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Performance Management
People don’t leave jobs; they leave bosses. One of the main reasons they do is they don’t receive enough feedback. They lack the coaching and mentoring that would help them improve their performance.
The advantages of an effective performance appraisal system are many: better performance, improved relationships, coordination of personal goals and business objectives, identification of high potential individuals, and justification for monetary rewards. Yet, creating or improving a performance management system is a daunting task, and much depends on the efforts that go into crafting the system.
Objectives
- Create a system that helps you attract, develop, and retain top talent.
- Learn a systematic feedback method for giving better, more specific feedback.
- Acquire the skills to execute performance reviews.
- Reviews will provide useful and honest feedback to employees and will occur in a systematic and timely fashion, when there is still time to take corrective action.
- Each employee will have a development plan.
Benefits
- Lower turnover will save the company 1-4 times each person’s yearly salary. The contributions of “A” players is immeasurable but can conservatively be estimated to be 4-10 times their yearly salaries each year they are with the company.
- Underperformers will be identified early so corrective action can occur.
- Marginal performers will be given feedback about improvement opportunities, thereby moving their contributions closer to 4 times their yearly salaries.
- The time to fill openings will diminish and the caliber of applicants will improve when the company has the reputation of hiring high potentials, creating a type of magnetism for other “A” players, both inside and outside the organization.
- The company will have a mechanism for linking performance with compensation.
Process
- Create a system that avoids end of the year “post mortem” appraisals.
- Oversee writing or rewriting of job descriptions for salaried positions.
- Identify company wide and area specific competencies and goals.
- Assist in writing the appraisal instrument.
- Assist in creating measurement criteria and performance objectives for key positions.