Performance Management is critical to business continuity and is a key business imperative to align individual expectations with business strategy.
The trend in performance management is to take a more agile approach that reflects the employees’ expectations of greater feedback and considers the needs of the multiple generations in the workforce.
Managers are being asked to coach and guide their employees, allowing them to manage performance and their careers. Today’s performance management system is a more active and interactive process that demands more frequent conversations, establishing stretch goals, and empowering employees not only for their performance but also for management of their careers.
A competency based approach is linked to greater impact
Performance management systems need to measure both “what” is required to be performed in a particular role and “how” it should be done. The “how” is also referred to as competencies. Before an organization can adequately manage performance and individual development, it is critical to not only know the competencies needed for employees to achieve its growth strategy for today but also into the future. Research points to the use of competencies as having a significant impact on ROI. Organizations are also able to link competencies with expected outcomes, such as profitability, increased revenues, customer satisfaction, and employee engagement.
Catalyst's perspective on employee performance assessments
We believe structure and systems should be as simple as possible while effectively supporting decision-making, planning, and performance monitoring. Performance management processes fail when they are cumbersome and the effort is not equal to the reward or gain for either the employee or the manager. Experience tells us that it is best to build a process and system that is easy to use, sustainable, and simple. The use of employee performance assessment data should be targeted and effective.
A Partner You Can Count On
Contact Catalyst to learn how we can help you develop and implement a practical approach to performance management designed to align individual and team efforts and outcomes with what is required to achieve organizational success.