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What is Effective Performance Management?

Posted by: Sarah Hamilton | February 21, 2017

Home/ Blog / What is Effective Performance Management?

Effective Performance management is much more than simply following regulatory requirements to annually rate employee’s performance. It involves synergy at all organizational levels, in devising methods to plan, track, and review employees’ career goals, work objectives, and contributions to the company. Several different steps go into good performance management.

Performance Management

An effective performance management is the systematic process of:

  1. Planning– setting goals and performance expectations for individuals and groups to direct their efforts toward achieving organizational goals.
  2. Monitoring Performance- continuously measuring performance and providing ongoing feedback to individuals and groups on their progress toward career goals, work objectives, and contributions to the company.
  3. Addressing the Development Needs- developing the capacity of employees to perform through training, giving assignments that introduce new skills or higher levels of responsibility, improving work processes, etc.
    This strengthens competencies and job-related skills, and helps employees keep up with changes in the workplace, such as the introduction of new technology.
  4. Rating performance– evaluating employee or group performance against the set standards and elements and assigning a summary rating of record.
    Rating helps organization to look at and compare performance over time or across a set of employees. It also helps in identifying the top performers.
  5. Rewarding– recognizing employees, individually and as members of groups, for their performance and acknowledging their contributions to the organization’s mission.

An effective performance management process ensures employees get the ongoing coaching, feedback, and development they need to succeed in their roles and deliver the results organizations need in order to grow their business. It helps companies boost their profits and reach company goals more effectively.

Predict360’s Performance Management System enables managers to target employee performance and align employee activities with organizational strategy. It automates performance management and streamlines the performance appraisal process to promote goal achievement, productivity, continuous feedback, coaching and development.

About the Company

360factors, Inc. helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures, risks and controls, audit and inspections, safety management systems and on-line training and qualifications, in a single cloud-based platform.

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