CEOs and executives already know that they need performance management in order to keep things running smoothly in the workplace, but about ongoing performance management? Let’s take a look at how the two are different, according to Bersin/Deloitte:
Bersin states that “performance management IS management.” More specifically, it’s the practices that executives and managers use to:
- Develop measurable objectives and goals for their people
- Measure the ways in which said goals are being met
- Use insights on goal progress to drive performance with managerial practices including coaching, training and development, compensation, etc.
Ongoing Performance Management
Ongoing performance management encompasses all of the activities included with regular performance management, but it’s done continuously (and in fact, weekly). Ongoing performance management happens regularly instead of sporadically (or worse, just once per year during performance reviews).
Here are some of the activities that Bersin/Deloitte recommends for effectively practicing ongoing performance management:
- Set and revise goals to achieve cascading alignment and allow employees create some of their own objectives through collaborative goal setting with management. Ongoing performance management allows you to reassess goals and course correct as you go along to navigate around bottlenecks.
- Coach your people. Give strengths-based feedback on a regular basis, indicating what your people are doing well. When you need to provide constructive feedback, be specific about expectations.
- Practice ongoing developmental planning. Regularly ask your people about how they’d like to develop their skills within your company, and provide opportunities for them to do so.
- Recognize and reward your people. Not only should you provide financial rewards and compensation for strong performance, but you must also regularly show appreciation.
You can accomplish all of the aforementioned practices regularly, both during your one-on-one meetings with your people and via a closed-loop continuous feedback system such as a weekly progress report.
Do you manage a company or teams (either as a CEO, a senior executive, a middle manager or even a front-line manager)? Do you set and track objectives? Does aligning employee performance to business goals matter, and are you responsible for driving results? If so, please check out a live demo of Atiim OKR & Goals Management Software and we’d love to hear what you think about it. Thank you!