For an organisation to prosper and grow, it is important your talent has the opportunity to do the same. Managing and driving performance is an essential part of this process and therefore can no longer be seen as a ‘once a year’ conversation.
Managers have many responsibilities and priorities putting pressure on their time, however it is important that their employees are continually ‘performing’.
Feedback and support is provided consistently throughout the year in order to keep motivation levels high. Not only is it beneficial to the individual’s progression within a business it’s also critical for a booming bottom-line. In a recent study from Towers Watson, 43% of highly motivated employees received feedback from managers at least once a week. Combine this with Hay Groups research into the impact of engaged employees on profit (where those with highly engaged experience 2.5x more revenue) and you have a strong case for spending a larger proportion of your time on supporting performance.
And it’s not just us advocating this, employees themselves want to talk more. When asked by the CIPD what they consider effective ‘performance management’ to look like, 93% said they think regular review meetings need to be included alongside the annual appraisal. So there it is, managing performance is not a tick box exercise, but a continual positive process from which individuals can track their own progress, and in turn be more engaged and productive.
Here are our top three tips for your business…
1. Show your support for their future – where are people now and where do they want to be? For many employees, having feedback is a means of knowing you are on the right track toward reaching their goals. However with Generation Y, it can take as little as two months of no feedback, having ideas ignored and being left out of decision making which pushes them to leave their jobs according to those at Oracle. Task your managers with asking these questions at least quarterly and setting a clear development path. Then in each monthly catch up, explore progress, challenges and successes. When employees feel valued and can see their progress, ongoing feedback on their performance can encourage them to succeed, and therefore have the motivation to achieve more.
2. Make it part of your DNA from day one – regular and ongoing reviews need to be a part of ‘what you do’ as an organisation. And we’re not just talking about performance appraisals, start the way you mean to go on by reviewing induction, performance and when the time comes, exits. There are a number of ways that these can be carried out, either by having rich face-to-face conversations, using a paper based or through the use of an online performance module such as Talent Toolbox: Review. Whichever way you choose to review ensure there is a system in place which encourages employees and managers to record the outcomes and set goals for change.
3. Spot stars early – too often reviews start and end on a negative, meaning the time comes when employees just don’t want to know. Make sure your reviews are future focused and positive by having a big picture conversation around aspirations, hidden talents and career development. This can be greatly beneficial to the organisation as whole, as well and individuals, as research carried out by the CIPD found that 72% of businesses reported a lack of leadership and management skills in their organisation. Therefore by having a simple system to record and check progress, you’ll be able to easily identify rising stars, development needs and create robust succession plans to ensure you’re always building an A-Team.