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For the average service business, a 10% improvement in employee productivity results in double digit margin improvement. Also the Goal setting improves performance by 10% to 25% depending upon job role and type. Engaged employees are 2X more productive at work with this. Social Performance Management is also given a great importance in driving performance. It uses social feedback tied to Corporate Performance Management tolls and KPI dashboards to help organization to align goals rapidly and to engage people and drive significantly better business outcomes. The ongoing feedback from the 360 degree network allows front-line managers to immediately recognize valuable contribution, provide candid and timely feedback, coach the team members to improve performance and achieve rapid alignment. Plus, the continuous feedback eliminates any surprises from the annual review and capturing that everyday feedback into the annual review makes it more relevant and fair. The employees feel empowered since the managers are not just communicating bad new but are demonstrating a clear interest in improving their performance by offering actionable coaching and connections to experts and the mentors. Almost all employees feel that once a year performance feedback is too little, too late and view the annual performance review as a dreaded annual report card event. Most companies are still stuck into very painful annual report cards. Stop relying on an annual employee performance review as it destroys morale, kills teamwork and hurts the bottom line. Corporate Performance Management is the major challenge for operational management is the seamless integration of activity or operations and performance management into a simple and fully transparent process. Performance management and alignment of individual goals with corporate intent is essential to achieve timely execution of strategy. When operations management is connected to employee management, the outcomes gained from this integration are increased workforce engagement, lower turnover, better governance of process, improved efficiency and effectiveness, better financial results, the establishment of a performance culture and ultimately successful execution of strategy. Engaging employees today, is about more than paying them or surveying their feelings. As the makeup of the workforce has dramatically changed over the past few years so have the complexities of management. The workforce of today is different. For example the Millenials are unlikely to follow in their parent footsteps as they believe that putting in long years of effort at any one company in exchange for a series of raises and promotions is pointless. Success is defined not by rank or seniority but by what matters personally. Companies already have more short term independent contractors and consultants and fewer traditional employees. Its a global workforce out there. Companies staffing plans must evaluate leveraging vendors, contractors, and agents around the world. As work scenario has changed, workforce solutions that support the worker must be engaged for better performance at work. About Bullseye Evaluation: Looking for a system to make Performance Management a strategic advantage? Bullseye Evaluation offers a web based solution to help shift the culture of expectations for your company process. At Bullseye Performance Management Systems, we believe HR Professionals are operational and strategic partners when managing an organization. For more information visit http://www.bullseyeevaluation.com/
Article Source: http://www.bharatbhasha.net Article Url: http://www.bharatbhasha.net/management.php/374676 Article Added on Wednesday, June 20, 2012 LD
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