Build a more empowered and productive workforce
Encouraging and evaluating employees’ professional development is important.
Business success is largely determined by the ability to find, attract, and retain the best and brightest minds.
Attracting skilled employees is expensive and retaining them is key to efficiency and sustained profitability. Effective performance management plan and process plays a critical role in preventing the loss of valuable employees.
Develop an effective performance management strategy
Communication is key for a successful performance management plan. It’s important to keep employees in the loop on what needs to be completed, who is responsible, and the end result. During regular meetings, managers should focus on exploring what the employee has learned and contributed to multiple teams, rather than just evaluating their individual performance during an appraisal. It’s also essential to provide feedback early and on a regular basis.
Performance management and regular feedback need to be incorporated into your company’s culture. This creates a clear connection between performance and goals, continuous development opportunities, and peer recognition.
Surprisingly, money isn't a top driver of performance; rather, employees consider empowerment, development, and self-direction to be more important motivating factors. Actively and continuously demonstrating your commitment to your workforce in meaningful ways will improve employee motivation.