Modern Performance Management Approach

In the modern business environment, effective workforce management has become the key driver of success and effective Performance management plays an important role here. The way the performance management system is defined, and executed catalyzes the productivity and boosts the morale of the employees.

Here are couple of tips that you may use in your performance management to Empower your employees:

# 1 The Right Performance Management Framework

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As a business leader, you understand the importance of transparency. The lack of visibility about the workflow on how employees are defining their goals and their alignment to organizational goals creates an incoherence and leads to disengagement. Before the Goal setting starts, choose & define a suitable framework as per the organization requirements & objectives

TIP - Understand different frameworks. Framework can be

MBO (Management by Objective)- Improve the performance of an organization by clearly defining objectives that are agreed to by both management and employees.

BSC (Balance Score Card) – Translate an organization's mission and vision into actual (operational) actions (strategic planning).

OKR (Objective key Results)- Create alignment and engagement around measurable goals.

#2 Share the Big Picture

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“If employees aren’t aware of the company’s larger goals, it’s difficult for them to relate how their work contributes to the fulfillment of these, thus affecting the Engagement in their work.” Define and communicate the organization’s goals and strategies & show them a linkage of different day to day operations with the broad objectives. If you want your employees to be vested in the company enough to give their best, it is crucial they know exactly how their role fits into the big picture & the value they bring

TIP - Use cascading of goals to involve employees and make goals meaningful for them

#3 Mentor Employee by Providing the Real-Time Feedback Instead of Supervising them

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According to Gallup, millennials require more feedback than other generations do, despite that only 19% of them say they actually receive routine feedback. As the millennials are increasingly becoming the majority of the workforce, it is time to re-look at the old performance management process where the employees were held accountable for past behaviours. We should move towards a process which is constructive to engage in an open dialogue on employee contributions throughout the year.

TIP - Define the milestones for each goal, provide real time feedback and do frequent reviews of the milestones 

#4 Utilize Performance Management Software

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An online Performance management system can really streamline the performance management strategies. Technology not only streamlines the processes but also make organizations future ready through predictive analysis and succession planning.

TIP - Request for PossibleWorks PMS track demonstration. https://info.peoplecart.com/recognition-engagement-platform-demo-request 

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