Six Performance Management Strategies to Strengthen Your Team
By Mary Hogan
Gone are the days of the sole annual performance review. Long-term basis review formats only incentivize losing track of goals for employees that may be relevant to them at that point in time. Shorter-term and more frequent discussions about goals and growth are becoming a more effective option for managers and employees alike.
As expectations and responsibilities continue to constantly change, more organizations are implementing different strategies to deliver employee performance feedback. What’s important to remember is that one size does not fit all, and there are many factors that determine the appropriate combination.
Here are some examples of other common performance management strategies:
Clear Goals and Expectations
This is a crucial part of any performance management strategy. Setting clear goals and expectations gives an employee a sense of purpose, direction and a clear understanding of what they must achieve in their role while promoting accountability and focus. Goals should be SMART: specific, measurable, achievable, relevant, and timely.
Provide Consistent, Timely Feedback and Communication
It’s important to remember that performance should be discussed regularly, with consistent check-ins and updates. It involves timely and constructive input on an employee’s work letting them know what they are doing well and where they can improve.
Conduct Performance Review/Appraisal
This is the process of evaluating an employee’s job performance. These usually occur annually and may include a self-evaluation that gives the employee the opportunity to showcase their accomplishments and areas they feel need improvement. You shouldn’t use the annual review to bombard the employee with a variety of unpleasant surprises. The employee should always know where they stand, which is why regular feedback is so important.
Encourage and Facilitate Employee Development and Training
These are opportunities to enhance an employee’s skills, knowledge, and abilities to help them perform their jobs more effectively. These can include formal training programs, job shadowing, coaching, or mentoring.
Develop 360° Feedback Program
This process is where feedback about the employee’s performance is gathered from their supervisor, peers, direct report, and sometimes customers or clients. This tends to be more objective and helps to provide a more balanced view of the employee’s performance.
Consider Formalizing Coaching and Mentoring Initiatives
Both coaching and mentoring offer a personal and professional opportunity to focus on improving specific skills or achieving particular goals. It is important that these are conducted by skilled coaches or mentors who can build strong, trust-based relationships.
Whatever method an employer chooses, the objective is to provide impactful performance feedback, provide the necessary tools and training to deliver that feedback, and ensure that the feedback aligns with the organization’s goals and objectives. This will help shape a culture of increased employee retention and engagement that will enhance financial results.