Employee performance management is essential to developing and nurturing top talent in the workplace. Here is what employers need to know when developing a performance management review process.Tracking employee performance and development from new hires all the way to seasoned veterans is crucial for aligning your business toward success. Here is the process of developing a performance management process.
What is a Performance Management Process?
A performance management process is a systematic way to track employee progress and development at an organization using goals, feedback, and other designated assessments. The goal of performance management is to nurture and recognize top-performing employees who can be moved throughout the corporate pipeline, building and maintaining talent pools.
When looking for employment, applicants are highly critical and meticulous about selecting where they want to take their talents. They are looking for an organization that will help them grow and develop.
What Is the First Step in the Performance Management Process?
In order to craft an effective workforce in such a tight talent market, organizations need to create a positive work environment that is going to help each employee's career blossom over time.
One of the most important portions and first steps of performance management is the tracking of corporate-level goals. Employees want to feel as though they are working towards something.
With a clearly defined list of goals for both the individual and the organization to achieve, employees can view their progress over the course of the year. This helps them gauge where they are currently within their organization, as well as where they want to be in the future.
Things to Include in Your Performance Review Process
Managers should look to include the following things when developing a performance review process:
Feedback
Not only should you track feedback from managers, but peer feedback should be tracked as well during the entire duration of an employee being at your company. Employees should see where they thrive and where they might be lacking with focal, annual, and 30/60/90-day reviews.
Succession Planning
Once you have recruited the best employee for the role, you’ll want to track where they fit in the talent pipeline within the organization. You’ll want to visually see which employees are thriving within the organization, and then sort them into clearly defined talent pools.
Performance Review Cycles
To help ensure that managers are staying on top of employee assessments, each stage of the performance review cycle should be tracked and monitored. Further, forms regarding the review cycle should be filled out with great detail and should be done at the appropriate time of year.
Performance Management Streamlined
The process of tracking employee performance can be a grueling process that involves the filling out and tracking of countless paper-based forms.
Having an automated performance management solution means that you have all the data you need in one place, available from any device. Managers with access to relevant employee data are able to make better-informed decisions and ensure consistent and fair performance reviews.
Feedback from managers and peers can be easily tracked with an automated performance management solution which allows employees to see their progress in real-time across the board.
Performance management software will also allow managers to build and maintain user-defined talent pools with a drag-and-drop feature. This feature allows managers to see and understand the developmental needs of their employees, and ensure that key employees understand the roles they are being developed to fill, all based on the key skills and competencies they display.
Performance review cycles can also be automated with customizable instructions that simplify the process of filling out relevant forms. When an employee fills out a form, review processes can begin, allowing managers to stay on top of assessments and track review status at any time.
Get Started with Automated Performance Management Tracking
Organizations looking to simplify how they track their employee's development and performance should consider making the change to an automated business performance management software.
Automating performance management tasks will help save your business time and money while allowing managers to focus on identifying and nurturing top talent within the organization.
If you are a New York business looking for a New York Payroll and HR Company to help you get started with automated performance management tracking, look no further than EBC HCM.
To learn more about performance management solution features available through EBC HCM, contact us today.
