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7 Must-haves for a Performance Management Makeover

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1 7 Must-Haves for a Performance Management Makover | As a business leader, chances are you've seen the attention the reinvention of performance management is receiving in both human resources professional circles and the business press (Forbes, Huffington Post, New York Times, WSJ, etc.). This might have you questioning whether or not updating your performance management system could have a positive business impact for your organization. It surely hasn't escaped your notice that the growing list of companies who have blazed the trail (Netflix, Oakley, New York Life, SAP, Deloitte, and Microsoft— to name a few) are experiencing results such as revenue gain, increased employee engagement and customer satisfaction, outperforming the market, attracting top talent over competitors, and/or increased profitability (Conference Board, 2014). In considering replacements for your legacy performance management approach, there is no one- size-fits all approach. Replacement re-engineering requires careful consideration of each organization's unique needs. From my work with clients, however, I have seen a set of seven best practices emerge as critical fundamentals: 7 Cadence of the process is established based on the cadence of your business, not an arbitrary annual occurrence. 6 Managers and performers are partners in the process. Performance management is not something done to the employee. 5 Process is owned by the business and supported by HR—no longer an HR compliance exercise. 4 Organizations have a values culture that is authentic, transparent, and celebrated. This is necessary in order to conduct frank and honest performance-based conversations. 3 The process is easy and simple to use. Support tools are easily accessible and are not overly engineered. Tools contribute data for business applications (succession planning, talent management, compensation/rewards, etc.) 2 Measurement (formally "ratings") is focused on "performance impact" and is future focused vs. assigning a "grade/evaluation" to past performance, with the requisite need for wasteful "calibration" meetings. PERFORMANCE MANAGEMENT 7 M U S T- H AV E S F O R A by Tim Blakesly | Senior Partner at Millennium Leadership Makeover

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