Performance Management System Delivers Business Results
Outsourcing talent management programs to TalentMinders is an efficient and cost-effective way to produce measurable performance results. Browse the case study below to learn how we helped an industry leader achieve business goals.
- Business strategy was calling for a renewed emphasis on performance improvement and personal accountability; seen as a means for achieving a desired future state
- Organization was relatively inexperienced with performance management and placed little value on exercise, consequently, contribution was varied and often mediocre
- Company recognized for under performance and lacking talent affecting revenue, employee engagement and future growth potential
- Business growth strategy called for greater performance-based culture and sense of accountability for results; suggesting need for significant change in global appraisal process and mindset concerning performance management
- Business plan requiring new performance management system that:
- Aligned individual performance goals to business strategy
- Measured achievement of performance goals and objectives
- Emphasized individual development and career growth as key success factor to business success; linked to succession planning
- Linked (indirectly) performance with compensation/rewards; recognizing individual value and contribution with reward
- Aligned corporate/divisions/regions/countries using same/similar tool and process; establish consistency and common language for performance management across global organization.
Developing the approach required:
- An understanding of:
- Business and human capital strategies; specific needs of desired future-state
- Expectations of corporate officers and divisional/country leaders, including HR leaders
- History/experience with performance management and current tools/processes
- Gaps illustrating variance between current and desired state
- Organization culture and obstacles to change
- A new perspective and outlook – future platform to measure achievement of performance goals, assess individual competencies (skills, knowledge and attitude), map and measure achievement of personal and career development needs and ensure the engagement of both manager and employee in process; link indirectly to compensation and rewards; link directly to succession planning
- Engagement of key stakeholders across organization in development and implementation phases of program/process; shared ownership, including executive sponsorship
- Education of management teams concerning business value of conducting effective appraisals/performance management – applying exercise to maximize efficiency, effectiveness and motivation of individual/teams
- Replacement of existing system
- Performance management system delivered which included:
- Corporate, divisional and departmental business goals.
- Measurement of past year’s objectives; also, planning objectives for upcoming year.
- Evaluation of competencies allowing for both ‘self’ and ‘manager’ measurement.
- Measurement of past year’s development objectives; also, review of career aspirations and development plan for upcoming year.
- Overall measure of assessment of achievements.
- Linkage (indirect) to compensation and rewards; to recognize value based on measured results.
- Linkage to annual succession planning process.
- One-day manager workshop delivered in APAC, EMEA and Americas regions to all management teams to manage change and drive adoption
- New system and training improved quality of performance assessment and management of process (setting of objectives –S.M.A.R.T., measurement, planning, feedback, etc.) as noted during follow-up random evaluations (e.g. analyses conducted six months following initial introduction, employee engagement survey, etc.)
- Leadership developed better understanding of value of exercise in achieving business plans; took the exercise more seriously and devoted more quality time to the exercise
- Employees motivated by approach, greater sense of partnership with manager in planning/managing performance and the new emphasis on personal development and coaching (employee engagement surveys and random sampling feedback)
- Common format allowed for consistent evaluation and performance planning across organization with indirect link to compensation and reward
- Direct correlation between execution of new system and stronger talent retention, employee engagement, individual/team performance, efficiency and effectiveness and revenue results
- Achieved alignment and consistency of approach across organization; system utilized today.