What is a performance management strategy?
Performance management is a combination of a set of steps. HR Managers use them to check employee performance. The aim is to ensure employees always work towards an organization’s objectives.
This covers both the strategic and operational aspects of the business. As a result, your managers need the right strategies. This ensures their performance management activities align with the organization.
Usually, performance management involves the following tasks:
- Setting objectives for employees
- Analyzing and rating employee performance
- Providing feedback based on previous discussions
- Offering employee development opportunities
- Linking pay and rewards to employee performance
Reviews are your way of keeping track of employee performance. They’re also how you’ll provide recognition and feedback to your employees.
That sounds simple, yet it’s something that many businesses struggle with. The stats bear this out:
- 20% of employees don’t believe they get good performance reviews from their managers.
- Almost 75% of millennial workers don’t know if they’re performing well.
- A staggering 95% of managers aren’t happy with their performance review processes
This has led to a mistaken belief that performance reviews aren’t valuable. That’s not the case. Instead, it shows that your performance review model isn’t up to a high enough standard. Here are 6 performance management strategies for your managers and supervisors. Each helps to build a strong performance review process.