One of the
biggest contributing factors in ensuring the consistent improvement and growth
of any business organization is the satisfaction level of its workforce. A
highly satisfied workforce will mean minimal turnover rate and this in turn
will naturally enhance the performance and profitability of the organization.
However, the key to ensuring that the employees remain satisfied and motivated
lies in the manner in which their performance is accessed and rewarded. This is
where professional performance management consultants can play a vital role by providing the right advice
and guidance the client organizations in terms of improving employee assessment
and overall HR processes.
What Is Performance Management
It is quite
common for people to believe that performance management is the same as a
traditional appraisal system. However, this is not true as performance
management is a process aimed at creating a work environment which makes it
possible for the employees to put in their best performance. It is different
from the regular appraisal meetings as it defines the interaction between the
management and the employee at every critical step in the professional
lifecycle of the employee within the organization. When implemented in a proper
manner, performance management can be used as an efficient and focused tool to
help organizations improve employee engagement and attain business objectives.
Various Components of Performance Management
Most performance management consulting firms
define it as a process that is initiated for individual employees with the need
of an organization to fill a job post and ends when the employee leaves the
organization. The process itself comprises of the following components.
Recruitment: The organizations need to develop a clear
recruitment plan for the vacant job positions and identify a selection team
based on the same. They need to set up a comprehensive selection process to
hire the most suitable and appropriately qualified candidate from a pool of
potential contenders for the posts. The recruitment process should comprise of
interview sessions, personal interaction sessions and negotiation of the terms
and conditions of employment as well as compensation and other benefits.
Integration: Once
the selected candidates accept the job offer, the HR managers need to make sure
that they feel welcomed within the organization. The HR managers are also
responsible for providing orientation to the new employees and assigning a
mentor for them so that they can be integrated into the culture of the
organization in a smooth manner. They also need to make sure that the employees
are provided the necessary training and education with respect to their roles
and responsibilities.
Performance Assessment: The HR managers should also
negotiate requirements and accomplishment based performance standards between the
employees and the managers. They managers are required to discuss performance
development plans with the employee on a quarterly basis. They also need to
develop systems to, recognize, compensate and reward the employees in an
effective manner for their contribution. In addition, the employees should be
provided with newer opportunities for promoting their career.
Feedback: In case the employees choose to leave the
organization, the managers should conduct exit interviews to ascertain the
reasons that prompted the valued employee to make such a decision.
