A performance management plan not only lets your employees know how they’re doing, but also can be a way to get feedback about how your organization is doing—whether your employees are committed to organizational goals, what compensation expectations are, and what managers can do to improve morale. As the economy improves, a solid strategy for performance management that is mutually beneficial to both you and your employees is going to be the key to talent retention, a positive work environment, and the overall growth and productivity of your organization.
4 Keys to Successful Performance Management
In a recent BLR webinar, Ronald M. Katz outlined four keys to successful performance management:
- Manage performance at every opportunity. "You have to make time and find ways to get out there and manage your employees." Katz explained. "You don’t get to manage the way you want to manage; you have to manage in a way that the message can be received. When it comes to managing performance successfully, one size does not fit all. You need to make sure that you’re giving the feedback and that you’re communicating in a way that the message can best be received by each employee.
"This means you have to listen and learn each employee’s key motivators and reward and manage them according to the way they need to be managed. Manage them in the way that will ensure they give their best to the organization.
- Improve your own performance. "You cannot improve your own performance at managing performance by only doing it one day a year." Katz pointed out. You have to do it every day and not think of it from a single, annual performance review but as a comprehensive performance management process.
- "Develop your employees and they will reward you with greater performance." Developing employees also improves morale and increases retention.
- Motivate and reward stellar performance. Motivation doesn’t necessarily require cash outlay. In fact, it doesn’t have to cost your organization a cent. Instead, you have to understand the employee’s key drivers and their key motivators and motivate and reward their performance in a way they will truly appreciate.
For more information on the keys to an effective performance management process, order the bootcamp recording of "Employee Performance Management: Retain Top Talent, Improve Productivity, and Stay Competitive." To register for a future bootcamp or webinar, visit http://catalog.blr.com/audio.
Ronald M. Katz, SPHR, is the president of Penguin Human Resource Consulting, LLC. He consults and trains in performance management, staffing, diversity, sexual harassment and fostering intergenerational harmony.