Employee Performance Management System – Your Handbook
Employees closely aligned with corporate goals provide a competitive edge to leading companies. Effectively, companies can achieve their strategic objectives by ensuring that all employees and teams work together for common goals.?
An Employee Performance Management System (EPMS) effectively enables an organization to align its business purpose with the available resources and processes while ensuring that employees continue to grow in their respective roles. Besides coordinating employee management, it also enables business leaders to leverage their team’s talent for optimized performance.
Through this handbook, we shall discuss the features and benefits of an EPMS tool.
Features of an Employee Performance Management System
Performance management is incomplete without well-designed goals, which guide the employees to focus on the job priorities and align their work with the company's strategy.?
With an effective EPMS, employee goals can be easily set by their direct managers after discussion with their reporting team members. This allows the employees to have a better understanding of the expectations. The effective objective setting and evaluation process provide a better understanding of their current performance levels – and their areas of improvement.
2. Continuous communication
Continuous communication with one-to-one meetings between employees and managers is the best mode for organizations to gauge employee performance. It also provides managers the opportunity to guide and coach team members on the way and reinforce the key behavioral requirements. What’s important is that this communication should be frequent, collaborative, and well-documented.?
An efficient EPMS creates an environment of open communication about assigned tasks and obstacles (if any). Managers can also foster continuous communications by checking what their team members are working on – and if they are achieving their objectives.
3. Performance Review & Recognition
Performance review is an integral part of EPMS and must include the following:
4. Learning and Development
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Continuous workforce learning and development is an active part of any employee performance management system. Online learning platforms offer long-term employee growth prospects, thus encouraging employee retention and engagement.
By integrating EPMS with various learning platforms or by providing a comprehensive content guide to improve skills, managers can assign concept modules along with practice activities to employees and check their progress regularly.
Benefits of an Employee Performance Management System?
The employee performance management system effectively helps in identifying the right employees for job advancement. Managers can consistently review them for promotions, salary hikes, or role transfers. EPMS tools increase the transparency of the overall selection process.
2. Employee Morale and Recognition
Regular employee performance evaluation through feedback, suggestions and timely recognition can boost employee morale – much more than a paycheck. With improved employee morale, organizations can create a productive workplace – and retain the best employees.
3. Facilitates Setting S.M.A.R.T. Goals
An efficient EPMS helps in developing SMART (specific, measurable, attainable, result-oriented, time-bound) goals for employees - and removing any ambiguity about their goals. With well-defined employee goals, organizations are better placed at reaching their business goals.
4. Identifies Knowledge “Gaps”
Through regular performance reviews, organizations can evaluate their employee’s current skills – and identify knowledge gaps. Open communication forums help in identifying areas where employees need training – before they impact their productivity.
Closing thoughts
In a nutshell, performance management can help business organizations achieve their business objectives - with its KPIs aligned both vertically and horizontally across all job categories and executive levels. Continuous learning, recognition, and feedback can boost the employees' morale and trust, thus improving their job performance.
With our technical expertise and industry experience, Aurochs is the right partner to deploy our configurable MBO Manager that works for your organization.