The 5 Elements of Performance Management Success

The 5 Elements of Performance Management Success - KeenAlignment

The talent management consultants at KeenAlignment know that performance management success can only be achieved if you have the following five key elements in place:


1. Planning and Expectation Setting 2. Monitoring 3. Development and Improvement 4. Periodic Rating 5. Rewards and Compensation

If you don’t have the five key elements in place in your performance management system, you are never going to have a performance management system which encourages success and nurtures a true sense of worth at work for your employees.

When we look at each of the performance management areas above in a little more detail, we understand a little more about what each stage entails and how they contribute to the overall success of your performance management system in order to create a happy and successful workforce.

1. Planning and Expectation Setting Goals must be set, the means by which those goals will be evaluated must also be made clear and a specific time frame must be outlined and then adhered to. Performance management success requires clear goal setting.

2. Monitoring The performance management consultants at KeenAlignment can help you in many ways with the monitoring element of your performance management system. We are aware of the best performance management tools and techniques on the market today that can help track the ongoing progress of your employees in a simple and quick fashion.

This means that your employees will also be able to keep track of their performance at work, which will give them ownership of their own development; an essential quality to cultivate in an effective employee.

3. Development and Improvement Once you have monitored your employee for a specific period of time and through a number of ways, you will need to encourage further improvement and development.

If an employee is on target to meet his or her goals, the shrewd and effective performance manager will not stop there, but encourage ways in which to help the employee exceed and go beyond their indicated goal. Successful performance management always strives for more and we can help to show you how to find further ways of stretching the capacity and potential of your employees.

4. Periodic Rating It is important to avoid waiting until judgement day when working on strengthening your performance management system.

You will have outlined your cut-off point for reaching the goals that you set, but in the interim period it is essential that you provide some kind of feedback or rating to help your employee realize whether or not they are on track in terms of meeting that future goal.

Some employees see their development clearer than others. Some employees don’t realize until the last minute that they are not going to achieve what they have been asked to achieve. They over estimate their capabilities and do not plan ahead. This is why the successful performance manager learns to provide periodic ratings in between the setting of the goal and the evaluation of that target.

5. Rewards and Compensation In some ways, the rewards and compensation stage is the most important element of all when looking for performance management success.

Why?

Because if you want a good employee to continue to achieve and develop, they need to feel recognized and appreciated; there needs to be some kind of end to encourage the next round of triumphs.

The performance management consultants who work for KeenAlignment have an endless list of ways in which to reward and offer compensation to your employees when targets are met or even when targets weren’t met, but your employee did everything possible to try to get things done.

We spend our time showing you how to reward your employees; how to put the final cherry on the performance management success cake and take your happy workforce on to the next level.

For more information on performance management techniques, systems and advice, contact us today and explain to us a little about what your current needs actually are.


ABOUT THE AUTHOR:


keenalignment ceo Margaret Graziano