Effective performance management is the driving force for the success of any business. Performance management products helps in aligning the right resources to the right task, track their performance, provide continuous feedback, advocate for growth or succession, initiate PIP for under-performing employees and facilitate advanced analytics to minimize business risks.
A robust performance management product always creates a healthy eco-system for an organization to attract, hire, and train employees and managers to sustain a business in a competitive market.
However, not all companies take performance management seriously. Most of them have under-performing systems that are wobbly or completely broken. These companies fail to respond positively to any change of technology, market or competition.
Best performance management products enable “what is being measured is being done”. Companies create a load of metrics right from the top-level strategy making to the bottom level regular business operations for all the employees to follow and perform accordingly. After the establishment of performance goals, the organization must set expectations, provide feedback, and constantly loop back through an ongoing dialogue about performance with monthly or quarterly check-ins,”. The managers/supervisors monitor the performance, reward good performers and underperformers should be aligned for a performance enhancement program to get training for their shortfalls.
Loop holes of faulty performance management
Enforces Subjectivity – Most performance management products are based on subjective assumptions. Here employee’s performance was measured based on assumptions, their past performance record was ignored, or in most cases employee’s relationship or personality influences the Manager’s decisions. As a result, there is no fact or available data to fuel a proper and well-organized performance management.
Measuring individual performances – Most common performance management systems prefer to measure overall team performance. Here it is assumed that if the team performs well, everyone does. Hence, all the members automatically become eligible for the appraisal. However, this is not a true instance under all circumstances. Individuals may have performed better than associated team members or he/she has not performed as good as the others.
Lacks transparency – Most employees in an organization fail to understand their goals and the parameters of performance assessment. Even organizations lack the visibility in cascading organizational goals, specific department goals, individual personal goals and more. There is a total disconnect while linking the organization across the department, hence you cannot derive a meaningful report from the available data and that can significantly hamper the organization’s growth.
What are the important features of the best employee performance management products?
Here are some salient features that differentiate the best from the rest of the available products
- Past performance details – The performance management system should have an option to access centralized and decentralized repository of employee’s past and present performance data base. All the database must derive a meaningful report to forecast performance and help the organization to take informed business decisions
- Ratings – It must have an option to customize and configure rating system that matches the requirement of an organizational process and compliances.
- PIP (Performance Improvement Program) – A performance management portal should have a provision to identify under performers and conduct training programs for them to ensure initiatives for skill development. After successful PIP tenure there should be an option to call back the productive employee and recommend underperformer or non-performer for an EXIT.
- Better employee retention tool – Employees quit jobs for many reasons few are
- when they are disengaged
- When they lack coordination among team members
- Inappropriate behaviour at work culture and more.
A good performance management tool advocates for employee’s retention while linking the employee performance with the company’s goal, provide continuous feedback, appreciate performance, motivate them with hike in salary or bonuses, facilitate training programs for career development and more.
- Time saver – You must look for a system that reduces pain staking paperwork and making your job easier, faster and repeatable.
UPRAiZAL- Let’s know about the most innovative task based performance management product
UPRAiZAL is a Next-gen continuous performance management product which inherits KRA metrics based on role and assesses the performance based on pre-defined KPI parameters of the company. All the tasks get weight based on balanced scorecard to track the performance. The employees are encouraged for self-assessment with feedback or notes, Manager can compare employee’s self-evaluation and validate performance with his / her feedback or a third-party can review and finally HR can confirm the acceptance of appraisal or may put the appraisal on hold or decline in case of dispute.
UPRAiZAL automates the entire performance evaluation process and there is minimum or ZERO manual intervention to calculate performance ratings. These ratings act as criteria for point-in-time employee appraisal.
To know more about UPRAiZAL visit, www.upraizal.com