At this exact moment in time, a majority of companies is reshaping their Performance Management Approach or considering doing so. There are a couple of common drivers that lead to this surge in revamping Performance Management.
- Rapid innovation
Most companies that are leaving their ‘old’ performance management practices do this because of their need for rapid innovation and rapidly changing business environments.
Insights in brain research and the effects of the traditional interpretation of Performance Management on employees and therefore organizations show most traditional approaches are evoking primal fight or flight reactions instead of inducing togetherness and increased performance.
More and more companies realize that their current process of evaluating the work of their people is increasingly out of step with their objectives.
- Undermining agility
A lot of translations of the traditional Performance Management approach do not seem to meet the main focus of the use of Performance Management; to support and facilitate an agile and learning organization.
- Focus on the future
Companies like Adobe, Deloitte, Microsoft, Gap, Medtronic and Juniper indicated that they were in need of a Performance Management system that focuses on fueling performance in the future rather than assessing it in the past.
Time To Grow Global has helped several multinational organizations in redesigning their Performance Management approach. In tackling a challenge like this we always start from the following principles.
- Bottom-up design
The design of a new process will be 100% made to measure to ensure maximum fit to the spirit, culture and working practices. This includes alignment with core values and standards.
- Stakeholder involvement
One critical success factor for a new Performance Management process is the full endorsement of senior management, in particular, that of the CEO and all other relevant end-responsible leaders. Their ideas and input will be carefully considered and as much as possible taken on board.
- Ownership and engagement
From a consulting and support point of view a Performance Management redesign project will be run in a way that creates ownership and engagement as an outcome of the development process. It will be ensured that all outputs are immediately developed and integrated into company processes.
- Pragmatic and lean
The Time To Grow Global consulting approach is pragmatic. We will work with a small and dedicated team with one point of contact. Our work practices are systematic, but we will be flexible when necessary. The project plan itself is purely a means to an end. The business needs and goals, however, are non-negotiable.
In reshaping Performance Management, some basic ingredients of traditional Performance Management still stand tall. The job matrix that provides insight on what is expected of employees regarding goals and competences still play a major part. The emphasis with this is on focus and simplicity (small number of goals and competences so people can get their grip around them) and to use it as a roadmap.
Features of traditional Performance Management that are unanimously under revision are the annual reviews, the one-size-fits-all solutions and the cascading of objectives. The reason to reshape Performance Management will be different for every single company. So there is no short cut or golden bullet when it comes to redesigning Performance Management.
The Time To Grow Global approach combines speed and quality. We deliver your Performance Management Redesign project with the thoroughness of an elite strategy consulting firm but for a fraction of the cost.
If you are interested in learning more about our track record or want to know more about our approach, please contact us.