Promotes a focus on performance metrics and measurement of achievements against metrics to improve business performance.
What is Performance Management?
Performance Management involves synergy between managers and employees in devising methods to plan, track, and review employees’ career goals, work objectives, and contributions to the company. A well-developed performance management process ensures employees receive adequate training and timely appraisals, and have clearly communicated, rewarding career growth plans. The right combination of performance management strategies results in high levels of employee satisfaction, low turnover and employees’ increased contribution towards company goals.
Predict360’s Performance Management System is a licensable standalone web-based application or can be part of an integrated regulatory change management, audit, incident, policy, procedures, competency and learning management solution. Our cloud-based technology, enables managers to target employee performance and align employee activities with organizational strategy that gives more room to mutual success for employees and their managers.
It automates performance management that allows you to increase productivity and profitability. Streamlines the performance appraisal process to promote goal achievement, productivity, continuous feedback and coaching and development.
Five Steps to Improve Your Performance Management System
The following five steps will ensure that organizations design and implement effective Performance Management processes:
1. Measurement using logic-driven analytics.
Analytics and metrics are important performance management tools for establishing standard reference points to assess performance and to statistically gauge individual and team results. Analytics helps in ensuring that employees and departments are focused on the most pivotal drivers of company performance.
2. Segment the workforce.
Differentiate employees by type of role and other factors that are correlated to performance management. Segmentation can be done on the basis of two aspects:
3. Leverage risk.
Develop processes to assess risk and distinguish between “good” and “bad” risks. Risk may have a negative connotation, but careful assumption of reasonable risk is important.
4. Integrate programs, functions and organizations.
An effective performance management system links processes to other HR programs of the organization ensuring better result measurement. An example of such a linkage is between individual performance management results and pay decisions so as to understand the implications of the employee value proposition.
5. Optimize the investment.
Organizations seeking to optimize their results and investments can differentiate according to service levels, give increased rewards, leverage for more pivotal roles and identify significant new investments that will help improve talent management.