The days of yearly review are gone. Now leverage continuous performance management to drive engagement, retention, and culture, on a regular basis.
Wouldn’t you agree that the unleashing of the pandemic coupled with the dynamism and uncertainty is pushing businesses to rethink all aspects of their scalability, including performance management?
Invariably, there is a sentiment to move away from the traditional methods focused on annual interventions to invest into something more continuous and regular.
In this article, we will explore the rise of continuous performance management, what it means, its merits, and how you can leverage its unique capabilities.
Continuous performance management entails focusing on different performance management processes at regular intervals throughout the year, on an ongoing basis. The central focus here is to highlight the importance of a holistic performance management approach, marked by regular check-ins and frequent feedback to facilitate better business results.
Contrary to the traditional performance management approach, which solely focuses on annual interventions and check-ins, continuous performance management advocates the need to connect more frequently to foster a sense of belongingness, engagement, and an enriching experience.
You need to adopt continuous performance management to keep pace with the new employee expectations, changing nature of the businesses, and customer experiences to enable organizations to not only survive but thrive. Organizations today no longer operate in a stable environment. Invariably, goals, timelines, expectations, cannot be set a year in advance and be left to annual interventions as advocated by traditional performance management systems.
The market dynamics, cut-throat competition, and agile business conditions are pushing organizations to constantly reinvent and innovate to ensure business continuity. Therefore, performance management, monitoring, evaluation and realignment, once a year can no longer suffice the changing requirements.
Moreover, continuous performance management, by the virtue of facilitating regular connections, has the potential to foster greater communication and collaboration, which can enable businesses to thrive in a connected world. On the other hand, the traditional annual appraisal approach promotes silos in working, preventing engagement and creation of shared value.
With a firm understanding of the what and the why, let’s understand the key elements that make continuous performance management stand apart. The following four elements ensure that businesses are not stuck with rigid goals and metrics and give them the room to innovate and create value:
In a continuous performance management system, focus on dynamic goal setting with more importance towards near and short term goals. The objective here is to ensure flexibility and continuously reinvent the goals based on business needs and market circumstances. Dynamic goal setting ensures that the goals are regularly validated and updated to create maximum organizational impact.
The next element for continuous performance management is frequent and two-way feedback. There are two facets at play here.
While the traditional approach focuses on a top to bottom feedback, the continuous performance management advocates a bottom up feedback mechanism as well. Thus, the objective is to have a holistic and regular approach to feedback.
While frequent feedback is a more formal intervention, regular check-ins are an integral part of continuous performance management. Regular check-ins seek to address challenges and realign expectations during the course of a task or a project.
Instead of waiting till the end, as advocated by annual performance management, the continuous approach believes that regular check-ins between employees and their managers, amongst co-workers and across the organization lead to better collaboration, greater alignment and collective responsibility.
Continuous performance management requires organizations to introduce the element of self evaluation. Under the traditional approach, the leadership and managers are solely responsible for evaluating the performance of employees.
However, the continuous performance management approach encourages employees to evaluate their performance on a regular basis. The objective is to identify for oneself the challenges as well as the opportunities to contribute to one’s own professional development, and, thereby, further organizational growth.
The final element of the continuous performance approach for our discussion today is constant recognition and appreciation. Continuous performance management provides the opportunity to regularly monitor employee productivity and value creation, and, consequently, reward the top performers.
The idea is to appreciate efforts and good performance in real time — even for smaller wins — rather than wait till the end of the year. This has the potential to act as an incentive for the recipients to feel acknowledged and valued for their contribution as well as for others to improve and get rewarded the next time.
There are several benefits that organizations that have adopted continuous performance management claim to have reaped. Here are the top seven which make the most sense for organizations as well as individuals:
Regular check-ins, frequent feedback, and interventions lead to greater avenues for employees and managers to connect and collaborate. Employees are often more happy and satisfied as opposed to traditional performance management.
According to research, 95% of managers report they are “unhappy” with traditional performance reviews. Therefore, a continuous approach leads to a greater sense of engagement and belongingness. Employees feel a part of a larger vision when they are frequently reminded of the big picture and their contribution to the same.
Continuous performance management seeks to ensure that performance challenges are addressed in real time to augment productivity and impact the bottom line. Statistically speaking, companies adopting continuous performance feedback significantly outperformed competition at a 24% higher rate.
Therefore, continuously evaluating performance and focusing on development can lead to better financial results for the organization.
When they are constantly engaged, appreciated and included, employees’ commitment and dedication towards the organization increases. Invariably, this reduces the voluntary turnover rate and promotes greater retention.
Furthermore, when employees stay longer it creates a positive employer branding facilitating attraction of top talent, as well as building a strong succession pipeline.
Frequent check-ins and interventions not only augment engagement but also facilitate greater connectedness. Connecting and collaborating to review performance and improve it ensures that employees know more about one another, are able to build authentic relationships, and the workplace dons a more human and impactful cultural fabric.
Under the traditional performance management system, employees and managers wait till the end of the year to voice their concerns about what’s not working well, which invariably is quite late, especially in the fast paced world today. The team members of managers who provide weekly feedback instead of annual are 5.2 times more likely to strongly agree that they receive meaningful feedback. Continuous performance management enables real time feedback and improvement to ensure that only the most effective and efficient practices and processes are followed.
Continuous performance management pushes employees to work hard and give in their best all year long and not just on the days closer to the annual review. Globoforce research shows that 51% of employees believe that annual reviews are inaccurate, and 53% say it does not motivate them. Whereas, a continuous approach promotes a sense of responsibility to perform well everyday and each day counts. Invariably, this leads to a culture where high levels of performance becomes a norm.
Finally, organizations which adopt continuous performance management are agile and resilient. They are capable of reinventing their goals, processes and practices, and adapt to any changing circumstances. This agility and resilience is critical for business continuity and maintaining a competitive edge.
Despite the remarkable benefits and advantages, organizations are apprehensive and reluctant about adopting a continuous performance management approach. There are three major reasons behind such reluctance, including:
Continuous performance management requires greater efforts and interventions on the part of the managers and leaders. They often see it as an additional burden and shirk away from this responsibility as they are unable to see the immediate merits for themselves as well as for the organization.
It is important to create the right case and explain to them how in the long run, continuous performance management can create a seamless high performance journey.
It is true that frequent interventions and continuous management requires a greater time commitment than annual reviews. This is, thus, seen as a roadblock where organizations feel it is a waste of time.
However, it is important to undertake a cost benefit analysis to understand how continuous performance management holds the key to various tangible and intangible benefits mentioned above, which would require additional resources and commitment if a continuous approach is not adopted. Using a continuous performance management tool saves 100+ manager hours by automating the entire process.
Finally, many organizations do not have the right tools or are unaware about the right metrics to make sense of the value created by continuous performance. In such a situation, this transformational approach is dismissed as ineffective and not an organizational priority. Here, organizations must partner with the right platforms that can help gauge the results of continuous performance management and translate it into organizational impact.
An understanding of the key elements, benefits and apprehensions of a continuous performance management system leads us straight to comprehending how to facilitate organization-wide implementation for the same. These following six steps can enable organizations to start implementing and reaping benefits of the continuous performance management system:
It is important to start with seeking a buy-in from the leadership as well as the employees. Continuous performance management requires some investment in tools and resources to facilitate regular check-ins and frequent interactions. It also requires a mindset shift and greater effort on the part of managers and employees to connect more frequently and align performance and goals often.
Therefore, the first focus must be on getting everybody in the organization onboard with the idea by illustrating the top benefits both for the organizations (like greater productivity and business continuity) and for the employees and managers (like greater growth and development).
Manager and executive buy-in must be followed by considerable investment and focus on manager training. This involves investing in training to facilitate behavioural change amongst managers to facilitate competencies for coaching and transforming the way they communicate.
Continuous performance management requires a greater degree of communication and collaboration between managers and employees, and, therefore, investment in building leadership, mentorship and coaching skills is instrumental.
Once everyone is onboard with the right skills and competencies, the natural next step is to set goals and OKRs which are dynamic, agile and flexible. A focus on SMART goals can facilitate continuous performance management. Second, the goals must be agile and flexible. This suggests a move away from the traditional rigid goals which leave no room for transformation.
The goals should be aspirational, but at the same time must be dynamic enough to change to keep pace with the changing business conditions. Conditions like the pandemic of 2020 cannot be anticipated a year in advance, and business goals must be flexible enough to be reinvented based on the circumstances in hand.
Based on the goals and OKRs, the next step for effective implementation of a continuous performance management system is to foster a culture of 1:1 conversations between employees and their managers. These regular conversations must have a structure and cadence to ensure they are not missed out.
Such conversations can help eliminate roadblocks by discussing challenges and potential solutions. Connecting regularly also helps to build authentic relationships and breed trust. Finally, this can lead to a greater sense of belongingness, improve engagement, and ultimately boost performance.
Next, organizations must leverage different platforms that help facilitate effective continuous performance management. For instance, SuperBeings enables organizations to measure employee pulse as well as capture the level of performance with daily pulse surveys. Based on the responses, managers can align their outlook and benefit from industry best practices to create a high performance culture.
The objective is to collaborate with tools which can facilitate the process of capturing and analyzing employee data on a regular basis and translate into meaningful insights to manage and improve performance.
Finally, it is important to measure the effectiveness of the continuous performance management system and understand its impact on organizational productivity and bottom line. While some aspects of the process will work well, others will require some work and optimization to achieve the desired goals.
It is also important to gauge the level of adoption and reasons behind low adoption to address the same. Choosing a platform that integrates in the flow of work requiring zero context switching for employees and managers, thus increasing adoption.
Most fast growing organizations agree that steps for implementation coupled with a few best practices form the secret recipe for successful continuous performance management. Let’s look at the top five practices to ensure maximum impact.
The goals must be created collectively. This entails involving employees in the goal and OKR setting process to ensure a sense of commitment and ownership. When employees take part in setting the goals they tend to be more accountable. Furthermore, they have a better understanding of their role in achieving them and what is expected out of them.
Continuous performance management requires a focus on feedback from different stakeholders. This involves managers, subordinates, co-workers, professionals from other departments as well as self evaluation. The idea is to get a holistic picture of the employee’s performance, not just on technical skills and productivity, but on different ways they are able to create value for the organization.
The transition from the traditional annual performance management must be gradual and incremental. Transforming annual reviews to daily reviews in one day will topple the status quo and lead to an overwhelming situation across the organization. Therefore, annual management should be transitioned to quarterly review and interventions and with time, frequency should be increased to make it a continuous effort.
A focus should be on integrating the available technology tools with existing processes to facilitate greater effectiveness and reduce the cost and time to start from scratch. For instance, leveraging platforms like SuperBeings that integrate with Slack or MS Teams can be instrumental in promoting better and regular communication and collaboration between teams. It also helps gauging team pulse and capturing the level of performance regularly to identify areas and ways to improve.
Finally, continuous performance management requires organizations to shift away from the traditional notion of evaluation, which focuses on measuring productivity and organizational impact. Rather, the focus should be on employee development to facilitate the growth and development of the most important organizational asset and resource, the employees. The idea is to align organizational and employee goals and promote a more collaborative approach which entails impact for businesses as well as those who participate to foster its success.
As we draw this discussion to a close, it is evident that continuous performance management is integral for organizations to thrive in the new normal. On one hand, it helps meet the need of the new millennial workforce for most fast growing organizations which expect and demand frequent feedback. On the other hand, it enables businesses to stay agile and resilient to reinvent and innovate and stay relevant with the changing market dynamics.
If you are starting your journey towards continuous performance management platforms like SuperBeings can facilitate a smooth ride. With capabilities to continuously gauge employee pulse and translate it into meaningful insights for better performance and manager development, To build a high performance culture book a demo below.
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‘Onboarding: How to get your new employees up to speed in half the time’ - George Bradt, founder and Chairman PrimeGenesis
Did you know that a strong onboarding process improves new hire retention by 82% and productivity by over 70%?
However, only 12% of employees strongly agree their organization does a great job at onboarding new employees.
This clearly states that while employee onboarding has a direct impact on the bottom line, most organizations miss out on how to get it right.
Don’t let that happen to you. To onboard new employees like a pro, keep reading.
By definition, an onboarding survey is a questionnaire that is administered on new hires to gauge their initial experience and level of satisfaction, in an attempt to understand their engagement and retention potential.
As an HR, you can get multiple insights from an onboarding survey, including:
It can help you estimate how long the employees are likely to stay and how you can further optimize your onboarding process to make it more aligned with employee expectations.
An effective onboarding survey can help you reflect on your performance through the onboarding process, which directly impacts KPIs for organizational success, including:
93% of employers believe a good onboarding experience is critical in influencing a new employee’s decision whether to stay with the company. At the same time, 25% of a company’s new hires would leave within a year if the onboarding experience was poor.
20% of new hires are unlikely to recommend an employer to a friend or family member and an onboarding survey can help you identify the reasons for the same. However, new team members who were asked to provide feedback prior to their start date also had a 79% increase in willingness to refer others. Thus, illustrating how onboarding surveys and feedback can impact eNPS.
Employees with exceptional onboarding experiences are 2.6x more likely to be extremely satisfied with their workplace and 70% say they have ‘the best possible job’.
77% of employees who went through a formal onboarding process were able to meet their first performance goals. However, 49% of individuals who failed to reach their first performance milestone had no official onboarding instruction. An onboarding survey can help you determine the effectiveness of your onboarding process.
In addition, your new employees might also have an inclination towards providing feedback as a part of the onboarding survey, which you will lose out if you don’t conduct the same. Research shows that only 26% of new employees recall being asked for feedback on their candidate journey and the hiring process before their start date wherein 91% of new hires are willing to provide this feedback.
Now that you understand the importance of an employee onboarding survey, let’s quickly discuss how to effectively run an onboarding survey.
You must coincide your employee onboarding survey with important milestones for the new employee in the organization. Mostly, these milestones coincide with the end of the first few months. Thus, you should circulate your onboarding survey after 30, 60 and 90 days respectively, with different objectives for each. Furthermore, you can send interim surveys in case you feel the need, for instance, when the employee starts a project, or when the orientation process is over.
“Effective employee onboarding isn’t about swag, stickers, & company value pamphlets on their desk the 1st day. But, how you help them understand their goals & how co values are interwoven in operating are more important.”- Suhail Doshi, founder and chairman of Mixpanel, Inc.
Based on the milestones or cadence you have set up, it is important to identify areas you would want to cover with each milestone. For instance:
In the first 30 days, you should focus on themes like:
In 60 days, you can touch on themes like:
By the end of 90 days, focus should shift towards:
Once you have decided the themes, you can start building questions, a snapshot of which is covered in the next section or you can download the template now here. The themes can be fluid across milestones, depending on the context for your organization.
Once the milestone arrives, you should roll out the onboarding survey and drive participation. It is important to explain to your new employees why the onboarding survey is important and how they can fill it up. Give them the requisite time, deadlines and communicate what will be the next steps to encourage them to participate.
Simply rolling out the survey is not enough. You must reach out to your new employees to remind them to fill the onboarding survey as amidst numerous new things, they might lose track of it. Don’t push too hard, yet send subtle reminders to get genuine responses. For instance: employee survey tools such as SuperBeings integrate with chat tools like Slack, Teams, Gchat to send personalized nudges to fill out the survey in the flow of work at set intervals as well as allows them to participate directly without switching context.
Unlock a wide array of survey questions and employee analytics. See how SuperBeings can help
Once your onboarding survey responses are in, slice and dice them to get insights into what your employees feel and leverage the data points to further refine your onboarding process to facilitate engagement, retention and advocacy from the beginning.
Taking cue from the section above, here are 50+ onboarding survey questions that you can leverage to gauge the pulse of your new employees as they complete different milestones.
You can also download these questions as a template and use it whenever you need. Click here to download
By now, it would be very clear to you that an employee onboarding survey can help you in multiple ways to create a high performance culture. It can enable you to augment retention, engagement, satisfaction and advocacy among employees to ensure that there is minimal turnover and you are able to attract high quality talent. Ensure that you roll out an onboarding survey at 30/60/90 days frequency to check onboarding experience, knowledge transfer, manager support, role clarity, etc.
You should focus on other forms of employee feedback on culture, training and development opportunities, level of engagement, manager effectiveness, workplace collaboration, work-life balance, among others.
Finally, you should focus on leveraging technology and automation to add efficiency and effectiveness to your onboarding survey and process.
Research shows, automating onboarding tasks resulted in a 16% increase in retention rates for new hires.
Thus, consider partnering with a survey platform which enables you to:
When it comes to performance management for employees, you would agree that feedback plays an important role. However, only offering positive feedback and appreciating the performance of your employees is not enough. You need to give them an equal amount of constructive feedback which is specific to ensure high levels of performance. If you feel that your employees may not embrace constructive feedback, think again.
Research shows that 92% of people believe that constructive feedback is effective at improving performance.
In this article we will help you understand how you can give constructive feedback and examples you can leverage.
Constructive feedback is essentially a tool that most forward looking professionals leverage to help others in their team with specific and constructive inputs on areas where one’s performance can be improved. Put simply, if you have an employee who doesn’t pay attention to detail, constructive feedback involves helping them acknowledge that this is a problem area, and more than that, enabling them with the support to overcome the same. It involves not only identifying a performance problem, but also, providing action items and ways to address the same.
Now that you have an understanding of what constructive feedback means, let’s quickly look at some of the top reasons why constructive feedback is important. Constructive feedback:
When delivering feedback, you must understand the difference between positive and constructive feedback and ensure that you use both of them where they fit the best. Here a quick distinction between positive feedback vs constructive feedback:
In a nutshell, positive feedback is a reinforcement tool, whereas constructive feedback is a mechanism to facilitate development.
With an understanding of the fundamentals of constructive feedback, let’s quickly jump to the best practices which can help you deliver constructive feedback in a nuanced and effective manner.
The first thing you need to focus on is ensuring that the timing of the constructive feedback is ideal. For instance, a busy period when the employee is putting in a lot of effort may not be ideal for giving them feedback about their performance from three months ago. At the same time, ensure that you provide constructive feedback regularly and consistently, to avoid recency or primacy bias. However, don’t offer feedback when you are angry about their performance either.
Before you get down to giving the feedback, set the tone. Share with the employee the purpose of the meeting and make them comfortable prior to sharing your reflections. It is important that you build trust so your employees can share their perspective and don’t feel intimidated by what you have to say.
Once the context and tone is set, start sharing your reflections. Your focus should be on sharing what you have observed about their performance. However, ensure that you also share how the same is likely to impact their career growth as well as organizational success. For instance, if you are providing constructive feedback about missing deadlines, you can use the impact of losing clients for the organization and a casual attitude marker for the employee.
When sharing reflections, use specific examples of when you noticed a particular behavior. For instance, in the above example, you can share instances of when the employee missed his/her deadlines. Ensure that you use examples which illustrate a pattern, rather than a one off incident, which is very uncommon. Furthermore, always use concrete examples and not interpretation of what you hear or see.
With constructive feedback, your focus should be on helping the employee improve their performance and work on their areas of development.
However, simply pointing out their weaknesses or negatives in their performance will not help. You need to also talk about some of the positive aspects of their performance and how those qualities can help them absorb and implement their constructive feedback.
Emotional intelligence is extremely important when delivering constructive feedback. You cannot be apathetic towards your employee when delivering the same. Put yourself in their shoes to choose your phrases carefully. We will share some examples in the next section. Also, use your EQ to read the situation when you are delivering the feedback. If you see that the employee is getting uncomfortable, take a pause and comfort them first. Read their gestures and body language to ensure that the employee is not feeling attacked.
Like it or not, constructive feedback involves pointing out one’s weaknesses and areas of improvement. However, you should refrain from equating the performance of the employee with his/her personality or whole self. For instance, if someone misses deadlines, encourage them to be more organized or prioritize important work, than labeling them as a procrastinator.
While you are delivering the constructive feedback, you have to make sure it is a dialogue.
The idea is to give the other person enough room to share their side of the story.
Try to understand whether or not they agree with your feedback and how they perceive the same. They may share the lack of support or resources, which have resulted in a weak performance. Be open to some reverse feedback as well. Again, your EQ must be at play here. If your employee has an outburst, or reacts negatively, you need to stay composed and calm them down.
Once you and your employee are aligned on the areas of improvement, the most important part of constructive feedback is to provide adequate solutions to address the performance challenges. Don’t give abstract or vague solutions like be punctual if the employee misses deadlines. Rather, give very specific and action oriented solutions which are directed towards a particular outcome. The idea is to collectively understand the cause of the weak area of performance and use concrete solutions to remedy the same.
Now that you have shared some potential solutions, you must revise the top action items with your employee to avoid any confusion. At the same time, you should focus on creating a time bound plan with key milestones to ensure that development is taking place. Summarize what was discussed and how you will proceed from there. Best is to set up a date to review the progress to ensure constructive feedback is paid heed to.
Read our article on Start Stop Continue Feedback to give action oriented feedback
Here are top 20 constructive feedback examples that you can use during your next conversation. To make your constructive feedback more effective, we have also illustrated examples of what you should steer away from.
I would really like to know how you have progressed on the tasks assigned to you last month. It would be ideal if you could share a progress update on what has been achieved with a small summary of challenges/ support needed at the end of every week to ensure everyone is on the same page.
You have not kept your team updated about your work, this is highly unprofessional.
I was going through the work you submitted last week and I can see you have put in a lot of effort. However, I could see that there were some small errors and inaccuracies in the report across multiple sections. I believe that if you proofread your work thoroughly before turning it in, it will reduce the number of iterations and improve your quality of work.
You seem completely distracted as you have been submitting flawed and below average work, this will not be tolerated.
I understand that you are working on multiple projects, however, you need to ensure that the most important projects are not overlooked and their timelines are not missed. Therefore, I would suggest you create a list of tasks you are working on and check with the respective reporting managers on the priority and set clear expectations to ensure that no deadlines are missed.
You have missed your deadline again, it seems like you are not serious about you work.
I see that you have been able to achieve only a part of the goals that you set out for this year. Maybe you were trying to spread yourself too thin. I would suggest you reduce the number of projects you are working on and ensure that the goals you set you are able to achieve. Furthermore, you must be vocal about the support or resources you need to achieve your goals.
Are you even serious about your work, your level of goal achievement indicates otherwise.
I see that you have been taking some time off lately, without any prior intimation. Let’s try to understand if there is a particular reason for the same. We can work on your schedule to make it more flexible.
You have been missing all meetings lately, this tardiness is not appreciated.
I see that you are excellent at execution of ideas. However, I believe that you need to focus more on coming up with solutions on your own. I would suggest participating more in the brainstorming sessions and coming up with solutions. Try to think on your own, before you reach out to others with the problem.
You lack any problem solving capabilities, and will be stuck to execution for the rest of your career.
Constructive feedback is integral to organizational success. Here are a few things to keep in mind:
While performance management has been a key priority for organizations, for a long time, year end reviews were considered to be the most effective way to facilitate the same. However, recently organizations are observing a shift towards continuous performance management with an introduction of the performance management cycle. This article will focus on different aspects of the performance management cycle and how it enables unlocking the potential of high performance teams.
Before going into the diverse aspects, you should first understand what a performance management cycle essentially is. If you have an idea of what continuous performance management is, you’re already a step ahead in the understanding. Performance management cycle primarily is a way or a model in which you evaluate or focus on the performance of your employees throughout the year. The idea is to break down the different elements of employee performance into different stages and focus on them consistently. It starts with setting goals and ends with rewards for a job well done, which leads to setting of new goals and the performance management cycle resets.
While you may want to divide your performance management cycle into any number of stages, mostly there are four stages.
The first stage, at the very beginning of the performance management cycle, focuses on creating a plan for the performance ahead. The idea is to have a clear understanding on what your employee must achieve and how you will eventually review and evaluate them. During the planning stage, you and your team member, collectively should:
Thus, the planning stage of the performance management cycle sets the tone for the year ahead and ensures there is clarity at all levels.
Once the goals have been set in the planning stage, you enter the monitoring stage of the performance management cycle. This stage essentially focuses on ensuring that things are moving as planned. The idea is to ascertain that your team members are more or less on track for specific milestones outlined as a part of goal setting. Additionally, this stage will help you address any performance challenges that you may observe, sooner than later. Monitoring stage includes:
The monitoring stage essentially focuses on tracking the performance of your employees against the set goals to provide constructive feedback and help them perform better.
The third stage of the performance management cycle comes into existence towards the end. It involves reviewing the performance and providing ratings based on the established KPIs and metrics. While this is the formal review process, if you have been constantly monitoring the performance of your employees, this will essentially be a consolidation of all the reviews and feedback shared overtime. While delivering performance reviews, ensure that you:
Since you have been connecting regularly with your employees, the reviews will not come as a surprise to them, but will help you monitor the trends of their performance and guide the next stage for the employee’s professional growth.
Finally, the rewarding stage in the performance management cycle acts as a culmination to one cycle and sets stage for the commencement of the next. The objective is to take into account their performance over the performance management cycle and create a culture of rewards and recognition to celebrate and appreciate high performance. Some of the quick ways to reward your employees include, giving them:
This stage is important to make your employees feel valued and motivate them to keep the performance going. It will also push average performers to step up their efforts and enable you to create a high performance culture.
Now that you understand the various stages of a performance management cycle, let’s quickly look at why the performance management cycle is important for your organization. It will help you:
In addition to the above mentioned benefits, a performance management cycle can help you build a high performance culture in a number of ways. Some of the top aspects include:
What constitutes high performance can be abstract. For some, closing 5 deals can be high performance, for others, it might be closing 15. Planning stage in the performance management lifecycle will help your employees understand what constitutes high performance and thus, proceed towards it.
A key part of the performance management cycle is the rewards and recognition. When employees feel their performance is being valued and recognized, they tend to double up their efforts, leading to a high performance team.
Monitoring and tracking followed by 1-o-1 conversations can help you communicate with your employees regularly. Not only will you track their performance, but will also listen to their concerns or challenges and offer them feedback. Such conversations and feedback have a positive impact on performance, leading to a high performance culture.
One of the foundations of high performance is enabling your team members to undergo the right training. Performance management cycle can help you understand which training is important for your employees at which performance stage, realizing high quality results.
As a manager, there are several ways in which you can unlock the true potential of a performance management cycle. You are one of the key stakeholders who plays an important role in every stage of the cycle. Here are a few tips that can help you augment the effectiveness of the performance management cycle:
A performance management tool can significantly help you streamline your performance management cycle by offering the following benefits.
Get automated performance snapshots of your employee’s performance over the 9 box grid to track performance trends over time and provide reviews without recency bias.
Leverage guided templates with AI based suggestions for your 1:1 conversations with employees during the monitoring stage based on performance over time. Receive suggested talking points for goal-centered conversations.
Look at historic feedback to see improvement in performance and compare performance over time. You can also compare performance of peers over specific parameters.