The employee performance management programs adopted by businesses today fall short of expectations for both the organization and the employee. This can be attributed to the fact that employee performance management no longer follows a review-based approach that prioritizes employee performance over learning and development. But employee performance management is now considered to be a crucial part of the organization that analyses employee feedback to align, engage, and inspire your workforce to achieve the results that matter to them and the business as a whole.
Just like how customer-generated data helps retailers take crucial business decisions, employees also generate a plethora of data sets that can be used by businesses to analyze employee sentiments, find hidden talent, and optimize workflows. Employee data both structured and unstructured can be obtained through several sources such as social media channels, employee surveys, embedded sensors, and more. The insights obtained from these data sets can be used by business leaders to effectively manage their workforce and drive collaboration, innovation, and excellence across the enterprise value chain.
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What is Employee Performance Management Analytics?
Employee performance analytics is the set of advanced HR management best practices and data analysis techniques that help ensure employees get the insights they need to succeed in their roles. Our workforce and employee performance management solutions help businesses to leverage employee data to gain a deeper understanding of their workforce. While it’s still considered to be an under-utilized asset, employee performance management best practices will help businesses to identify and retain top talent to improve productivity, performance, and well-being, and drive an agile business culture that works towards achieving business excellence.
4 Steps to Build an Employee Performance Management System
Though leading businesses across industries are familiar with the benefits of employee performance management, most business leaders and employees are not. If you’re a start-up or one among the millions of organizations that do not have a robust employee performance management program in place, you may find that these steps help communicate the importance of implementing a formal employee performance management program. To help you tackle this problem, our experts have curated a four-step process that leverages employee performance analytics to help you build a robust program.
We’ll walk you through the steps that will help you implement an analytics-based employee performance management process to improve your current practices.
STEP 1: Identify your challenges
The first step starts with identifying your challenges as it is crucial to first identify the repercussions of not having an employee performance management process. Once the challenges are identified, businesses can prioritize them based on their impact and their ability to achieve their goals.
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STEP 2: Establish process implementation objectives
Once you’ve built a roadmap for your organization’s performance management program, it’s essential to set new objectives to achieve your business goals. Establishing process implementation objectives will help you gauge the success of your program with ease by implementing the best practices in performance management.
STEP 3: Estimate ROI
The third step revolves around quantifying the benefits to justify the allocation of budgets, time, and resources allocated for the program. However, if you don’t have a process in place, you might find it challenging to calculate the anticipated ROI as you wouldn’t have baseline costs to compare.
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STEP 4: Communicate the benefits
Once the anticipated ROI is calculated it is crucial to communicate the benefits of your performance management initiatives across all organizational levels. This is of utmost importance while rolling out new processes as it helps you set the stage for successful implementation.
Finally, it’s essential to work towards implementing the plan by leveraging the technology, tools, and best practices that’ll help you analyze, adapt and make employee performance management a crucial element that contributes significantly to your overall workforce management goals.