Performance Management as a Talent Retention Tool.

Performance management involves tracking employees’ progress and achievement, identifying problems early, providing feedback, and making the necessary improvements.?

A good performance management system should include goals and objectives, assessment tools, feedback mechanisms, and rewards. Employees tend to stay at workplaces that provide them with enough room to grow, Timely & constructive feedback and align their goals with the organizational ones. In other words, an effective performance management system.

An effective performance system can help retain top performers in the following way;

Goal setting is an important part when it comes to any performance management system. Organizations should ensure their employees clearly understand what they are expected of and within what period. This may involve, including employees in the goal-setting process, aligning employee goals to business objectives, as well as adapting the goals in real-time.

Most employees leave their employers due to a lack of opportunities to grow. Organizations should help their employees grow professionally and manage their careers effectively which would ultimately lay a foundation for employee loyalty. One way organizations can help employees grow their careers is by providing learning and development opportunities. Corporate training programs can be customized and taught giving employees the in-demand skills they need to succeed today and in the future.

Everyone wants to work in a good environment that constitutes open and clear communication between employees and the organization. Effective communication is vital for performance appraisal as employees meet with their managers to discuss employee performance including appreciating good performers, as well as delivering constructive feedback. This cultivates a culture of transparency and honesty.?

Retaining employees mainly entails making them feel respected and appreciated, and nowadays it goes beyond an attractive compensation package. Employees who feel that their performance is appreciated and rewarded will have no second thoughts. Below are some ways an organization can increase employee productivity using reward programs;

• Ensure employees know how to earn the rewards
• Tie the rewards to the desired performance standards.
• Recognize small and large achievements
• Engage and reward team effort, etc.

A high turnover rate drains corporate resources and organizations need to strive to keep their best employees on board.