The old method of reviewing employee performance once a year is quickly on its way out. Why? Because reviewing performance only once a year is not enough to keep our goals and development objectives top of mind. As a result, teachable moments are missed and we lose sight of our goals when more urgent issues arise. Over the last decade, the concept of a continuous performance management model has risen in popularity. This new model allows for ongoing feedback, the ability to pause and assess progress towards our goals, and realign if business or personal factors require an adjustment. Not to mention, these ongoing conversations help build a strong relationship between manager and employee.
But what does “continuous” really mean? This model is composed of three core elements working together to provide real-time feedback, collaboration, and goal attainment. Here is how it works:
Performance wins and misses occur on a daily basis. Setting realistic and measurable goals based on personal and business objectives is the perfect starting point and will serve as your guiding compass throughout the year. Meet with your employee to identify company, team and individual objectives and determine how achievement will be measured. Tying individual goals to business objectives enables the employee to see the real impact she has on the business, which serves as a strong motivator.
Regular Feedback & Coaching
Opportunities to coach and mentor your employees are present each and every day. Setting regular times to check in with each employee one-on-one shows you value their development, helps you keep a pulse on how they are progressing toward their objectives, and is a great venue for you to impart your knowledge and experience.
The Annual Performance Review
Sitting down with your employee for the formal review is a time to reflect on progress made, successes achieved, challenges overcome, and development that is still needed. This is where the continuous model really shows its value. Now that you have spent an entire year setting goals, discussing progress on a regular basis, and have had teachable moments to remember, this formal meeting is much more rich and value-added and there are no surprises to the employee.
As with just about everything these days, numerous technology vendors are emerging in the performance management space. And while investing in one of these providers may be the right move for your company, you do not have to wait for a technology to start the continuous performance management model. Start today by meeting with your team members to discuss their goals for 2018. No time like the present!
Looking to modernize your performance management process? Email us or give us a call at 703-587-5615. We partner with our clients every day to design processes and systems that bring value to everyone. We’d love to do the same for you.