What is Performance Management

Performance management is a new concept, people have heard and talked about it for decades. But What is performance management? And how important is it to have it on your organization?

In this section we will talk about :

  • An introduction to performance management
  • The performance management cycle
  • How performance management will improve your business

 

An introduction to performance management

The objective of having a performance management is to empower and develop your employees. Managers and employees will work together to plan, monitor, and review to make sure employees will reach their full potential.

 

The performance management cycle

Performance management that happens only once a year is not the best practice. To be effective companies have to conduct reviews and coaching more frequently during one year. There are three phases on the cycle :

  1. Phase 1 – Planning
    • Planning is crucial where managers and employees will sit together to:
      • Set the goals and targets for the employees based on the employee’s job description to determine if it reflects the work that the employee is currently doing. It is possible that there is a promotion or job title change that affects targets and goals.
        • When setting targets and goals always remember the SMART concept. S-Specific, M-Measurable,A-Attainable,R-Realistic,T-Time-bound.
      • Come up with the correct strategy and timeline to tackle goals and targets
      • Identify training that will be relevant to the employees to help improving his or her skills, knowledge, and competencies.
      • Develop a succession planning for a long-term career planning.
  2. Phase 2 – Monitor
    • Continuously monitored performance management system is proven to be the most effective approach. Synergo made monitoring performance easy by providing analytics and reports. During this phase the employee and manager will meet to :
      • Assess progress towards goals and tasks.
      • Identify any obstacles that prevents the employees from meeting their targets.
      • Determine and adjust the targets and goals (if necessary).
  3.  Phase 3 – Review
    • Synergo offers a full 360 degree review that will start from: self review, manager review, peer review, and subordinates review. This phase is an opportunity to summarize and highlight the employee’s performance over the period. In this phase, employee and managers will meet to :
      • Summarize and see the complete picture of the achievement during the period relative to the goals that were set at the beginning.
      • Discuss the challenges and develop training and development plan to encounter those on the next review cycle.

How performance management will improve your business

Synergo collects the data and keep all of the company’s information about their employee’s performance on a centralized, cloud based system that allows for faster, more accurate performance management. With our data analytics and reporting, companies can get insights to help their business decision in seconds. An efficient and streamlined performance management process is key in increasing employee’s productivity and overall business performance.

Summary
Article Name
What is Performance Management
Description
The objective of having a performance management is to empower and develop your employees.
Author
Publisher Name
Synergo
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