The purpose of any performance management system is to ensure that individual’s efforts are aligned to the overall company strategy and that they are achieving to their best potential and as required of them in the role they have been placed within the firm.
The systems which are then put in place are there to allow for both parties to monitor performance and become quickly aware if any gaps exists, so that corrective measures can be taken to close those down as soon as possible. It is also obviously there to recognise superior performance and reward it appropriately. Similarly, underperformance needs to be managed correctly and, the unfortunate result of this can in the most severe instances lead to an exit from the company.
Typically performance is measured over a fixed period, which can be decided on by the company. A common practice is to ensure that assessments are done on the job and regular feedback is given to individuals, but this ideally needs to be formalised in some way through an appraisal process.
A useful tool to assist in the appraisal process is the use of 360 degree feedback which essentially allows managers the opportunity of understanding how their staff are viewed by peers, supervisors, subordinates and customers. The 360 feedback process is normally outsourced to a third party, such as BenchAbility, to retain anonymity and maximise honest and open feedback.
Benchability can assist you in:
- Designing the performance process and associated documents, bespoke to your needs
- Completing 360 Feedback
- Outsourcing the full process