Performance Management Strategies
Performance Evaluation is not a new concept in working world. It has been commonplace over the years. The need of the hour is for effective Performance Management to evaluate it accurately and precisely over the plethora of significant parameters. The performance of an employee in an organization depends upon various factors like accomplishment and implementation of tasks assigned to him/her, his/her potential, objectives, behavior, attrition risk, reduction by attrition etc. Research proved that these factors can be measured minutely and exactly by working with top 4 business strategies:
- Goal Planning as a crucial phase of performance management: Design and assign SMART action plans to inspire and persuade employees according to specific department and role to achieve their goals that must be in turn aligned with the motive of achieving organizational objectives. SMART plans like Individual development plan (IDP) and Career development plan (CDP) together govern performance management of the employee by increasing employee engagement whereas Performance improvement plan (PIP) and Succession development plan (SDP) reach deep inside the organization, align with business requirements, and drive better business results.
- 9 Box Grid as a versatile tool for evaluating performance: The 9-box grid is a versatile tool for evaluating an employee’s current benefaction and advance level of benefaction to an organization. As an employee can be judged over various frameworks like performance & potential, objectives & behavior, attrition risk & loss of attrition etc. simultaneously by providing ranks (high, moderate, low). After that the actions must be taken as per these rankings, for instance, an employee with low potential but high performance needs to be motivated in his/her assigned tasks or an individual with high performance and low potential needs more advanced level of training in his/her domain.
- Consolidated Performance Reports: These report statistics can provide an ability to analyze, compare and keep track of an employee’s performance score across multiple portfolios like objectives, core values, job competencies, behavior and many more when consolidated for an overall average over multiple time spans(quarterly, half yearly, yearly or even a number of years).
- 360 Degree Feedback as reactions to an employee’s performance: To measure an individual’s performance minutely develop a kickback culture in your organization by designing and distributing a feedback template consisting of few questions pertaining to the performance of the employee among his/her manager, peer group, subordinate, and the employee himself (self appraisal) so that you can have a look at different perspective of wider community to analyze high-quality employee assessments.
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