(512) 943-6800

Request A Demo
TalentGuardTalentGuard
TalentGuard
  • Products
    • Career Pathing
    • Certification Tracking
    • Competency Management
    • Compensation Planning
    • Development Planning
    • Learning Management
    • Performance Management
    • Succession Planning
    • 360 Degree Feedback
    • Skills Assessment
  • Services
    • Consulting
    • Competency Frameworks
    • Career Resources
  • Resource Center
    • Learning Center
    • Blog
    • HR Definitions
  • Partners
    • Our Partners
    • Become a TalentGuard Partner
    • Referral Lead Registration
    • Partner Learning Center
  • Company
    • About Us
    • Leadership
    • Board of Directors
    • Events
    • Clients
    • Case Studies
    • Press Releases
    • Media
    • Careers
    • Worldwide Office Locations
  • What is Your Challenge?
Menu back  
Performance Management
3 Steps to Better Performance Management TalentGuard

3 Steps to Better Performance Management

The days of the traditional performance review are behind us. Today, 75% of companies surveyed either have switched, are switching, or are planning to switch to a more updated performance model in an effort to boost employee engagement and drive productivity. Defining that model, however, is a difficult task, as each organization is unique. Following these three steps, however, will ensure an effective transition.

 

1) Increase Transparency. Employees can better align themselves and their goals with company values and benchmarks when they have a clear understanding of how embodying those values and meeting those benchmarks impacts their day-to-day work life and their overall compensation package.

 

Ask yourself whether all of your company’s employees can fully explain the organization’s performance management process and the link between their overall performance and their pay. Do they know what all the benchmarks are and how they were chosen? If not, consider filling in those gaps in knowledge with clear explanations.

 

Transparency builds trust, and trust is a crucial element to organizational success. High trust in the workplace not only makes a company a top-ranked place to work, it also makes a company more than two-and-a-half times more likely to be a high performing revenue organization. The most trustworthy also have been found to consistently outperform the S&P 500. That’s a high reward for a little clear communication.

 

2) Build a Mentoring Culture. With increased transparency, employees have all the knowledge they need to know how they’re doing in their current roles and what they need to accomplish to grow in those roles and/or to take on new ones. However, if they don’t have any way to act on that knowledge, it won’t be of much use. Creating a mentoring culture, however, ensures they can put their knowledge to good use by asking for feedback or coaching when they need it.

 

Make sure they have access to educational resources, including experienced members of your team. Most companies focus too much on formal education and career development, when research shows that approximately 80% of learning takes place in an informal environment. A mentoring culture helps adjust this error by encouraging questions, discussions among peers, and on-the-job learning.

 

3) Give Employees the Wheel. Once you prioritize transparency and foster a mentoring culture, your employees will know where the company is and where it wants to go. They’ll also have the tools and resources necessary to help you get there. Once they have that knowledge and opportunity, it’s easy for them to adjust their day-to-day tasks to propel the company forward. Don’t tell them how to do their jobs. Tell them what you want the company to achieve, and let them figure out how to get you there. The more active your employees, the higher their engagement, their performance, and your overall productivity.

 

Transitioning from a traditional performance management model doesn’t have to be difficult. Implement these three steps, and watch your company culture, performance, and revenues bloom.

To learn more about Performance Management best practices, view the following resources:

Blog: The 5 Ways Your Performance Review is Failing Millennials

Webinar: Career Pathing: Is It the New Performance Appraisal

White Paper: How to Successfully Implement Performance Management

 

performance management
Related posts
Career Pathing: Bridging the Performance Management Gap
Bridging The Performance Management Gap With Career Pathing
November 5, 2018
Continuous feedback performance management
How Continuous Feedback Actually Improves Performance
May 22, 2018
Employee Mentoring Performance Management
Driving Performance with Employee Mentoring
May 8, 2018
The Benefits of Continuous Feedback
Understanding the Benefits of Continuous Feedback
July 17, 2017
One Performance Management Change
One Performance Management Change That Can Boost Employee Engagement and Performance
January 24, 2017
Performance Management Adapting to the Times
Is Your Performance Management Process Adapting to the Times?
January 10, 2017
Recent Posts
  • Why Job Roles Matter
  • How to Design a Succession Planning Template
  • What’s the Difference Between Skills and Competencies?
  • AI in Talent Management
  • The Key Takeaways from HR Tech 2020
Helpful Webinars
Succession Planning: Building Your Bench Before the Trade Deadline

Succession Planning: Building Your Bench Before the Trade Deadline

Download
3 HR Trends to Implement Career Pathing for Employees

3 HR Trends for Implementing Career Pathing for Employees

Download
Career Pathing: Is it the New Performance Appraisal?

Career Pathing: Is it the New Performance Appraisal?

Download
Human Resources Today
PRODUCTS

CAREER PATHING
CERTIFICATION TRACKING
COMPETENCY MANAGEMENT
COMPENSATION PLANNING
DEVELOPMENT PLANNING
LEARNING MANAGEMENT
PERFORMANCE MANAGEMENT
SUCCESSION PLANNING
SERVICES

CONSULTING
COMPETENCIES
CAREER RESOURCES

PARTNERS

OUR PARTNERS
BECOME A TALENT GUARD PARTNER
REFERRAL LEAD REGISTRATION
PARTNER LEARNING CENTER
RESOURCES CENTER

LEARNING CENTER
BLOG
HR DEFINITIONS
UPCOMING WEBINARS
COMPANY

ABOUT US
LEADERSHIP
CLIENTS
CASE STUDIES
PRESS RELEASES
MEDIA
CAREERS
WORLD WIDE OFFICE LOCATION

 TALENTGUARD
1120 S Capital of Texas Hwy Suite 105
Austin, Tx 78746

512-943-6800

   
© Copyright 2017 | Privacy Policy | Sitemap | Google+

Request A Demo

Please complete the form to request a demo.
  • This field is for validation purposes and should be left unchanged.