In an era of cut-throat competition and globalization, establishments have realized the importance of strategic HR practices for gaining and sustaining a competitive edge. Retaining employees and creating a structure that allows them to explore their potential is primary for companies these days. A goal-focused group of individuals, who innovatively and consistently perform, achieving superior results, is a team that is heading towards the title of being ‘high-performers’.
Self-motivation and allocating necessary resources is an important aspect in creating teams that are bright and successful. Every team member needs to understand that they have to at every point in time better themselves as professionals. Analysing, evolving and creating an impactful performance through self-realisation and motivation are something every individual needs to work upon. A positive attitude and learning through mistakes are necessary for this evaluation.
A company has to celebrate and motivate these efforts of employees by sharing the good news about the success achieved by an employee or a team in particular. Exceptional efforts if noticed and praised, encourage an individual for a better and bigger performance. Extra-curricular activities should be encouraged at organisations, allowing team bonding and mutual trust among employees.
K Raheja Corp believes in talent management and evaluation so that employees are up-to-date and are ready to explore their potential to the fullest. Some of the programs that they undertake for Talent Evaluation, Management and Development are mentioned below:
Annual Performance Evaluation:
To give employees a clear understanding of the work expected from them, an effective system is put in place. This system has an evaluation process which is based on progress, knowledge and development of the employees through which they and the company get a better understanding of their role in the team and the business. Through this evaluation, an employer gets a better understanding on what to expect, and evaluate on how to achieve an overall business approach, creating high performance staff. Performance feedback is given to employees for them to analyze their impact on the company’s development by weighing their performance to expectations. Employees are awarded based on their performance to motivate them to do better, and are appreciated for their hard work. Development of every employee is taken care of by K Raheja Corp, as they create various growth opportunities where employees have a progressive career. Feedback on performance and addressing employees’ performance that does not meet expectations is something that K Raheja Corp follows. This process starts in December of the current year and is completed by March of the subsequent year. With great pride, for nine consecutive years, K Raheja Corp has been accomplishing the goal of announcing increments and handing over letters to employees pan India on 1st April itself.
This is a formal meeting between the supervisor and employee, wherein the employee’s performance, development and progress for a period of 6 months (April – September) is discussed. The supervisor provides his/her valuable feedback on the employee’s performance during this time, identifies performance shortages that need to be addressed, suggests changes that need to be made to the performance and creates a development plan if required. On the other hand, the employee shares information on his/her accomplishments, and, if any obstacles and challenges faced that may be preventing him/her from meeting performance expectations, and seeks feedback on progress made in line with KRAs. Through this exercise, the employee is aware of his/her accomplishments and drawbacks, which in turn will create a strong team of successful individuals. This evaluation gives much-needed self-awareness to an individual on his/ her standing, based purely on their performance. It helps the employee work on the drawbacks and strengthen their accomplishments to achieve the best.
STEP UP (Inspiring Potential)
Climbing up the corporate ladder might not be the only way. Today more than ever, a career detour might just lead to your career destiny. Hierarchies in progressive companies have flattened and compressed – making it important to “think sideways” too. Step UP is an Internal Job Posting tool that is used to foster a work place where qualified employees are encouraged to seek various career opportunities across various business verticals, within the organisation. It helps gain valuable work experience and enhances competencies with increased job satisfaction. Through this portal, company employees gain the opportunity to not only access first hand job vacancies, but also analyze if they fit the bracket of any particular job profile, and if the opening could be something that will be a good career jump, professionally. This also helps the organisation retain employees within the firm, by giving them a satisfying opportunity and career growth. It gives qualified professionals an opportunity to interview for a position suitable to them. Career development is a major concern for most employees. Through STEP UP, employees are given an opportunity to explore a prospect of their choice.
PEP UP (Performance Enhancement Plan)
It’s critical to determine whether an employee has been given the right training and resources to flourish and grow within a firm. For this growth, an employer needs to critically evaluate the employee’s performance and give him/her a low down of the identified areas where there is a scope of improvement. Performance Enhancement Plan (PEP) is a tool managers use to identify areas of inadequate performance of an associate. PEPs establish a path associates can follow to boost their ability to meet expected performance standards within their team and individually too. The goal is to enable an associate to reach his/her best performance level, which is key to any business that aims to reach and attain optimum performance. This process was put into effect when initial efforts to improve performance through constructive feedback, coaching, support and referral to resources did not result in the desired performance improvement. Introducing PEP helped both K Raheja Corp as a firm and every employee to realize the potential for growth, and scope to create excellent teams with high-performance. The primary objective is to identify job performance deficiencies and provide tools leading to several positive outcomes including enhanced overall performance, recognition of skills, promotion and higher performance expectations.
The balanced scorecard allows managers to look at the business from four important perspectives – Financial, Customer, Business Processes and Learning & Development. A scorecard determines how an employee’s work and contributions have managed to reflect positively on the company. This scorecard illustrates how an individual’s given and achieved task contributes to departmental goals, which in turn determine financial accomplishments that push K Raheja Corp as a company closer to its vision. With a review done every quarter, employees know where they stand, and can easily determine what areas they can contribute to the success of the organization’s strategy. Employee evaluations and status reports give supervisors and employees structure for evaluation and coaching, which converts into high-performing teams who thrive each day to achieve the best for the company. The training, evaluation and finally the result reflect the company’s strong policies and their efforts to build talented professionals and teams.