11th November 2021
Ultimately, it is a process of making each employee and ultimately any organization successful. Performance management enables any company or organization to build the skills, abilities and confidence of each individual employee, which results in elevated performance from the team as a whole. All people like to feel that they are capable of contributing and enhancing the end result for their employer; performance management often results in employees that are more productive, more efficient, and more secure in their ability to conquer new goals.
Performance management often results in outstanding success that brings together the work force as a “team“. Once individuals realize they are capable of success, they begin to realize that working together as a team makes success even more palpable. This creates a culture in the workplace whereby employees realize that as a team, they can make exciting and powerful things happen. In effective performance management, employees are encouraged and supported in building their strengths and discovering what they are truly capable of achieving. Those responsible coach workers and challenge them to develop skills and qualities they are not aware they possess. Performance management ultimately enables employees to be empowered, thereby rising to new challenges with little effort.
Watch this exclusive video interview with Jeff Hayzlett, Former CMO of Eastman-Kodak where he shares with Meet The Boss TV on how to improve business performance.
In superior performance management, there are a few areas you want to be aware of that could be potential downfalls:
1. Appoint one individual specifically to be certain that the performance management process is implemented, otherwise no one will feel that they are responsible, and nothing will get done.
2. It is essential that clear and obtainable performance targets are set; vague or unobtainable targets will make it difficult or even impossible for employees to reach goals. People need targets that are clearly defined so that they can design an approach to get there.
3. Performance management should be implemented slowly. Begin with the basics; record goals and objectives on paper and review your achievements on a regular basis. Once you clearly see how the process works, additional features can be added. It is essential that staff and those in management positions be able to envision how the process works, and its value. Trying to implement the performance management process from the beginning with a complicated or involved process may doom it before it ever gets started.
4. Be sure one “hand” knows what the other one is doing. In any organization, successful performance management depends on everyone in management being of one accord; one department needs to know what is happening in another in order to avoid conflicting goals. An organization where the operation manager intends to improve the reliability and efficiency of production equipment while the purchasing manager decides to cut costs by buying lower-cost or cheap parts is not benefiting from proper performance management.
In the corporate world, performance management is necessary for creating, developing and implementing goals and solutions that make both employees and organizations more efficient and productive, thus more successful.
In this video interview, Lamborghini CEO, Stephan Winkelmann discusses performance, decision-making challenges, the need for innovation and leadership style.