An effective Performance Management System (PMS) helps employees in comprehending the Organization goals in order to align those with their respective responsibilities. It indicates that they are aware of how their contributions that impacts the company's overall growth. It supports the sharing of data to identify the skills and knowledge gaps of employees so that they can be improvised through systems of training, coaching, and mentoring. Performance management systems give managers and their employees a forum to discuss, develop, and design both individual and departmental goals.
Now that traditional performance evaluations have been replaced with more flexible and continuous performance management methods, many firms recognise how important it is to make this transition. A few organisations have really been able to redefine their performance management systems, despite the fact that many businesses are prioritising rethinking performance management.
Many Organizations like Accenture, IBM, Kelly services, Adobe etc have dropped their traditional performance management system practices and started new form of PMS approaches.
For instance, the performance review system used by IBM is an app they call "Checkpoint". Checkpoint will provide IBM employees with a performance management program that focuses on several key objectives such as Setting short term goals, Managers will provide feedback on employee development every quarter or less. Employees will be evaluated based on five criteria, with managers determining whether they have "exceeded" or "achieved expectations" in these areas or whether improvement is necessary which are Business results, impact on client success, innovation, personal responsibility to others, and skills.
The above-mentioned companies are the best examples of performance management systems that are driving transformation. Performance management is changing, therefore switching to a system that boosts organisational efficiency is essential if one wants to stay ahead of the competition. It should also assist in developing a competent and innovative workforce.
Author Details:
Name: Smarana Mallavajjala
Batch: 2021-23
LinkedIn: https://www.linkedin.com/in/smarana-mallavajjala-2426a1214/
Very well written piece with an apt example , kudos to the writer.
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