We all want to ensure we get the most out of the talented individuals we have in our organisations, yet for many of us this aim remains an elusive one. Do you employ intrinsic or extrinsic motivation? What about performance related pay vs hourly pay?
There is research to support each approach, but the Institute for Corporate Productivity think they’ve come up with the answers you need to ensure your performance management works well for you.
In a recent report they’ve highlighted six key challenges facing your performance management endeavours and how you can overcome them.
|Challenge 1Providing a consistent approach to performance management across the globe||Solution 1Tackle the issue from the boardroom down, providing clear organizational goals and metrics.|
|Challenge 2Performance management isn’t integrated with core business and talent management practices||Solution 2Utilise timely performance data and feedback to ensure it is tied to core goals|
|Challenge 3Senior manages are not clearly communicating how to achieve high performance||Solution 3Start with the values and objectives of the business and build performance management around them|
|Challenge 4Ratings are ineffective for supporting performance management||Solution 4Ignore a rating based system in favour of regular feedback and constructive conversations|
|Challenge 5Managers are not effective coaches and miss opportunities||Solution 5Train managers in how to coach effectively|
|Challenge 6Personal development plans fail to meet organisational objectives||Solution 6Create best practice guidelines around development for employees that are integrated|