Lately more and more companies are reinventing their performance management processes by moving away from traditional once-a-year performance review towards a process that is more agile and adaptable to change.
Before just adopting any of these new approaches for your business it is important to consider which approach supports what you want to achieve with performance management.
Effective performance management is essential to any business. It is a crucial strategy execution tool where people are held accountable for achieving strategic objectives and deliver on outcomes.
There is no one-size-fits-all solution; even within a single business the performance management process should be approached differently based on the type of work (transactional, service delivery, project-driven, etc.) and/or management level, whilst maintaining a standard framework and expected outcome.
If you consider reinventing your performance management process – our recommendation would be to not only find solutions for challenges with your current process but rather take a step back and ask what purpose performance management serves for your business.
Understanding exactly what your performance management process and/or system seeks to accomplish and your context for changing it is imperative to ensure that you address the right problem areas and design an effective future state.