Performance management is a critical aspect of organizational success. Uncover the five key drivers that can propel your performance management strategies to new heights, fostering a culture of continuous improvement and high productivity.
Performance Management Drivers
Managers need to buy into and be an active part of the performance management process
- High performing individuals and teams have a big hairy audacious goal (BHAG) that drives their performance
- Organizations should place an emphasis on smaller goals that align employee performance with that BHAG
- Learning and development activities provide employees with the knowledge and skills to do the work
- Make performance management part of workplace culture with ongoing conversations
Be a great employer
Build a solid employment brand
- Apply for “best places to work” awards
- Offer a competitive compensation and benefits package
- Have an employee referral program
- Consider boomerangs
- Boomerangs allow employees to leave, gain new skills, and return with a fresh perspective
Mastering this list is a journey
If the list were easy, everyone would have nailed it by now, and we’d all be working on high performing teams or something else.
- It’s easier said than done, and it’s not for everyone
- However, it’s a great list and well worth the journey.
When do you conduct the interview?
Wait until after the person announces their resignation.
- The purpose of an exit interview is to find out what that’something’ was that made an employee start looking in the first place – i.e., check out job opportunities on LinkedIn, take the search firm’s call, engage a headhunter etc.
Good news is that today’s technologies can support many of these performance management drivers
But technology isn’t a substitute for training or effective management or accountability
- Organizations need to have excellent processes
- Not taking the time to define the process isn’t fair to the technology, manager, and all of the employee
Competition in the labor market
There are 2 types of competition when it comes to talent: general competition and industry-based
- General competition applies to all jobs, and is the result of low unemployment, increased voluntary quits, etc.
- Industry-based competition is specific to a type of work, like technology talent in Silicon Valley
- It could be based on a highly technical position
Recruiters should help hiring managers understand the connection between cost per hire, turnover, and the hiring process
Give candidates a realistic job preview
- Make it easy to apply
- Create a community where future candidates can learn about the company
- Promote your company brand
- Train hiring managers to interview well
Managers can learn a lot on the job
Here are some skills that organizations want to see in managers from day one: Verbal communication, Written communication, Critical thinking, Decision making, Asking questions, Listening, Customer service, Stress management, Conflict management, and Customer service
- If organizations want managers to be effective, they need to help them learn all the skills, not just a handful
Employee retention continues to be an issue for organizations
Conducting exit interviews can be a valuable experience for any organization, provided it is done for the right reasons and with proper planning
- The best reason to conduct exit interviews is to get information about an employee’s experience with the company
- A few questions to consider when planning the exit interview process
- Who would conduct the interview?
- Many companies have an employee’s supervisor administer the interview. This might not be a good idea, especially if the employee had an issue with their supervisor
- Another option is to have HR conduct it, but it is unlikely that employees will want to open up to HR
