The Role of Performance Management in the Company's Success

Performance Management in the Company's Success

Performance management is an integral part of the business managing and measuring its performance. In its turn, the business development planning is much more powerful if it is an integral part of the company's performance management process. Moreover, performance management should not be only a process of documenting and delivering feedback, but a powerful tool for helping employees develop and achieve their full potential. Only, in this case, employees can increase their value to their company and will be able to help the company's success.

Practice the employee’s self-assessment.

A practice of the employee self-assessment can be used for the purpose to get your employee's perspective in their performance. This is a way to help your employees feel more engaged and give them a voice in the business process. Getting the employee's perspective is an inestimable way to get more information about his/her performance.

Solicit the multiple feedbacks.

Collecting feedback from anybody (managers, peers, subordinates) who works with the employee and even from your customers will help you to avoid the manager’s bias and know your employee's performance broader and more objective. It is especially helpful in the case of some conflict or tensions present between the manager and employee and when managers don't work directly with their subordinates. Feedback from multiple, credible sources makes it more objective.

Give employee goals a larger context.

Giving employee goals a bigger context helps your employees to understand why their work is important and how their work contributes to the company's success. This allows employees to feel that their work matters and increases employee performance.

Integrate development planning with performance management.

The development planning is much more powerful and effective when it is integrated with the performance management process. Use the performance appraisal meetings to discuss your employee's short and long term career aspirations, and to investigate opportunities for preparing the employee for advancement within your company.

Implement pay for performance.

Employees should know the rewards and compensation for their performance. Integrating performance management with compensation management allows employees to know that compensations are fair.

Performance Management System