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Executive Summary |
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Page 3 of 3
Employee Surveys - Employee surveys are part of a performance culture. They can be used to measure the quality of the performance management process, including fairness, quality of manager discussion, and engagement level of employees, among other things.
Goal Setting - Some organizations are very sophisticated at goal setting, others are not. A strong strategic planning process provides the consistency needed to develop effective, cascadable goals. While organizations hope to achieve more consistency by cascading goals, there's only so much information and context that can cascade. And face-to-face dialogue to set effective, meaningful and related goals is still the most important factor in goal setting. Most companies cascade goals as part of their performance management process.
Ratings - The crucial final element of every performance management process is rating. Regardless of what scale is used or how often performance discussions take place during the year, managers have to evaluate employee performance according to well-understood and communicated parameters and convey the rating and the rationale for it to employees. Many companies are still struggling with this aspect of the process. Ratings have to be consistently applied across the organization, so that they can then be used to feed into compensation, succession planning, and other corporate-wide processes.
Competencies - Most organizations do not link the development of competencies to performance contribution ratings. The development of competencies are usually discussed and even rated during coaching sessions, but the results often do not affect compensation. An added complication is that very few organizations have integrated their learning and performance systems making the creation of an IDP a harder task for managers and their employees.
Technology - Technology is critical in scaling performance management in a consistent way while providing the benefits of deep workforce performance analysis, yet very few organizations use commercial software for performance management due to the idiosyncratic nature of their processes. The majority use home-grown applications or custom forms that travel via e-mail. Organizations will begin buying commercial software for performance management as the market matures and the software meets more business requirements without needing customization.
A Success
Performance management is going to become easier to implement and sustain as technology improves, and companies get better at writing meaningful goals and training managers to hold those critical conversations. But it is already a valued process, with more than half of survey respondents answering that business leaders find the process invaluable or significantly valuable in driving business performance improvement.
This study confirmed that performance management is definitely on the CEO's agenda and therefore commands attention. CEOs recognize that effective performance management is a huge strategic lever that savvy organizations have learned to pull. CLOs can use the emphasis on performance and performance management as a "step-up" to a larger value proposition within the organization, particularly if the alignment between learning and performance is clear and unequivocal.
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