A company’s performance management process is integral not just to the operations of the business, but also to the relationships developed with, and among employees. Having a clear performance management plan in place sends a strong message to your staff that the organisation is invested in its people – their professional development and career growth, and this can be an important factor underpinning employee motivation and loyalty.
A thorough performance management process can also play a role in making your company more attractive to high calibre job seekers.
Learn the benefits of a comprehensive performance management process from performance reviews to making promotion decisions and managing pay rises. We also address why fringe benefits and other non-monetary employee benefits can be a good alternative to a salary uptick, and provide a performance review template that can be adapted to your business.
Recognising when an employee is ready for a promotion is an important part of being a manager – leaving high calibre talent in the same role for too long can see them asking questions about their future with the company. This makes it essential to recognise the attributes that show a staff member is ready to take the next step.
The performance review is a valuable opportunity to provide feedback to your staff on how they have performed, where they can improve, and to plan career goals for the year ahead.
There are ways to reward your staff that don’t involve a salary increase. And if your company isn’t in a position to offer a pay rise, it is worth exploring alternative options that demonstrate how much you value your team’s effort without too much impact on the company’s bottom line.
In the quest for information that takes away human bias, psychometric testing can appear to be the ideal solution. But like all solutions, there are pros and cons associated with psychometric testing which also need to be considered.