Performance Management

What is Performance Management?

Performance management involves open communication between employers and employees about their contributions and if those contributions assist in achieving the company’s major objectives. Providing feedback, setting expectations, and discussing performance results help to focus business, corporate, and personal goals.

Why is Performance Management Important?

Workforce engagement and a positive corporate culture are critical for retaining high-performing employees in a tight talent market. If the work environment fails to foster transparency, support communication, and make people feel valued, employees are likely to disengage and look for jobs elsewhere. However, too many employers still rely on periodic, backward-looking performance assessments that do little to drive engagement and productivity. To nurture and develop top talent, you need a flexible, data-driven performance management approach that enables you to continuously assess, coach, and recognize employees for their achievements.

What is the Scope of Performance Management? 

Performance management is essential for both small and large businesses, as well as both new and experienced companies. Improvement of all corporate and personal aspects foster expansion of business, alongside employees who are more and more qualified. Beyond recruiting and having the best employees, you need interactive succession planning tools to identify and prepare that talent for advancement or promotion into more challenging roles within the organization. Interactive succession planning charts and graphs help you develop a talent pipeline and build bench strength with employees who have the current skills and potential that can help them either move up in an organization or on to other positions.

The Performance Management Solution

Our performance management solution, a module in our unified human capital management (HCM) suite, helps eliminate complex, paper-based forms; streamline the performance review process; and support development of both salaried and hourly employees. The solution makes it easy to create, assign, and complete assessments based on defined criteria and automate the review cycle to reflect established processes. Alerts and reminders keep form submissions and approvals on track for more timely review completion. Even more important, it enables you to define cascading goals and track progress throughout the year — not just at annual review time — to measure how employee performance affects business outcomes and to support effective coaching and development.

Performance Management Solution Benefits

Key benefits of our solution include:

• Aligning the organization by defining cascading goals and tracking performance at the corporate, group, and individual levels.
• Increasing engagement and retention by enabling managers to continuously monitor employee goals and deliver ongoing feedback.
• Identifying and developing top talent with succession planning tools that help you build and maintain talent pools.
• Saving time and streamlining processes with online review forms and automated workflows that support a paperless HR environment.
• Linking compensation to performance with a Merit Matrix that establishes guidelines for awarding pay based on performance rating and pay grade segment.