What’s Your Organization’s Performance Costing You?
The cost of doing performance management and employee reviews ineffectively is something that many managers, HR professionals and companies never consider. There is a heavy cost to doing things badly in the area of appraising employee performance, and a lot more “opportunity cost” associated with poor management practices. This doesn’t have to be the case. Doing things well is actually quite simple… it just takes a little education and a good dose of discipline – the rewards are significant! An independent study by DDI found that organizations with strong performance management systems are 41-51% more likely to outperform their competitors. Contact us for a copy of the study.
Do organizational goals exist? Do ALL employees participate in setting goals that ‘cascade’ from the organization’s goals? Are managers making their expectations clear and holding people accountable to those expectations? Do employees receive feedback or have a feedback loop to tell them where they stand? Are poor performers dealt with in a timely manner? Does your recognition & reward system incent the right behavior?
If your performance appraisal is part of a comprehensive system, you will achieve:
- A higher level of engagement from your employees
- Less need to micro manage since employees will be able to self-correct
- Less time spent in the appraisal meetings and more accountability for everyone
- Reduced number of low performing employees
- A platform for employee development and job performance coaching
Research concludes that there is no such thing as an “ideal” appraisal format and system. Every organization must design an appraisal instrument and process that supports the organizational goals that it wishes to accomplish – When it comes to Performance Management; One size does NOT fit all. Performance Dimensions Group works with you to create a performance management system that EVERYONE understands and will use.