What’s happening to Performance Management?
I’m asking this question about Performance Management because of a disturbing research item I found this week. While doing some keyword and trend research on Google, I found that U.S. managers searching for Performance Management were not in the top ten countries for this keyword combination. What is the reason for this?
While English speaking countries were leading the list – India, South Africa and U.K. – the USA was no where to be found. Do the US Managers, Leaders and Executives already know everything about Performance Management?
Well, not based upon what I have seen, heard and read about for the past decade. Performance Management is one of the most important processes that can be used by companies today. Yet, the execution of strategic goals and objectives continue to be a hit and miss exercise – with little thought about how can we execute the plan consistently? Enter Performance Management.
Most managers and executives that I have talked with about Performance Management think it is just a Performance Appraisal system or process. How wrong and limited! This type of thinking has impacted business success.
No, a true Performance Management system does much more. It should include performance reviews AND FEEDBACK. Yet, the true power comes from allowing an organization to execute it’s strategic goals and objectives. Some of the areas that should be included in the Performance Management menu include:
- A structured system of communication and feedback of company strategy
- A continuous developmental process – for every employee in the company
- A system to track the performance standards and measures for everyone in the company
- A continuous measurement system for tracking results of individual and team goals and projects
- A tracking system for identifying high, med and low performers – based upon results and outcomes
- A method for evaluating the effectiveness of managers and leaders within the company
- A link to performance based incentive systems
- A “plug and play” Internet based system for scheduling meetings, coaching sessions and calls
These are only summary points for a complete performance management system. If you do not have this available, my question to you is – Why Not? Are you hitting your objectives every year? Are people fearful of knowing exactly who is getting it done? (This is for the overly political organizations that lack true growth and performance.)
Based upon my knowledge of the situation, the investment necessary for having a performance management system are minimal. Especially when compared to the cost and expense and losses of low performance. Get started today on your Performance Management system. If you need assistance, contact me. We can provide a projected return on investment for implementing a true Performance Management system.
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