Performance management is a strategic approach to creating and sustaining improved performance in Human Capital, leading to an increase in the effectiveness of companies.
By focusing on the development of Human Capital and the alignment of company goals with team and individual goals, leaders/managers can create a work environment that enables both employees and companies to thrive.
In recent related survey, employees had some negative feelings about a yearly appraisal system:
- 62% of employees feel that their performance review was incomplete
- 48% did not feel comfortable raising issues with their line managers in between performance reviews
- 61% feel that the process is outdated
- 74% feel that they would be more effective with more frequent feedback
- 68% of executives don’t learn about employee concerns until the performance review
In BT, we are using a well structure approach & methodology as per the leading consulting practices to give both leaders/managers and employees a clear and consistent framework within which to work that, in turn, this will lead to increased productivity. This framework shows employees the pathway to success, allows for the measuring of performance coupled with feedback and offers training and development opportunities. However, Performance management allows management to understand what their employees are doing and track progress on company objectives while providing consistent feedback.