It is a new month! Happy new month everyone. Wishing us all great success this month. How are the preparations for the year-end going? I am sure a lot of companies are beginning to round up and balance their financial accounts for the year 2016. A lot of organizations are beginning to check if their set goals have been met and to examine additional things that can be done to attain the set goals in the few weeks left in the year. The summary of what is been done is referred to as PERFORMANCE MANAGEMENT. Performance Management, simply means Performance in relation to Set Goal that is how already set goals are consistently been met in an effective and efficient manner.
Performance management is a process by which managers and employees work together to plan, monitor and review an employee's work objectives and overall contribution to the organization. Performance management (PM) focuses on the performance of an organization, a department, employee or even the processes to build a product or service, as well as many other areas.
The major aim of Performance Management is to “improve employee performance” and this can be done in these 2 simple steps:
-reviewing what you are doing now, and
- comparing it to how you are doing in relation to set goals.
There are key areas every business should look at when it comes to Performance Management and one of which is the BUSINESS PROCESSES.
Evaluating BUSINESS PROCESSES involve;
· Measuring Processes: it is important to measure the time taken for the execution of organizational processes such as waiting time (ensuring shorter waiting time for your customers and quicker turnaround time)
· Customer Perspective: a customer-based orientation is very important thus it is key to assess how customers are treated by staff. This can be achieved by asking pertinent questions such as:
-Am I able to retain my customers?
-Are my customers referring me?
-Is my client base growing?
· Customer Satisfaction: a satisfied customer will surely come back thus it is essential to carefully consider the feedback of customers most especially when executing services
· Employee Learning and Growth: Perspective Training, continuous learning mood, working in persistent learning organization all have a transformational impact on your staff and their strength determines the performance of your organization.
· Financials: Turnover/ Cost should be kept to the minimum because while increasing your revenue, your cost must not rise simultaneously or you will be reducing your profit.
Other ways to manage your performance such as the use of Balanced ScoreCard (BSC),