Avoid a Performance Management Nightmare with These 4 Must-Haves

Most existing performance management systems are stuck in the past – quite literally. They focus on what an employee has done over the last 6, or even 12, months. This doesn’t sound pleasant, especially when trying to remember what has happened in all that time. And, as it turns out, employees aren’t the only ones who feel this sort of approach doesn’t work. Even HR leaders believe these annual performance reviews are not very accurate, with a whopping 45% of HR thinking they are not a good representation of an employee’s work. Even though the majority of evidence points towards going at performance reviews from a different direction, many companies have not yet made the change.

Learn More: 5 Performance Management Trends to Watch for 2017

Are you thinking of updating your performance management system, but worried about what it will take to accomplish? Watch as your worries disappear as your employees develop by following this helpful advice:

Create A List of Specific Standards

When thinking of performance reviews and creating a performance management system, it’s important to take into account the employee’s role in the company. Every employee is different and they should each have their own deadlines and goals, but the position standards should be fairly similar for all like positions. Having a set of standards can ensure you are comparing “apples to apples” when looking at your different teams. This makes it easier to view employee development and understand who is where, and maybe even why. This also creates a way to provide better types of feedback and see their actual performance.

Create Flexibility and Responsiveness

After considering the above standards, it is also crucial to remember to be flexible. Even in a team, everyone has their own way and speed of doing things. Certain things must be met (criteria, deadlines, etc.), but at the same time, it is unfair to judge the content writer under the same circumstance as the account manager (who would have different daily responsibilities).

42% of managers don’t think employees are rewarded fairly for their job performance. Make sure to keep this in mind when thinking of how and where you should be flexible. Is everyone being reviewed fairly? Do you have the ear of executives to be an advocate for rewards and recognition or even compensation?

Manage Performance as it Occurs

This tip is somewhat of a given. If annual and long time reviews are so bad, why not work to give feedback asap? This creates faster development, more happiness, and more productivity. In fact, there was a 14.9% lower turnover rate for companies who implemented regular feedback. Sounds like a win-win to us!

Focus on Improvement

Last, but not least, make sure you focus on helping your employees improve themselves. Feedback should help them grow and become better workers, even negative feedback can be helpful and constructive. In fact, when delivered properly 95% of people feel negative feedback is helpful.

When employees know what they are doing wrong, it helps them work harder to get it right and ensure that mistakes happen less and less. Help them reflect on their work and tell them how they can improve. Putting time and energy into developing your employees helps develop your company too.

Looking into improving your performance management system impacts both your employees and your business for the better. By taking the time to provide feedback and guidance you are also helping to ensure the future growth of your employees and put them on the right track to success.

Thinking of making the switch? Trakstar’s performance review system can help you keep track of your employees improvements.