Today’s Tuesday quick thought is on Performance Management.
For a number of years now, the highest ranking problems that companies are facing revolve around the recruitment, retention, and engagement of employees -- particularly high performers.
What it takes to keep these employees is performance management. I’m going to elaborate on this in a later piece this week, but here is the outline for successful performance management.
Job clarity - the leader(s) have to understand why this job exists and what it is accountable for. This needs to be communicated to the employee so that it is clear what everyone expects. The best way to approach this is by benchmarking the job.
Alignment - the leader(s) need to hire someone who is a good fit for the job. This includes the technical as well as the personal. Again, this is best approached from a benchmark.
Feedback - leaders and the direct reports should be talking regularly about performance. Ongoing coaching is good, and a more intentional review should be done every 4 - 6 months.
Development - based on feedback and reviews, the leader(s) and employee identify areas for improvement/development and go after them.
Those are the steps for successful performance management. I’ll talk in more detail and about implementation in the longer upcoming piece. We can put together customized benchmarks and performance management processes for your company to generate more ROI - contact us for more information.