What many organisations think is performance management, is actually just a more elaborate form of goal setting. What then should an effective performance management system look like?
Internal career development and growth plays a key role in employees' satisfaction and retention, but one-third of employees give their performance management process an 'F' grade.
“New performance metrics should be based on a qualitative assessment of employee achievements and their contributions to business success. Processes need to be simplified and goals must be aligned to changing business needs,” says Giridhar GV, EVP Global HR at HGS.
Industry experts say there is a need to re-engineer the performance management system around core values, to help drive high performance and to enhance overall employee engagement.
Managing performance in a virtual set up is an evolving topic and an area of ongoing research. However, over the last year, as people have been forced into working remotely, it has become increasingly clear that managing performance in the new normal requires the right blend of art and science.
But how do we put a good performance management culture in any organization or business is more critical than just a system for measure. And that is something we all need to understand clearly so that the outcome of any performance management process leads to more positive experience for employees and organizational productivity.
With changing business priorities and technological disruption, organizations need to re-define what is performance, what does 'good' look like, and how can jobs be re-designed. The question is not how we can better measure performance but what performance do we expect given the new realities, says Mary Chua of Korn Ferry.