Explore how creating a unified approach to performance management can motivate, engage, and inspire your employees. Companies of every size can drive individual career development by creating a culture of continuous learning, development, and growth.
Continuous Performance Management, or CPM, may be a new term but it’s not a new concept. Managers have long been encouraged to engage in regular coaching and communications with employees.
This helps employees to:
- Find information on topics that will help them to enhance their knowledge and skillset
- Keep track of what they are doing and the progress they are making toward their goals
- Understand where things have gone well and be rewarded appropriately
Research has demonstrated a clear link between well-designed performance management systems and organizational success. Yet, there is considerable debate about the best approach to performance management. The best way to identify what constitutes a well-designed process is to study companies that have highly effective performance management practices.
According to SAP, over five thousand companies use their SuccessFactors Performance & Goals, but no two customers use it exactly the same way. The solution has been configured to support processes ranging from highly structured methods that make extensive use of annual goal plans and numeric ratings, to loosely structured methods that use ongoing dialogue and discussion instead of predefined forms.
What it seems that they have learned from talking to hundreds of customers using their solution is that there is no “best” way to do performance management. Methods that work in one company can fail in others. And methods that work for a company now might not work for that same company in the future.
On that note, here are 15 Lessons about Performance Management that SAP has learned from 10 years of customer engagements.
The best performance management process for a company changes over time. Methods that work in a fast-growing company may not be as effective in a company going through a financial downturn. Changes in a company’s business market, operational processes, or strategy can all trigger the need to adapt the methods used for performance management.
If you have any questions about your company’s performance management program, or to learn more about how we can help you deliver a reimagined talent experience, please get in touch today. 1-905-886-2097
