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What Are The Stages Of Performance Management?

By Darren Finkelstein
By Darren Finkelstein

The Accountability Guy®

Performance Management

The performance management cycle is a shortened version of the performance management process or strategy, and it involves a continuous multi-step process of planning, monitoring, reviewing, and rewarding. Increased competitiveness, structural flexibility, and staff motivation are all advantages of using this strategy. The continual process of planning, monitoring, and analysing workers’ work objectives and overall contribution to the firm is known as performance management.

Most of the people who start businesses get caught in the trap of making excuses, wasting time, and leaving things for tomorrow. That is what we call a lack of accountability, and there are reasons why you keep finding reasons for not getting stuff done. Here is why.

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Planning

The foundation for success is created in the planning stage. Before speaking with the employee, the management team should convene and determine the organization’s annual goals and objectives. This includes not only the company’s overarching strategy, but also personal objectives for all employees and teams, such as career ambitions, particular tasks, targets, actions, and behaviours.

 

Any employee planning will be ineffective without that critical knowledge. It’s time to meet with the employee and establish a strategic plan for the year once the management team understands the details of what they want the employee to accomplish.

This sense of ‘I’ve a lot of time’ and ‘I can do it whenever I want’ never lets you lift your business off the ground. It keeps you interested enough, but you never get to define a course of action to achieve those dreams. There’s always a tomorrow, right?

Monitoring Or Tracking

The foundation for success is created in the planning stage. Before speaking with the employee, the management team should convene and determine the organization’s annual goals and objectives. This includes not only the company’s overarching strategy, but also personal objectives for all employees and teams, such as career ambitions, particular tasks, targets, actions, and behaviours.

 

Any employee planning will be ineffective without that critical knowledge. It’s time to meet with the employee and establish a strategic plan for the year once the management team understands the details of what they want the employee to accomplish.

If you’re not going out of the way to keep yourself away from distractions, chances are you won’t be able to get anything done. There will always be something you would want to do more, and that false sense of security of having ‘tomorrow’ will lure you in.

Reflection

The third step of performance management involves a meeting between management and employees to assess the previous year and determine whether or not goals were reached. This is yet another opportunity to work with the employee in a collaborative manner. The more they are involved in the other stages of the performance management cycle, the more motivated they will be to continue working hard to meet their own and the organization’s objectives.

 

Management will already have a fair notion of how well the person performed during the year if sufficient monitoring was done. Management and staff can evaluate both the end product and the process during the evaluation.

On the other hand, some people are too perfectionist to delegate. They don’t get that sense of ultimate satisfaction until they’ve done everything by themselves. Consequently, they get caught up in too much work, which again means delays, declining quality of work or worse, a total burnout.

Rewarding

When doing a performance analysis, the rewarding stage must occupy the top rank as the most effective motivator for employees, and this stage must not be overlooked.

Employees who are not rewarded for their efforts may lose incentive to continue performing well in the firm and may even leave to pursue other opportunities. They may believe that their efforts are undervalued, and they may lose any motivation to look for a better job elsewhere.

 

When management fairly rewards and recognize employees’ contributions, they ensure that those employees will continue to work hard to meet the organization’s objectives. These awards should be based on merit. Employees will know who has put in the effort, and if they see colleagues being awarded for no reason, they may lose motivation. Employees, on the other hand, learn the importance of putting in extra effort when they witness a high-performer receive a large incentive.

 

Exciting gift cards for any ecommerce website, a vacation ticket, leave perks, or salary advantages are some of the possible rewards..

Managing your resources as well as time is a skill not everyone has. One of the reasons why many people fail to get things done, at least the ones that matter.

Bottom Line

As previously said, measuring performance throughout a company is critical for discovering opportunities for development and improvement. Creating updated and current business models is also critical for having a better understanding of areas where you may improve or succeed. It’s also a terrific method to get new hires and long-term staff to work together toward the same goal. Performance tracking also aids in the identification of hardworking individuals. Employees are motivated as a result of this identification. It’s especially useful when it comes to recognising and rewarding great achievements.