In due course of time, performance management from being an annual process have shifted to be a continuous process. Months on months strategies to improve performances are thought by the management teams. It has become a continuous process of setting goals and evaluating progress.
An effective performance management system to set clear expectations and mechanisms to improve work process needs to be continuous to be sustainable and to bring better results. To devise an effective performance management strategy we should consider the below steps:
- Identifying the expectations as per organization current structure and culture. Set the plan as per existing organization size, financial status, market position and culture.
- Calculate measures to evaluate the results before implementation. Think of all possible situations and solutions that might bloom in future.
- Set regular intervals for evaluations to be updated about the progress of strategy.
- It is very important the document the plan to refer for the future
- Communication the plan to the teams and department for effectiveness
- Monitor the process through measures set in the planning phase.
- Include feedbacks to reflect on the actions implemented to improve performance management
- Be open to changes even in initial phase of implementation to improve on the plan
- Use data to take crucial decisions
- Develop a regular reporting cycle so as to keep significant information updated
- Summarize the accomplishments against the goals set. This should include capturing key results and shortfalls of each objectives.
- Build a learning environment to learn through cross-departments ideas.
- Design a suitable compensation system for rewarding benchmarks.
- Embark collaborative decision-making for future actions.
With this process you can built robust performance management system to bring sustainability in organization.