79 percent of executives rate performance management a high priority
90 percent of companies that have redesigned performance management see direct improvements in engagement1
1David Rock, Beth Jones, and Camille Inge, Reengineering performance management: How companies are evolving PM beyond ratings, NeuroLeadership Institute, 2015.
A large number of organizations have been struggling to get this vital cog right. The struggle is in the proper implementation of the performance management system at every stage.
The challenge is, Performance Management is treated like a tool for reviewing and rating the performance of employees at the end of the year. The core principle behind Performance management is setting a system for driving performance amongst employees for achieving business results. Right from setting Goals and assigning clear measurable KPIs at the start of the business year to the performance rating and feedback at the end of the year, the performance management works across the year and needs to be designed and executed accordingly.
Acumen’s Performance Management approach seamlessly ties up all the levers that play a role in the performance management process to achieve the results that the organization envisages from the process.
How can we help you do better
Acumen helps Businesses in Setting up their Performance Management Process through the following 4 Phases:
Phase 1: Performance Management System Design
The system design involves a thorough process of charting the rating mechanism for measuring the performance towards quantitative and qualitative goals and linking it to the organization’s R&R, increment, promotion and development framework.
Phase 3: Performance Dialogues
The crux of the achieving the objectives of the system lie in not just the ratings but also the way the Performance feedback is given to the team. A proper handholding and guidance to the managers becomes imperative to get this last leg of the system in order.
Phase 2: Goal Setting
The quantitative and qualitative goals for different functions and teams needs to be in line with the defined framework.
Phase 4: Performance Management Audit
An Audit plays a crucial role to understand the gaps in the systems envisaged and the one being followed to make finer adjustments wherever necessary to make it effective by being utilized in the right manner. The Audit is usually about adherence to the process and guidelines for setting goals, providing feedback and rating performance.