Performance management not only includes assessing how employees are performing in their jobs, but also aligning individual goals to overall organizational goals, and keeping employees satisfied so as to retain them. Addressing this issue in Houston, Taleo Corporation in a white paper identified best practices in performance management and the technology behind these practices.
To ensure that organizational workforce is performing at the highest levels, there is the need to ensure that everyone is working on the right goals. Below are five steps to effective goal management:
Define Business Strategy
Establish Quantitative and Qualitative Employee Goals
Define Employee Expectations
Align Employee Goals to Broader Organizational Objectives
Communicate Shifting Priorities
When performance reviews are automated and integrated with individual and organizational goals, performance management transforms and everyone benefits. The following steps can help ease off the once dreaded annual exercise becomes a proactive process that ensures everyone in the organization is on the same page.
Provide Continuous Feedback
Ensure Performance Review Compliance
Access and Administration
A critical key to ensuring that the performance management strategy is effective not only includes automation, but also easy access to information. By taking the following steps organizations will be able to provide employees easy access to information. In addition, administration of performance management processes should be driven by best practice workflows that guide everyone through each step.
Give Employees Their Own Website
Gain Easy Access to Employee Records
Customize Workflows to Your Specific Needs
Once performance data is in place, such data can be used to assign compensation cycles that fit the budget and meet the guidelines for merit and bonus allocation. The following steps will enables organizations to develop a pay-for-performance strategy to reward employees for meeting key objectives, and reap the benefits of reduced turnover, reduced costs, and sustained competitive advantage.
Allocate Cycles to Fit Your Organization
Plan Effectively For Increased Efficiency
Gain Control and Oversight
Retain Your Best Employees
Reporting and Analysis
A good performance management solution provides the ability to capture and report metrics.
Organizations can view key performance and compensation metrics through intuitive graphs, tabular data, and custom reports. This Talent Intelligence enables organizations to:
o Drive immediate action by aligning talent management processes with business objectives.
o Gain visibility into your workforce and put the right people, with the right skills, on projects that drive business objectives.
o Improve the quality of hire by identifying your top performers, where they came from, and their tenure.
o Ensure future success by building a strong leadership pipeline.