Sales

The Changing Performance Management Process

Many companies are changing how they approach performance management. Employees may see an immediate improvement in their performance management, such as the elimination of annual reviews and/or appraisal ratings. However, it is not the end of the story. Process The longer-term impact is what matters. Managers and employees should talk regularly about the business and employee contributions.

It is common for companies to introduce new vocabulary such as commitments and objectives, connections and partners, continued focus vs. strength, contributions vs. accomplishments or things that can be changed vs. potential or weaknesses. Let me give you a few examples.

  • Commitments: I was told by my boss years ago to reduce my cholesterol. CommitmentsBut, meet all of them. This advice has stayed with me throughout the years. This word seems to be more powerful than setting goals. How many of the objectives you have set in your annual plan for performance were not achieved? Contrarily, personal commitments seem stronger.
  • ContributionsFor your performance summary, you might consider listing all your achievements at the end. Think about what it would look like if that list was translated into English. Contributions. I think I could have reduced the number of accomplishments that contributed to the bottom line for my company by as much as half.
  • Things to consider when changing: Once, a sales manager suggested to me that I change my approach to acquiring new customers. She didn’t say I was bad at generating leads, but I got the meaning of what she meant. I began looking at successful colleagues and gained a lot by them. Two years later, my department was responsible for new customer accounts. This manager was a pioneer in her field.

Smart companies seek out ways to remain competitive in a market that is increasingly crowded. engage employees, Develop These employees are the ultimate goal. Retain employees. All three goals can be achieved if you change the performance management system.

  • EngageManagers who talk to their employees regularly about their performance (rather than just once or twice a year) show that they care about the employee. It is a sign of an investment in time and a genuine interest. Managers who spend time with their employees learn more about employees’ motivations and are better at keeping them engaged.
  • DevelopIdentifying areas employees should “continue focusing” allows them to know the company’s values. Identifying areas employees should “consider trying something different” helps employees identify areas where they can improve, without making it demoralizing.
  • Retain: Turnover is expensive and costly. On-boarding new employees requires time and money. Why not invest in your existing employees? Share ongoing feedback with them and encourage them to stay.

Summary: As a manager, your time with employees matters and the words that you use are important. Your company should be able to communicate with its employees every day. Engagement results in greater retention, as we all know. Participate in the process shift. Even if you have not made the leap yet, it is worth taking the step to move away from the annual feedback cycle.

molw.net

We are a team of professionals with each having two decades of experience in start-ups, sales, marketing, finance, HR, large scale project and profit centre management and running mature cross functional operations. At Molw.net we are big believers that knowledge transfer is critical to our industry’s evolution. We love to share our experiences and learnings through our online resources.

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