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5 Benefits of Performance Management within an Organization

  • July 06, 2020
  • Lori Farrell
About you:
  • Your organization is up to date on certifications.
  • You have set procedures and policies in place.
  • You're maintaining (or better yet, growing) your business.
  • You're hiring; the company is growing.

You manage a well-oiled machine, right? Perhaps. However, what if we held up a magnifying glass and took a closer look at your employee performance? We're willing to bet that you'd find areas in need of improvement or growth. 

 

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This is where performance management comes in. You audit your skills and compliance on a regular basis, so why not audit and evaluate your employees? Implementing a performance management procedure is easier than you think - and there are several benefits to doing so. Here are five:

5 Benefits of Performance Management

1. Higher Engagement & Better Communication
Whether your evaluations are monthly, quarterly or yearly, evaluating performance helps to encourage employee engagement and improves open communication. Discussing shortcomings or career goals opens up a conversation between employees and their managers that may not have happened otherwise.

2. Increased Productivity
*Think bottom line!* If your employees are constantly evolving and improving, they're working harder and smarter.

3. Professional Development
Analyzing an employee's strengths and weaknesses opens the door to what measures should be taken as a means of development and growth. Growth, in turn will help with employee retention. Retention saves you time and money, and keeps your valuable resources on board.

4. Opportunity to Identify Gaps
Say you learn about a few bumps in the road experienced by your employee in their day to day tasks. Perhaps those "bumps" could have been alleviated through a better training process, offering eLearning courses or having more transparent processes.

5. Milestone Achievement
Preparing for a performance management evaluation will force you as a company to come up with goals - goals for your employees, goals for your business, goals for the future. You'll start thinking about your mission, your vision and your company values, which leads down a road to achieving your milestones.

We can't deny it, we're all busy. However, there's something to be said for investing in your employees. Investing in your employees is investing in your business. Take the time today to start thinking about a performance management process, if you don't have one already. 

What other benefits can you think of?

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