Ongoing Feedback – Key To Successful Performance Management
Organizations need to perform well in order to continuously sustain and secure their positions in competitive business landscapes. To perform well, the contribution from each of its employees should be optimal. And needless to say, therefore the need to effectively manage performance is critical to the growth of any business. One way in which organizations manage performance is by implementing the performance management systems, more commonly known as the performance appraisal system.
As we all know, performance management is a process that provides feedback, accountability, and documentation for performance outcomes. Regular performance management initiatives and feedback ensure that everyone coordinates their individual goals with those of the organization. It helps employees to channel their talents toward organizational goals. Thus achieving true alignment between performance management and organizational strategy and ensuring that everyone is working toward fulfilling the same business mission.
However there are many times that performance management fails to deliver its expected outcomes. This is because it is viewed as a bureaucratic system set in place by the HR department which occurs annually. Let’s take a strategic look at the performance management process with the help of a SWOT analysis for better understanding:
Performance evaluations can provide meaningful feedback to employees to help them better themselves professionally and personally.
Managers and employees who use the evaluation process to set performance goals can steadily increase job performance and overall human resources productivity over time.
Making personal development a priority in your human resources department can help garner deeper loyalty in your workforce, as well.
Evaluating individual and group performance can also help ensure that pay raises and other incentives are distributed equitably to high performers, rather than being based on politics, nepotism or simply length of service.
Human handicaps such as the propensity to place more emphasis on recent events rather than events further in the past can dampen the equity of a review. Hence, it fails to accurately judge employee performance.
In most workplaces annual performance reviews are used as the only opportunity to tell employees what’s working and what’s not. Employees should be provided with necessary resources to improve themselves constantly and should know the importance of continuous learning and a performance management system.
Performance evaluations are performed by a person, which always leaves room for human error. Using people to judge and assess other people brings a range of challenges to the table, such as political influences, emotional influences and interpersonal issues.
Records-based performance evaluations can help companies identify rising stars, potential high flyers and weed out unproductive employees and employees that threaten the harmony of workflow.
Programs like Let’s Buzz enable HR’s and leaders to assess employees on the basis of their passion, dedication and ownership towards their KRA’s and accordingly groom them based on their individual requirements.
If employees feel they’re being treated unfairly in an evaluation, especially when pay raises and incentives are on the line, they can become extremely dissatisfied.
An inaccurate performance review system can cause high performers to leave the organization, or it can spread discontent throughout the informal communications network of the company.
The halo effect may prevent a manager from objectively evaluating the employee on all-round performance criteria thus risking employee disengagement which could eventually lead to a toxic workplace.
When managed and delivered effectively, performance appraisals are an excellent way to communicate with employees, set goals, review progress and motivate workers. However, owing to the above weaknesses and the threats of the traditional performance appraisal systems, organizations are looking at developing newer systems where employees hear regular and constructive feedback. In a way, a new method of performance management has emerged which relies on continuous feedback rather than a one time annual activity.
How continuous feedback accentuates the salience of Performance management::
Investing the right amount of time, effort, and resources in performance management can ensure better organizational standards and engaged workforce, therefore yielding better and more performance-oriented results. All this can be achieved easily with the help of a freewheeling constructive feedback system.
Constructive feedback is vital to an employee’s ongoing development. From high flyers to under-performers and everyone in between, employees need timely, specific, and helpful feedback to reach their full potential. Positive and constructive feedback helps build confidence, and clarifies expectations allowing people to learn from their mistakes. But even the best talent programs won’t work if your people managers and your employees aren’t held accountable for participation.
One might think it’s the function of the HR department and successful implementation and reasonable appraisals at the end of the activity are usually deemed as success. Anything else is mostly deemed as a failure. Here’s an obvious hint for you! It’s not just the HR department or the people managers. The entire organization holds accountability for this process.
Both employee and manager need to be constructive and more responsible. Performance management is effective when employee receives regular, valuable feedback and acts proactively to assist in the pursuit of furthering career goals and supporting the organization. While the leaders gain insight into workers’ skills and close any skill gaps. Thus linking performance management with organizational planning, systems, and processes.
Many also think that appraisal (measuring performance) is the only necessary branch out from the performance management system. This, however, isn’t true. Once the performance management is accomplished, it is also important to understand what actions need to be rewarded and how. This is where the reward management system steps in. Besides measuring employee performance, giving them actual feedback for their improvement, it is also necessary to acknowledge them for their outstanding performance and reward them accordingly. This tie up between the reward and performance plays a key role in driving employee retention and their commitment to work, which ultimately improvise the engagement factor of the employee.
We’ve seen how managing performance assumes importance when trying to develop an engaged workforce. The transition from a one time annual activity to a regular/continuous feedback system is not easy , but nonetheless, it must be done for superior organizational alignment. It helps to have a program that allows quick and easy rewards and social recognition.If you agree, then let’s Buzzz is just the tool for you! A simple and easy platform that allows peer-to-peer recognition and allows you to reward actions and achievements that benefit the organization, all with just one click !
Let’s Buzzz enables you to reward employees on their performance and achievements in real-time. Want to know more, click here to request for a demo.