It’s That Time of Year Again –
Yes, it is hard to believe that we are quickly closing out another year! With that said, it’s also time to prepare for year-end performance reviews.
Managing employee performance deals with an organization’s strategy, processes and practices with respect to establishing performance expectations for its employees, along with measuring and monitoring the results. Effective performance management is about leadership, interpersonal relationships, constructive feedback, and teamwork. Effective implementation of a good performance management program can help significantly improve a company’s overall business performance, increase employee engagement and create alignment of goals at all levels of the organization.
It is important to note all that falls under the umbrella of performance management:
Setting expectations for work performance and planning ways to meet these expectations
Monitoring employee performance with check-in meetings monthly or at least quarterly
Offering rewards and praise for good performance throughout the year
Proactively handle disciplinary issues by doing monthly or quarterly touch base meetings
Start out by trying these 3 Strategies:
- Define and Communicate Company Goals and Performance Objectives
Your employees cannot meet your performance expectations or company goals if they are not clearly outlined. Sometimes employers are not as clear as they could be when outlining their goals or company objectives. When you are outlining goals and objectives, repeat the message often so that it sinks in, offer visuals (such as an office chart and e-mail) so that employees have a reference, and most importantly, hold meetings to check in on progress throughout the year. - Offer Frequent Performance Feedback
Managers will also need to check in with teams and employees periodically not only to gauge progress but also to provide feedback. Good performance feedback reinforces strong skill sets and positive behaviors while showing opportunity areas with a clear path for improvement. Timely performance feedback is the best way to affirm your employees and should be given in real time and integrated into company culture. Conducting focused touch base meetings quarterly or even monthly is a great way to reinforce good performance and proactively address poor performance. - Preemptive Management and Recognition
Preemptive Management is all about communicating with your employees and letting them know what is expected, what is not, and how to meet the goals that have been set. This means that your employees know what is expected of them and eliminates the guesswork. This is critical for new employees during their initial onboarding period in the first 90-100 days of employment.
Rewards, or incentives, are also an effective way to show employees that you care, that you see their efforts and are pleased with their performance, and that you want them to keep up the good work.
These meetings should have clear objectives including:
- Discussing Praises and Areas that Need Work with the Team
- Recognizing Those Team Members Actively Meeting their Goals and Objectives with Rewards or Incentives
- Discussing Plans for The Next Phase of Projects
- Discussing Company Data: Revenue, Customer Involvement, Marketing and Campaign Success, Etc.
These strategies for effective performance management can work wonders when embedded into your company’s culture. Consistent feedback and communication lead to higher job satisfaction for managers and employees alike while helping the company stay focused, meet goals, grow revenue and increase profitability. What’s not to like about doing this?