Types of Performance Management: A Traditional and Contemporary Perspective
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Contemporary Performance Management Strategies
Continuous Feedback
Instead of waiting for annual performance reviews, managers provide regular feedback and coaching to their employees. This can take many forms, such as weekly check-ins, real-time feedback tools, and 360-degree feedback. For example, Adobe implemented a continuous feedback system where employees can request feedback from their colleagues, managers, and clients at any time.
Objectives and Key Results (OKR's)
OKRs are a popular goal-setting framework that helps align individual and team goals with organizational objectives. Employees set specific, measurable goals that are achievable and relevant to the organisation's mission. For example, Google uses OKRs to set quarterly goals and track progress towards them.
Agile Performance Management
This approach involves setting goals collaboratively, providing continuous feedback, and adjusting goals and priorities as needed. For example, Spotify uses an agile performance management system where teams set goals together and meet regularly to review progress and adjust goals.
Employee Recognition
Recognising and rewarding employees for their achievements can boost morale, engagement, and productivity. This can take many forms, such as bonuses, promotions, public acknowledgement, and opportunities for professional development. For example, Hubspot has a "Culture Code" that emphasises employee recognition and rewards. They offer bonuses, promotions, and awards to employees who demonstrate their commitment to the company's core values.
Performance Analytcis
Data analytics can help organizations measure and evaluate employee performance more accurately and objectively. By analyzing data such as productivity, engagement, and turnover, organizations can identify areas for improvement and make data-driven decisions about performance management. For example, IBM uses performance analytics to track employee productivity, identify performance gaps, and provide targeted training and development opportunities.
These contemporary performance management strategies focus on creating a more collaborative, supportive, and engaging work environment that fosters growth, development, and success for both employees and organisations.
Types of Performance Management: A Traditional and Contemporary Perspective