Shift performance management to drive business growth
Performance management: do it right and it can fast-track company growth; do it wrong and it can erode the foundation of your employee experience
There’s no doubting the fact 2020 has brought huge changes to the way we work and do business. Our slowly evolving methods and procedures have been forced into hyperdrive. Light was cast on outdated processes that continue to hold business growth back.
But while it’s long been no secret that constant and clear feedback is what enables everyone to move in the right direction, it’s only recently more companies have realised the annual process of evaluating the work of employees, and paying or punishing them accordingly, is increasingly out of step with their overall goals.
Performance management is broken and it has been for a long time. This year has only underscored just how critical it is companies fix it. Employees have long come to fear traditional performance reviews and their unnecessary bottlenecks, which slow down the flow of much-needed feedback and guidance, and adds to existing frustrations. Without continued, clear insight on how to best meet the needs of the business, employees are unable to be effective in their roles.
Many organisations are now moving to more frequent growth and development-focused conversations between managers and employees. Changing attitudes towards performance management aren’t just driven by business needs though. Jack Altman, co-founder and chief executive of Lattice, a people management software platform that enables people leaders to develop engaged, high-performing teams, believes something bigger is at play.
“Continuous people management highlights a shift from accountability to growth,” he says. “Employees want more than a paycheque. They want to understand how they impact the bigger picture and how they can successfully accomplish their career goals. Continuous feedback gives employees ongoing insight to understand and adapt to business needs and expectations, so they can become top performers.”
If nothing more, 2020 has demonstrated the need for businesses to be agile to the changing climate around us. As our world shifted, the human resources function has needed to stretch beyond just compliance into a strategic arm, charged with enabling the continual success of their people. The need to simplify and drive efficiencies has become increasingly clear. To meet these evolving needs though, HR technology is rapidly pivoting to focus on supporting this new mission and meeting new business and employee needs.
“HR technology should mirror transformation of the HR function,” says Altman. “As HR’s mission and scope evolve to meet business needs, leaders should look for tools that not only enable performance management, but also provide insights into the engagement and growth of their teams.”
With employees actively asking to be more involved in their career growth, companies are looking for new ways to ensure managers give this support and new tools to help make these discussions more collaborative and structured. Software that’s able to provide transparency and alignment enables both employees and their managers to hold more structured and impactful conversations.
Top-tier performance management software solutions are easily used by both people teams and employees alike. They provide a singular frontend experience for employees, while offering deep analytics to people teams and management. They also enable managers to share guidance and growth paths while giving people leaders better understanding of how top performers are experiencing the company. They take into account the near-term and longer-term needs of their employees as they grow within the company.
We’re all living in especially disruptive times, when company success depends on rapid pivoting. The ability of organisations to engage and bring their staff with them will be what helps them get through these tough times and beyond.
To learn more about continuous people management or Lattice please visit www.lattice.com
Promoted by Lattice