Companies are always keen on retaining good talent in the workplace and hence assessing each employee becomes an integral part of this. So how do companies go about evaluating their workforce? Performance management is a process of monitoring and evaluating an employee’s performance at work. The performance of an employee is measured by the competency expectations set by the organization. Assessing their performance includes both the core competencies required by the organization as well as the competencies specific to the employee’s job.
The main goal of this process is to create an environment where people can perform to the best of their abilities and produce the highest-quality work proficiently. The performance management is a continuous process — not a once-a-year activity.
Performance management (PM) includes activities that ensure goals are consistently being met in an effective and efficient manner. During this process the appraiser, often a supervisor or manager, provides the employee with constructive, actionable feedback based on the assessment. This in turn provides the employee with the direction needed to improve and develop in their job.
In its most fundamental sense, performance management software is a technology for implementing, tracking, and evaluating employee performance.
What is Performance Appraisal and what is it used for?
An efficient Human Resource department and its employees are assets to every organization who play an integral part in the company's overall development. Each employee performs certain roles and responsibilities to play a part in the organization’s overall success.
Like the famous quote explains, “You don’t have to be great to start, but you have to start to be great”. In order to climb the corporate ladder, the employees need to ameliorate their skills at some point, that's when the HR department comes in. Based on the type of feedback, a performance appraisal is also an opportunity for the organization to recognize employee achievements and future potential. After evaluating their performance, the organization rewards the top performers while the others are encouraged to increase productivity and work quality through structured programmes of learning and development.
Performance Appraisal can be defined as “A process that systematically measures an employee’s personality and performance usually by managers or immediate supervisors against the predefined attributes like skillset, knowledge about the role, technical know-how, attitude, and punctuality”
When is the Performance Appraisal Season?
You need to document your accomplishments and feedback in order to review your performance. Be self-critical and consider the areas where you work hard to overcome the shortcomings. This is an opportunity to highlight and document your performance. Ask for specific feedback from your supervisor about your performance.
If there are shortcomings or a need for training, leave with an action plan. By procrastinating or avoiding the need to upgrade, the employees often miss out on planning and achieving the goals. Never hesitate to ask for help or clarification on a specific topic from your seniors and colleagues at work.
How often do Appraisals have to be done?
89% of HR professionals agree that conducting performance management on an ongoing basis is more effective than yearly or twice a year reviews. With most companies conducting performance reviews every 3-6 months, it helps to keep the employees focused and motivated. Relevant and timely feedback is beneficial as issues can be raised early and changes can be made accordingly.
When is the right time to do Appraisals?
The performance appraisal helps the organization to determine the value and productivity that employees contribute, and it also helps employees to develop in their own roles. There are several ways managers evaluate the performance of their employees. Choosing the best approach depends on the needs of the workplace and the individual being reviewed. Some common performance reviews include traditional appraisals, self-appraisals, employee-initiated reviews, 360-degree feedback and management by objectives. The last type of assessment is steadily gaining in popularity in modern workplaces. This method involves the employee and manager agreeing to a set of attainable performance goals that the employee will strive to achieve over a given period of time.
The process of performance appraisal is like an investment for the company. Once the process is done, it is also important to handle the employees after performance appraisals. Working towards a high employee retention rate, positive appraisals motivate them and also instill a sense of pride and most importantly responsibility towards the organization.
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