Where success is both an art and a science, one critical practice in modern business that stands as the cornerstone of driving growth and excellence: Performance management.
It is performance management that is mapped to business goals that bring about clarity, agility and business opportunity.
A robust performance management system improves the company's ability to drive the right results from its workforce.
In a sector with stiff competition and inertia to harness newer opportunities, SMEs with the right performance management systems stay ahead of the curve.
There are a number of steps that companies can take:
- 360-degree review mechanisms
- Setting the right goals
- Developing competency-based approaches
- Conducting continuous reviews
Companies that have been successful in doing this have seen a dramatic improvement in their employees' performance, adaptability to change, and productivity
A recent Deloitte study revealed that around 58% of executives stated their current performance management approach drives neither employee engagement nor high performance, and only 8% of companies reported that their performance management process resulted in high levels of value.
So, what exactly do organisations need to do?
Download the ebook and gain insights:
- Steps to unleash employee productivity through the right goals
- Role of KPIs in Revolutionising Performance Reviews
- Focus on competencies and skills that enable them to enhance productivity
- Leveraging analytics to create data trends based on the 9-box Grid Matrix