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Future of performance management

13 Jun 2021 | BY JYOTI GOSALA, THE HANS INDIA

The successful ingredients of any business lies in the way performance management is addressed and managed. It's crucial for the success of any business entity. Employee engagement, Customer Relationship Management, Thought Leadership, High performance cultures, Professional growth of employees, and Strengthening the employer and employee relationship, and People management skills have to be a key focus.

Standardized performance techniques open up the professional pattern in assessing the potential employee growth and development. Though there are many ways to conduct the performance reviews, the conventional has been outdated for reasons that it is less connected to the stakeholders and the timing is rather long. Without reaching out to the employees on a constant basis, there would be a stop gap approach.

Every review undertaken by the management, must balance the past with the future aspirations. Upscaling opportunities, orientation on growth and development, skilling initiatives should be introduced to cover any gaps. And those with latent talent, have to be trained for leadership and management roles. Learning has to be continuous which enhances the overall growth of an employee.

Performance management is all about training the best to meet greater milestones in a challenging and complex environment to make them better. With business objectives thrust on an employee, the management has a great expectation from the recruitment stage to the advanced growth level by creating bonhomie towards a greater contribution.

With focus on overall development, it is through performance management techniques sustainability is created by building the goals of the company. Focus is on team building, individual assessment, customer management and gauging the performance of the company and employees which have to be aligned to meet the goal sets. The lifetime of an employee contribution is taken into account and is simply not about a measurement metric tool. Interactivity and learning platforms have to be consistent to bring out the best in employees towards a performance management training.

Performance Management Process

The process consists of four key steps which include the planning phase, employee assessment, performance recognition, and career development. Performance management planning includes identifying both long term and short term goals. The goal sets should address their objectives in attaining them. Goals have to be attained with a time frame set which will help on further evaluation. Employee performance assessment is now conducted on a regular basis with self evaluation models, short term and more consistent.

Appraisals are now more frequent than limited to a yearly assessment. Recognizing the good work of employees boosts morale and enables them to perform better. With an ongoing regular assessment process one can expect the best results from employees who are energetic and thriving. Career development of the employees keeps them engaging in new initiatives by helping them to do better. Opportunities for the overall growth and new skilling has to be provided by the management. Good platforms at the top-down and bottom-up approach will help all in improving skills.

Performance Management Tools

Performance based tools are a key ingredient for sustaining the employees and building the productivity of an entity. Relationship building across all levels is crucial.

Good Feedback: Good feedback system addresses any potential gaps in assessment by straight conversations way through feedback which has a direct impact on the employers. Feedback can from any source directly be affected with the work of an employee.

Balanced Scorecard: With clear-cut goals, strategy and planning, actionable goals and measurability, one can attain a good balanced scorecard generating the over- all results.

Rewards: Recognition for good work comes through perks, financial grants, promotions and other tools for building one's career. To keep employees motivated, one has to pep-up their good contribution. This will further enhance their potential to contribute better. Building a system which has to gear up to meet the demands of the workforce, performance and behavior, good effective programs to build the employees has to be a priority. Good efficient systems contribute to the overall growth of employees and build them up with higher training to meet the demands and competition.

A crucial attribute of an effective performance management program is the ability to adapt. With changing scenarios, one has to look ahead and mould one's pathway. Managing employee performance problems, with a great performance management system has to be in place. When not met, steps to address crucial problems have to be done.

Evaluating the ingredients of high-performing entities and people, the organization and its culture, recognizing the latent talent pool which comes with high end performance, envisioning the mission statement with vibrant communication techniques and measurability of results, use of technology, having some attainable goals with self driven performance management, handling constraints, importance of skilling and performance optimization and good team performance by scaling in performance measurability will be a way up.

For leaders in authority, establishing a performance driven culture is very crucial in bringing out the best of latent talents in people and honing them for greater pathways. This helps the organizations to stay in highly charged environments. Self development along with growth of both the individual and organization help navigate the most unchartered territories. Measurability of skills and upscaling them based on the need, will win many brownie points.

Measurability of an organization lies in overall performance through engagement, customer relationship management, and revenue generated. The barometer of an organization is its people who value the goals of the organization and keep on building way up. Building people, appreciation, and an enthusing workforce wins back the trust.

When the emotional factors of people are taken care of, they take extra effort in contributing. Also when employees are prepared to face a crisis, they take greater effort in contributing to the growth of the company. It's only during a crisis, disruptive thinking takes shape which enhances the overall contribution of the entity, and builds value creation.

ARTICLE BY THE HANS INDIA

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