Most businesses strive to provide an exceptional employee experience
to its workforce to maximize productivity and minimize turnover. In this
respect, effective performance management is extremely important as it helps
the employees to evolve and grow. An efficient performance management system
can help improve employee engagement and enhance the overall growth rate of the
organization. However, in order to get the best results from such a system, it
is important for the businesses to establish some key KPIs for its usage.
According to the professional performance executive consultants, these KPIs help a business to set important
milestones for measuring the efficiency of the system. The most important of
these KPIs are discussed as follows.
Track Employee Participation
In Reviews
Using a performance management system offers greater flexibility
in as compared to the traditional methods of pen and paper or even Google docs.
These systems can offer a completely user-focused experience, thus ensuring
enhanced employee participation. In order to exploit the full benefits of
implementing an efficient system, the business should closely track the
participation level of the employees. In case the number of participants it
still low, they should make efforts towards creating awareness about the system
features. These might include the flexibility to re-open reviews for sick or
absent employees, freedom offered to the employees to complete the review as
per their convenience and auto saving of drafts to minimize re-work.
Optimize The HR Process
One of the major benefits of using a performance management
system is that it helps in optimizing the HR process of administering,
analysing and returning the review results. While the system enables the
managers and employees to complete the review in the shortest possible time, it
also helps in providing timely feedback to the participants. By establishing an
HR process optimization KPI, businesses can fulfill their long term goal of
increased productivity through enhanced performance resulting from provision of
faster feedback.
Increased Feedback Exchanges
By establishing a KPI of enhanced feedback exchanges between the
managers and team members businesses can improve employee engagement levels by
significant margins. It also helps in clarifying expectations, provide timely
advice and celebrate the achievements as a team. Increased feedback also helps
in developing better communication, reducing the chances of misunderstandings
and helping the managers to play a key role in creating new team habits. In
case providing constant feedback is a new concept within the organization, the
managers can start with provision of infrequent feedbacks and then gradually
increase the frequency to the established standards.
Improve The Quality Of
Feedbacks
While it is important to increase the frequency of feedbacks
offered by managers to their team members, it is equally important to improve
their quality. According to the experts from the performance management consulting firms India, this one KPI can go
a long way in enhancing the efficiency of the performance management systems. Improving
the quality of feedbacks is essentially about helping the employees identify
their strengths and qualities while also making them aware of aspects they need
to improve. It is also important for the managers to ensure that they offer the
feedback in a manner which motivates the employees rather than leaving them
depressed and feeling completely useless.
Enhance Employee Happiness
And Satisfaction
Multiple surveys have proved that the higher the level of
employee happiness and satisfaction with their organization, the better their
performance is. That is why ensuring enhanced employee happiness and
satisfaction is one of the most important KPIs that businesses need to set for
performance management. This essentially requires the managers to focus more on
understanding the needs and expectation of their team members and providing them
the best options to fulfil the same. Adapting this approach, helps them make
the team members feel truly wanted, improving their performance naturally.
