Human Capital Management Blog

Strategies for HCM Professionals

4 ways a new tool can help you reinvent performance management

Dayforce Performance ManagementIn order to see the complete picture of what employees are doing what, and what could use improvements, every organization needs to have a plan in place for performance management. Human capital management leaders should have a clear, honest, unbiased method for assessing each employee. What are their strengths, what are their weaknesses and how do these unique facets play into the overall goals of the company?

“It’s time to throw out the playbook and rewrite it from scratch.”

Sadly, this is an area where many of today’s companies struggle. The problem isn’t necessarily that they’re neglecting performance management altogether, but often, their strategies and tools are outdated. They fail to consider people’s new ways of doing work or the organization’s ever-changing long-term goals. In these situations, it’s time to throw out the playbook and rewrite it from scratch.

According to ERE Media, many organizations need to reinvent performance management. Edie Goldberg, principal at E.L. Goldberg and Associates in Menlo Park, California, says it may be time to implement new tools that will help HR professionals get a better handle on the process.

“The current business environment may be better served with a goal-setting process that is more agile and collaborative and by inviting feedback from individuals who have specific knowledge of the employee’s performance, regardless of their role,” Goldberg explained. “Many companies have begun to explore how to have performance conversations without labeling people and ensuring a greater two-way dialogue about performance and development.”

performance management

Do you have reliable data on the performance of your staff?

This can make a world of difference. Below are four ways that a new tool can help you reinvent performance management:

Setting better goals
The goal of any employee is to work toward helping the organization achieve its goals. But what are those goals, anyway? Some companies struggle because they fail to adjust to the new, high-tech, collaborative way that people do work today. A better performance management tool will help with this.

Getting managers more involved
A stronger performance management strategy is one that focuses on building connections between employees and their managers. This is especially important today as millenials are flooding into the workforce, and these individuals thrive on close personal connections with their bosses.

Incorporating good feedback
Many successful organizations got where they are through a continuous loop of constructive criticism. Managers helped their employees improve, employees returned the favor and advised their managers and so on. A good performance management tool can formalize this process, making back-and-forth feedback a regular occurrence.

Using ratings to analyze productivity
At the end of the day, what every business leader needs is a clear, objective measure of who in the workforce is succeeding and who isn’t. In other words, they need performance ratings. An effective performance management tool can automate the process and make these ratings easy to come by, not to mention very reliable.

Join us for one of our related conference sessions at INSIGHTS 2015 this week in Las Vegas.

  • DFHCM123 Introducing Dayforce Performance Management, Wednesday, 10:45 am – 12:15 pm
    (Ironwood 5, UL)
  • DFHCM415 Increasing Employee Engagement with Real Performance Management, Thursday, 2:30 pm – 3:15 pm, (Ironwood 6, UL)

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