News By/Courtesy: Lia Jils | 24 Oct 2020 10:17am IST

HIGHLIGHTS

  • Performance management is a very complex process.
  • Employee engagement will engage productivity and retention of employees.
  • This regular performance management ensures proactive development among the employees by mapping their performances , identifying their strengths and weaknesses and also potential opportunity.

Performance management is a very complex process. It is very common for employers to feel frustrated and irritated by the poor performance of their employers. The employers also get demotivated. The Covid -19 crisis has shown us the importance of effective performance management, as the companies now focus on aligning employees' performance towards the achievement of tangible business outcomes. Performance management is not a one-time process, its a continuous task. Here are five ways in which how performance management helps the firms and why the firms need to adopt this. 

  1. Allows exchange of Feedback

Every employee looks for regular feedback from their employers. They also like to know about their potential areas for improvement. The company also allows employers to give feedback about business and management. This opens a communication culture.

2. Helps to boost productivity and employee engagement.

Employee engagement will engage the productivity and retention of employees. Some activities like an annual offsite, get-together, month-end parties which allow both the employees and employers to make a connection. This helps to build a rapport among them. This can actively increase ROI. Performance management plays an important role. This performance management software helps to create trust, motivation, and also an efficient ecosystem of transparency.

3. Encourages Employee Reward and Recognition

Giving rewards and recognization to the employees benefits the business. This helps the staff get motivated and results in better retention. This mechanism helps management to map the efforts and activities of employees. This also increases the growth mindset among the team members. This helps the managers to keep track of when the employees go above and below by tracking progress through personal development and goals and also provide them with additional compensation or bonus. This will keep the employees happy and motivated.

4. Helps to devise Learning and Development Strategy.

This regular performance management ensures proactive development among the employees by mapping their performances, identifying their strengths and weaknesses, and also a potential opportunity. This ensures the business to improve their constant performance. Understanding the abilities of the employees offers efficiency, effectiveness, and transparency.

5. Aligns the goals of employees to that of the organization.

This allows the employees to gain a better understanding of their role in the workplace and identify short term and long term goals. Performance management helps to eliminate ambiguity regarding goals and progress through a regular cycle of feedback. This also builds a culture of agility, transparency, and a tech-driven ecosystem that gains a lot of money for the organizations.

 

 

This article does not intend to hurt the sentiments of any individual, community, sect, or religion, etcetera. This article is based purely on the author’s personal opinion and views in the exercise of the Fundamental Rights guaranteed under Article 19(1) (A) and other related laws being enforced in India for the time being.

Section Editor: Pushpit Singh | 25 Oct 2020 9:26am IST


Tags : #business #entrepreneur

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