The Performance Management landscape has evolved like never before over the past year, what with the changing trends in employee engagement and workplace culture.
Performance Management encompasses meticulous planning and monitoring of work efficiency, and backed by the implementation of the right management trends, company owners and managers can see continuous growth of the organization and employees. Employee Engagement trends is a term that still resonates with throngs of managers, company leaders, and HR professionals. This blog discusses some of the performance management system trends being followed by organizations that largely helps them improve the work efficiency of employees.
While performance management software has helped drive the evolution of employee engagement, it is imperative to understand the nuances of the relationship between managers and employees besides that one outcome. Workforce members have never been more empowered in their decision-making, and are now more likely than ever to ‘job shop’ or lay down their expectations from employers. To this effect, performance managers will have to focus on fostering an inclusive and gratifying experience for employees and candidates.
The conventional performance management models need to pave way for newer innovative models, with HR leaders having to spend more time on data collection and change management and adopt a predictive approach. With employee engagement platforms for performance management going through a sea of transformation, companies are now looking forward to re-engineered performance management tools.
Today’s employees expect companies to focus on enhancing their personal skills which, in turn, would expedite their career and financial growth. In terms of what companies can expect from the newer, ‘state-of-the-art’ performance management tool/models, performance should be loosely linked with rewards and recognition. Each company has different reward and recognition patterns based on the nature of their business, and this model should be effectively able to add a personalized touch to performance management.
Goal settings will have to be analytical and public rather than generic, where the model will have to enable teams and peers collaborate to achieve their goals. Post the goal setting, it is crucial that effective tracking mechanisms must be in place. Probably adopting an advanced metric collection system which links goals is the need of the hour. Employees should be able to compare and upgrade their goals with respect to their peers – thereby enabling an instant exchange of information between employees and managers. Surveys, polls, and campaigns will help the team and managers to evaluate team engagement and effectiveness. Often, this is backed by a feedback loop mechanism that help s employees communicate or request feedback by seamless integration with email and other productivity tools.
The model should support career development and enhancement, and recommend new jobs based on an individual’s internal experiences with job mobility and prior success in the company. If rightly integrated with a talent management solution, the goal and performance management process are automated to provide executives, managers, and employees with valuable and immediate insight into workforce performance progression and its alignment with organizational objectives.
Goal management enables the setting and tracking of goals across various organizational levels supporting an ongoing performance conversation throughout the year. Business leaders communicate high-level initiatives, and managers and employees can collaborate to define appropriate goals. Development plans allow employees to track their personal growth and career development.
XDuce presents a webinar on Oracle’s HCM Cloud Goal and Performance Management solution, where we discuss methodologies on helping create unique experiences for your employees.