Performance Management Helps Retain Talent

Employees have more job options than ever and there are an increasing number of individuals who see job hopping as an opportunity for fulfillment and career growth. In this current climate of increased employee turnover, it’s more important than ever to have an organization that is laser focused on managing the performance of its workers while making sure that they feel like they have a voice within the organization

Set goals

In order to combat the increased frequency of employee turnover you need to have a solid plan when it comes to the performance management of your team. Setting healthy goals (that align with the strategic plan of your organization) for your employee’s and giving them a plan of action to achieve them will go a long way in keeping them engaged, and in making sure that they know their work actually matters to the overall health of the company.  Providing measurements or mile markers on the way to attainment of these goals can also help employees track smaller wins along the way and give managers insight into how employees are progressing towards these goals.

Keep coaching and feedback consistent

Aside from having an overall plan to execute on, coaching and feedback is the most important piece of the performance management puzzle that is often overlooked.  Employees can feel disengaged from their work and invisible to management due to a lack of ongoing discussion surrounding their performance and goals. Whether that conversation is constructed around recent wins or details on areas that need improvement, this type of ongoing discourse being a priority will have positive implications on the organization; having a continuous open dialogue to address any issues, maintain consistent feedback and coaching, and ensure employee satisfaction is a key factor in retaining great talent.

Pulse check with performance reviews

Maintaining a schedule for performance reviews throughout the year will also help keep managers and employees accountable to one another and create more opportunities to find meaning in the performance management process as a whole. This is a time for reflection on what has worked, discussions about what could have been done better, and making sure everyone is aligned to the overarching goals of the company.  Performance reviews are an excellent way to do a pulse check throughout the year and make sure that employees are taking ownership of their work and staying engaged; when employees are engaged in their work they are less likely to look for opportunities elsewhere.

Challenge your employees

Creating a culture that values tackling new challenges and allows employees to stretch themselves professionally will keep them engaged in their work as well.  When employees don’t feel challenged with their work and feel as though they are coasting through the day can leave them searching outside the organization for new opportunities.  This is an area where the performance management process can shine and recognize the need for new challenges allowing managers to be proactive and offer new projects for eager employees to take on or even expand current roles enabling an individual to gain more skills.

Your system should be flexible

Performance management is a fluid process with many moving parts and gets more complex the larger the company. That’s why it is crucial to have a performance management system in place that gives you structure, but also remains flexible and is amenable to the culture of your company.  Each section within the system should be connected and make the whole process seamless and efficient for the entire organization. Ease of use is of utmost importance for the system to be effective, especially among today’s millennial-driven, tech-savvy workforce. They will want access to all this information on the go through mobile phones and have the same user-friendly experience as they would on a computer.

Raise the bar

Organizations should strive to raise the performance of individuals and teams, so business processes continue to improve, and the bar is continually raised on individual performance and employee skills improve in the process.  Performance management systems help in this process by focusing on goal clarity, defining expectations, and keeping the dialogue open for managers and employees. This process is very important and makes for a company culture that continues to improve and grow

If we want to retain great employees and help them find success within our organizations along the way, we need to make sure they feel valued.  Value can come in different forms and great performance management platforms give us the chance to bring this value directly to our entire workforce in positive ways that leave employees motivated, engaged, and ready to take on whatever goals lie ahead.