The exponential rate of change means that annual performance reviews alone are no longer adequate to drive performance and ensure individual objectives are aligned to corporate strategy. A Performance Management (PM) plan is critical to drive organisational success and clarify performance expectations on a regular basis.
At Grant Thornton we have found that the ‘what gets measured gets done’ mentality still resonates. Employees are more likely to thrive and exceed performance standards if they fully understand how their contribution aligns to the overall goals and strategy of the organisation and if they understand and buy-in to the vision and purpose of the organisation. Employees need continuous feedback and coaching to help them grow. The PM process can help embed an organisation’s values, culture and objectives.
We work with our clients to help them with their PM process to:
- identify best-in-class PM approaches, tailoring these to the specific needs and culture of the organisation;
- develop high performing teams, focusing on continuous feedback, coaching for results and performance conversations which are strengths and development based;
- assist with the process of objective setting, ensuring clarity and context when setting performance objectives for individuals;
- integrate PM into the talent development cycle and succession plans; and
- understand the capability of the workforce, highlighting areas of development, trends in performance capabilities and skill gaps, which in turn informs the learning and development agenda.
A robust performance management approach will help organisations earn a reputation for treating employees fairly, with a focus on development, coaching and feedback,
which creates a strong ‘employee value proposition’ in the marketplace, helping to attract and retain talent.