An organization which nurtures employee development and growth with a robust performance management system will only be able to conduct a fair employee review process. It’s safe to say that performance management and employee appraisal go hand in hand to facilitate authentic work relationships. Hence we have curated a list of top 5 performance management practices which are essential to evaluate employees – right from inculcating technological intervention to manual analysis.
1. Goal-Tracking Software
Integrate your performance management system with the latest technology – it will allow you to track progress against the goals of every employee on a regular basis. Automate the process by inculcating a goal-tracking software in the system for effective employee evaluation process throughout the year. It will not only help with appraisals but also improvise performance plans to increase employee productivity and prepare for contingencies caused due to missed deadlines.
2. 360-degree Feedback
Peer to peer recognition also known as 360-degree feedback is another great performance management practice for employee appraisals. It allows every employee in the company to praise their colleagues for the positive aspects of their performance along with self-evaluation. The final feedback/result is eventually compared to the employee’s self-assessment. It’s a common practice among organizations which keeps employees motivated to work harder and increase their productivity.
3. Aligning PMS by Objectives For Performance Appraisal
The larger objectives/goals of an organization should be used as a standard to evaluate performance appraisal. It requires mutual collaboration between the manager and the employee to discuss and set objectives beforehand to gain clarity. The best way to do so is to encourage employee participation in the review process itself. The organization’s core competencies/values should reflect in performance appraisals thoroughly to bear results.
4. Rewards & Recognition
Employee productivity should always be in sync with rewards and recognition. Keep their performance levels rising requires an engaging work culture. Hence managers should incorporate incentives/rewards to keep the employees motivated to perform better and reach excellence. Appraisals don’t hold any significance if there’s no improvement in employees’ performance, hence it’s essential to value them and boost their self-esteem when they cross milestones.
5. Consistent Training & Coaching
Providing employees with the right resources for career development will empower and motivate them at every step. Performance management practices should include inculcating skill development programs and training sessions which will encourage competition and better results in performance reviews.
Connect with us today if you’re looking to integrate a holistic performance management system in organization.