A Step by Step Guide to Employee Performance Management
Every company must have metrics and measures put in place to track and measure performance. As such, performance management is a process that can be defined as measures put in place to track employee performance to be able to ultimately account for organizational success. The only way this company will achieve its goals is to treat its employees as valuable assets. Through performance management, an organization can improve not only an employee’s goodwill but also company culture.
It is true most organizations today will spend so much time and money on hiring and training the best human resource. Through effective performance management systems, the employees can decide on whether or not they need to stay with this company for several years. It is imperative that companies learn to treat their employees as partners and ambassadors, failure to which employee turnout may be worrying. Treating employees as business partners provides an opportunity for growth and a motivated workforce willing to put in the extra effort.
There are several measures and steps involved in ensuring effective and successful performance management in an organization. They include the planning, constant monitoring, regular development, review and rating and finally rewarding. When it comes to planning, an organization decides on the specific tasks that employees must accomplish within set deadlines. The planning phase further entails having the management set aside the salary or wages commensurate to the nature of tasks that need to be accomplished. Once the right candidate for the job is hired, the performance management system goes onto the next phase which is monitoring.
Through monitoring, an organization can know whether the employees are performing their tasks as trained and as expected per the company policies. Of importance to note here is that monitoring and development will merge here because the employee’s skills are developed and fine-tuned by the day for perfection.
Last but not least we have the rating and review phase after monitoring and development has been accomplished. Most organizations will allow employees to learn about their rating system as they score their performance based on their productivity. Of equal importance to keep in mind here is that the review and rating process will be done periodically based on a company’s performance management system. Ultimately, the employee will get a reward for their productivity based on their performance as per the metrics and measures put in place. There are organizations that will offer monetary compensations such as bonuses, pay increase on merit, gift cards, while others will extend incentive-based rewards. The ultimate goal of this entire process is to have a motivated workforce.
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