Emily Clarke

The Stages of Performance Management

As a business owner, you're always striving to improve and grow. Achieving these goals takes a lot of hard work and planning, but have you considered how performance management factors into your future?

Performance management is the process of evaluating performance metrics over time to see where improvements can be made. Engaging in performance management can yield positive results, but this usually requires your management plan to be completed in stages to be effective.

Planning, Monitoring, Reviewing, Rewarding

For most businesses, there are four key stages of performance management. These would include:

• Planning
• Monitoring
• Reviewing
• Rewarding

During the planning phase, you want to plan out what metrics you will be measuring. These metrics or goals will be different for each business, industry, or project.

The monitoring phase involves monitoring performance across a set amount of time or a specific campaign. When and how you monitor will depend on what you're trying to monitor, so your methods may differ depending on the campaign or project.

During the review, you will need to review the data gathered from your monitoring to chart its effectiveness. While performance management often takes the place of an annual review, you may determine that measuring performance throughout the year as well as at the end of the year is the best course of action.

Finally, you will want to reward employees for achieving goals. In rewarding performance, you'll want to take the time to consider whether your rewards align with the performance that has been achieved.

Utilize Management Software

Trying to fit all of the stages of performance management into your busy schedule can be difficult, but you can make the process easier by utilizing a digital performance management platform. Software applications can take care of a lot of the number crunching for you to produce meaningful information. You can then use the information gathered by your performance management platform to understand where performance goals are being met and where more work needs to be done.

Author Resource:-

Emily Clarke writes about employee management, benefits and payroll service. You can find her thoughts at HR solutions blog.