.

2. Use Peer Reviews.

To foster an effective co-working environment.

A great way to foster effective performance management is by utilizing peer reviews aka 360-degree reviews. This will allow employees to praise their colleagues and identify areas for growth that managers may not have spotted. Additionally, they can highlight positive aspects of their performance and areas of improvement. Most importantly, employees will work collaboratively and build better communication.

3. Pre-emptive Management and Recognition.

To ensure that your employees always know what is expected of them.

The best way to guarantee results is by making a fair playing field where expectations are set. Additionally, you can implement rewards and practice pre-emptive management. Managers should gauge the experience of their employees periodically and provide feedback. Subsequently, they can let employees figure out how they can meet their goals.

Conducting effective performance management reinforces strong skillsets and positive behaviours. Additionally, it helps to set a clear path for improvement. However, it should be done in real-time.
Performance management is not an easy field to navigate. Above all, employee wellbeing should be a businesses’ priority. Although, these three strategies seem simple, they can work wonders when done correctly.
Implementing it in your organisation’s day-to-day routine will make the most of your employees. Conducting feedback sessions, regular coaching and reflections form a strong culture. Most importantly, it creates the right work environment for your organisation to thrive.

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