Hiring talented employees is only half the battle. Developing and monitoring their employee performance is an ongoing and crucial process. Without a regular feedback loop, an employee may not be working up to their full potential. Not only does this leave staff frustrated, but it can lead to an employee attrition or an inferior work product.
Employee management software has been used for years. This tried-and-true method is a continuous cycle that addresses employees during the planning of hr performance goals, monitoring the progress, development of abilities, rating of employee performance, and rewards for good work. The cycle is still relevant - but it's due for a makeover.
Read on to learn more about the concept behind employee performance management, as well as ways your business can update this method so your modern workplace can get the most from it.
How Employers Benefit from Employee Performance Management
Having an employee performance tracking system benefits companies in several ways. It creates a natural structure, promotes fair and equitable review standards, and allows your business to get the best output from your staff. By sticking to a set of relevant metrics for success and regularly reviewing each employee's status, you can:
- Motivate team members to improve their efficiency and work quality
- Save money by retaining staff for the long term
- Create a clear path for advancement, fostering a positive employee - company relationship
- Keep team members engaged with management
- Attract new hires by promising ongoing employee development
A performance management system not only facilitates meaningful feedback from managers to employees, but it helps create a metric for appropriate pay. When created with input from all teams, a robust performance management cycle allows the entire company to grow and learn.
Why Employee Evaluation Productivity is Advantageous
Companies aren't the only entity to benefit from a performance management program for employees. Your employees also reap rewards when they receive routine feedback and perks for good reviews. If your company has a management cycle in place, your employees benefit from:
- Knowing exactly what is expected of them
- Getting updates about whether or not they are meeting expectations
- Having opportunities for ongoing training sessions that improve their skills
- Receiving recognition for a job well done, which boosts morale and keeps them invested
- Getting appropriate pay raises based on meeting or exceeding set goals
When employees don't have to guess how they're performing, they are better able to meet the organization's needs. Reliable standards streamline the review and promotion process and keep retention high.
Improving the Employee Review Process
While employee performance management remains important, it's time to look at it through new eyes. Traditionally, a single annual review may be the only significant feedback an employee gets. With a shortage of workers in manufacturing, construction, and other labor trades, you simply can't afford to go that long without checking in. A shortage of workers means your staff members often have other options. If they're not engaged with your company, they may be more likely to take advantage of a competing offer.
The review process can be improved by leveraging technology like a Performance Management System. Bringing rolling reviews and training into the 21st century means employees receive alerts via email when training items are due, and can access a dashboard that reflects current goals. With our platform, you can streamline all processes for a particular role, while allowing relevant managers and executives to weigh in with their feedback in the same place.
A performance management program for employees will always be relevant - it's how you keep employees engaged and trained that will change. Use technology to keep up with an agile workforce and you'll be more efficient than ever.
BirdDogHR Performance Management System automates the entire employee review process for improved talent management and employee engagement. Schedule a demo now to see how our software could solidify your employee performance management.