management is one of those aspects to establish a successful business organization. Performance management is a process where managers and employees assemble to plan and review employees’ job objectives. It’s a persistent process having prime target to increase employees’ efficacy.
Over the
years the organizations are looking for a best performance management system
that could really boost its productivity. A such system that would be able to
stimulate feedback and review system in real-time. According to Global
Human Capital Trends 2018, the world of work is demanding more customized and
connected network of team. Therefore most of the organizations are saying good
bye to performance appraisal system. We are not wrong If we say this is a new
era of performance management.
Many
organizations adopted “Human Capital Management (HCM)” and they really felt
revamping in their performance management techniques. This article will mainly
focus on how HCM help organizations to establish a successful beginning.
1. Goal
Alignment and Setting
Before
measuring employees’ performance, it’s a good practice to inform them what
actually the need of organization. HCM performance management tools allow to
set goals for whole organization or for specific working team. Even an employee
can set his/her individual goals to keep align with goals set by stakeholders.
Employees can review their goals as many times as they want so distracting from
track will not be possible.
2. Multi-Rater
Tool
Feedback
process has its own importance in analyzing the performance and attitude of an
employee. If this process depends upon single manager then possibly you could
miss the precious information. Bringing feedback from co-workers or even from
clients can give a more comprehensive information about your particular
employee. HCM provides a 360° review or feedback assessment tool which gives
more comprehensive analysis of behaviour and attitude of an employee. Employees
need to give their feedback on observed behaviour. Based on these managers can
create a concise and relevant opinion.
3. Performance
Reviews and Tracking
HCM gives
access to managers to monitor performance of every employee on daily, weekly
and monthly basis. Analytical figures based on the performance data help
managers to track success and error rates for a given task. Reviewing of both
positive and negative feedback about the employees in the entire year gives
more clear picture of performance efficiency. The HCM provides a self
assessment feature which enable employees to see their day to day activities.
Hence they can measure their own performance and key responsibility area (KRA).
These
performance reviews have prime importance to understand the full potential of
working group. This is basically a form of feedback system which communicates
with organization’s employees, what is expected of them, where is the gap in
performance and how they can fill the gap.
4. Development Tools
One of the
best way to inflate performance of employees is to empower them through
training and development material. This can be achieved by on-boarding process.
HCM has made the on-boarding process effortless and pleasurable. Now employees
can access important information like message from CEO, online and offline
training videos and recorded presentations that are relevant to their scope of
work
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