Have you ever wondered whether the time and energy you put into performance management is actually worth it? Have you ever wondered whether there is any value in performance management?
There’s been a lot of discussion lately about those exact questions, about the value of formal performance evaluation systems, and whether organizations should continue to have annual performance reviews. While some companies have completely abandoned formal rating processes, others have modified their existing systems to make them (hopefully) more meaningful.
When done correctly and consistently, performance management can result in significant positive outcomes for both you and your employees. Here’s how you can both benefit:
- Your employees become active participants in the entire performance management process.
- You and your employees gain clarity and agreement about expectations, objectives, and how job performance will be measured.
- You increase your ability to accurately assess employees’ skills and abilities as they are applied to assignments, projects, and goals.
- You can provide meaningful feedback to employees on a regular basis and foster improvement and career development throughout the year.
- You have on-going opportunities to recognize and acknowledge outstanding performance.
- You can more easily identify areas for improvement and provide employees with the necessary support needed to make the required improvements.
- You and your employees will be able to identify training needs.
- You and your employees will be able to identify obstacles to performance and improve their ability to remove those barriers.
- You will have on-going opportunities to renew your employees’ interest in being a part of the organization.
- Your employees will feel they are taken seriously, and you can demonstrate your interest in their needs and goals.
When performance management is done on a consistent basis with the employees’ active involvement, you’re more likely to get the performance you desire and you’ll create a more productive working relationship with your employees.