Performance Management. What do managers and employees usually think when these words are mentioned? Time Consuming, Stressful, loss or productivity, inaccurate. The amount of time needed to set-up and administer a performance review process is counter-productive and paradoxical. The reason for this is that until now, there have not been any solutions available to reduce the footprint of a performance review and at the same time make it beneficial and aligned to specific business benefits.
There is work need to assist HR managers establish a Performance Review process that is easy and effective. The balance between, words, ratings, knowledge capture and learning is key. Without automation, the ability for a tailored review process to be implemented and run well, is not possible. So much time and effort spent creating a process that cannot easily be administered.
The start of an effective review process is based on a Mission. How many people know and understand your businesses mission. Missions are usually set in stone and don’t change. The mission will mean that during a period-of-time, announcements need to be made based on changing strategy. It could be that due to an upturn in the economy, the business is focused on expansion. This message needs to be able to be communicated to the people and defined at a departmental level. Based on strategic direction, Jobs Descriptions, Skills, Goals, Values etc may need to change. Which intern means that the next Review process will need to reflect the change. The ability to execute and deliver these changes is key to the competitive advantage of the business. Without dynamic Performance Management Software, that can be used to deploy these items, it’s simply not possible to adapt.
Another big cost to an effective Performance Management, Performance Review process, is the use of information for the review process itself. Historically, Managers and employees need to rely on external sources like e-mail and memory, to have input into the review. Now, there is HR Technology that allows, information to be captured in real-time based on feedback, which can then be brought through into the review period.
Microlearning is also critical to an effective review process. Shorter, more measurable burst of learning between people within the business needs to form part of the review. What use to be known as PDP’s are not taking the shape of real-time learning instances which can be brought through once again into the review period. Another outstanding benefit for Microlearning is that knowledge can be captured and shared using knowledge base repository where knowledge can be harnessed and shared. Knowledge and IP loss can cost a business tens, if not hundreds of thousands of dollars.
Smaller, more frequent rewards based on Microlearning, Dynamic Performance Management will also improve the consistency of Performance and Engagement. Being able to allocate managers with reward bonus budgets will empower people and create lasting and sustainable employee, manager relationships.
All of these aspects need to be bundled together into a dynamic, real-time learning and performance management process. The businesses that are smart, who see the value in the latest performance management software, will reap the rewards associated to executing this well.
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