The current purpose of your Performance management process & practice is to:
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Do you have clearly define 3 to 5 company-level goals that the company has to achieve in a financial year ?
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Is everyone in the company(including the lowest level employee in company) aware of what the company-level goals are in a financial year?
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How your team members create their goals/objectives
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How often the manager and team member review the progress on the goals
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An employee can clearly state that which of his/her goal is contributing towards achieving which company-level goal
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How often the team members receive feedback from the manager on how they are performing on their goals/objectives & behaviours they should display at work?
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Do your goals/objectives(WHAT) includes the milestones/metrices(HOW) to measure progress against those goals ?
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Per your current process, how the rating calculation is done on the defined goals
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What is the common goal-setting culture in your company
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Your CEO takes special interest in the Performance Management Practice & belives that PMS should support execution on the annual operating plan & company strategy
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What is the level of transparency you want for the goals in your company?
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As an HR leader, do you believe that the traditional performance management practices and process needs to be redefined
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Are you able to track the progress on the team member goals on real-time basis
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Is leadership across all key functions involved in creating & improving the performance management practice, design & process ?
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The outcome expected from the new performance management process & practice implementation is to:
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Recommendations for making your Performance Management Agile
Implement Agile Goal with OKRs
- Before the start of the new business year, do agile planning workshop involve the management team, functional heads and their immediate managers to finalize the company level objectives to be achieved in next 12 months.
- Finalize the high-level goals/objectives to be achieved by the functional heads in next 12 months.
- Make sure your goals have at-least 1 outcome KPIs and related action plans to achieve the goal.
- Avoid collecting rating data on goals.
- Ensure managers review the progress on the Key Results under every objective every month/quarter
- Schedule and run quarterly 1-On-1’s between the employee and manager to facilitate continuous feedback and coaching
- Make sure you conduct the yearly upward feedback away from your annual appraisal to get pulse of your managerial effectiveness.
- Make sure every Objectives/Programs/Projects are aligned with the company level objectives.
- Gather rating data across all four quarters to understand the competencies & behaviours to improve on.
Annual Rating Process
- Commit to the data-driven rating using goal progress and quarterly 1-On-1’s review data collected throughout the year.
- Share the detailed performance report to every individual based on the rating data immediately at the end of business year.